President Nana Addo Dankwa Akufo-Addo has commissioned a USD$35 million Atlantic Lifesciences Limited, Pharmaceutical Manufacturing Plant at Larpleku in the Ningo-Prampram District of the Greater Accra Region
Atlantic Lifesciences Limited, operating under the Government’s “1 District 1 Factory” (1D1F) programme, would begin commercial manufacturing of infusions, anaesthesia, vaccines, eye drops, Snake, Anti-Rabies, Anti-Diphtheria, Anti-Scorpion, Anti-Tetanus, and Anti-Gangrene products for the Ghanaian market, as well as for the West Africa region.
President Akufo-Addo at the commissioning ceremony on Friday said the establishment of the Pharmaceutical manufacturing plant was in fulfilment of the promise by the government, in partnership with the private sector to set up at least one medium to large scale enterprise in every district of the country.
The establishment of this Pharmaceutical Plant, President Akufo-Addo said, was evidence of the new paradigm of economic development that the government was pursuing to promote valued-addition industrial activities within a conducive and business-friendly environment.
He said while previous attempts at rural economic revitalisation in Ghana had focussed mainly on the provision of physical infrastructure facilities, the 1D1F programme focused on the provision and promotion of commercially viable business ventures to generate sustainable and accelerated economic development for the rural folks.
Additionally, the 1D1F, the President explained, seeks to address the challenges of widespread poverty and underdevelopment in rural and peri-urban communities.
That, the President said, had largely been successful through the establishment of an institutional framework that attracted private sector investments in rural economic activities to create jobs and raise income levels.
In response to the attractive institutional framework put in place by the government, President Akufo-Addo said Atlantic lab sciences 2017, with the support of the government, took that bold step to establish this new factory in the healthcare sector.
The President congratulated the promoters and managers of the new company for taken advantage of the 1D1F programme.
The Ministry of Trade and Industry, in collaboration with the Ghana Eximbank and Standard Chattered Bank 2017 supported the company to establish the factory.
Out of the total investment for the project, estimated at USD$35 million, Ghana Exim Bank provided a credit facility of USD$10 million for the procurement of plant, equipment and machinery.
That, the President said, underscored the kind of support the government had extended to the private sector to take advantage of the economic opportunities in the country.
The Minister for Trade and Industry, Alan Kwadwo Kyeremanten, said the establishment of such facilities was the surest way to wean the country from its over-dependence on the importation of pharmaceutical products.
Alan Kyerematen said the government’s support towards the establishment of Atlantic Lifesciences Limited and other existing local pharmaceutical companies, was also to strategically grow the local pharmaceutical industry.
He said so far, 107 factories out of the 278 enterprises being established and/or rehabilitated across the country, have been completed and operating under the 1D1F programme.
The Chief Executive of Atlantic Lifesciences Limited, Dhananjay Tripathi, said the government’s direct support including the Food and Drugs Authority (FDA) and the EXIM Bank, had been extremely instrumental in the completion of the project.
He assured that Atlantic Lifesciences Limited would soon expand its operations to create more jobs, and added that the company would initially create 380 jobs and when fully operational, would engage additional 400 jobs.
The Member of Parliament for Ningo-Prampram, Samuel Nartey George, commended the government for establishing the factory in his constituency.
The Member of Parliament urged the government to take steps to stop the imposition of cheap infusions into the country to protect the locally produced infusions by Atlantic Lifesciences Limited.
Source: Rex Mainoo Yeboah, ISD
