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Local pharmaceutical firms to be exempt from VAT

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Senior Minister Yaw Osafo Maafo says government is taking steps to exempt pharmaceutical companies from paying custom duties on all raw and packaging materials for local production of pharmaceutical products.

According to him, government is also in talks with stakeholders to exempt the pharmaceutical industry from payment of VAT on imports.

Speaking at the 2017 conference of the pharmaceutical society of Ghana in Kumasi on Wednesday, 2 August, Mr Osafo Maafo said President Nana Akufo-Addo's government is in talks with colleagues within ECOWAS to allow seamless movement of pharmaceutical products.

"So, 19 countries in ECOWAS, we are working to harmonise this free movement knowing that Ghana has advantage in the production of pharmaceutical products. So, if this is allowed, the one who produces the drugs is the one who has the advantage," he added.

"Government is taking concrete and pragmatic steps to reposition and revitalise the pharmaceutical sector through series of targeted policies, interventions and initiatives," he said.

Source: Ghana/AccraFM.com/100.5FM/Elisha Adarkwa

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