Accra: The pharmaceutical Society of Ghana (PSGH) says it is committed to reducing the prices of medicines following recent gains in the value of the cedi.

According to Ghana News Agency, at a high-level forum convened by the Pharmaceutical Society of Ghana, stakeholders across the pharmaceutical value chain, including importers, manufacturers, and pharmacy associations, agreed to take steps to pass on the benefits of the stronger currency to consumers.

A statement to the Ghana News Agency signed by D Samuel Kow Donkoh, PSGH President, said pharmaceutical stakeholders acknowledged the complex nature of medicine pricing, which includes factors such as foreign exchange exposure, cost of production, and existing inventory purchased at higher rates.

Despite these challenges, stakeholders made concrete commitments to lower prices within specified timelines. The Pharmaceutical Manufacturers Association of Ghana (PMAG) pledged a 10 to 15 percent reduction on locally manufactured medicines by the end of June 2025. Additionally, the Pharmaceutical Importers and Wholesalers Association committed to a 5 to 10 percent cut on imported medicines within one to two weeks of the forum, while retail pharmacies and hospital dispensaries will adjust their markups to reflect the reductions passed down by suppliers.

The statement said stakeholders also noted that due to the long production and supply cycles in the pharmaceutical industry, ranging from three to six months, it would take time for the full impact of the cedi appreciation to be reflected in medicine prices.

The PSGH said it would closely monitor the implementation of the commitments and also engage the National Health Insurance Scheme (NHIS) to realign prices accordingly.

It called for a coordinated national strategy involving regulators, healthcare institutions, and the financial sector to ensure medicine pricing remained fair, transparent, and responsive to macroeconomic changes.