Players in Ghana’s pharmaceutical sector are raising concerns over the lack of robust credit financing structures to protect importers and wholesalers from payment defaults.

The Ghana National Chamber of Pharmacy (GNCoP) has reported that, credit-based supplies are often unpaid or face significant delays, causing severe cash flow challenges for businesses.

Recently, a stakeholder meeting was aimed at streamlining payment systems in the pharmaceutical supply chain, Audrey Serwaa Bonsu, CEO of GNCoP, underscored the urgency of the issue.

“The system is being abused. People acquire pharmaceutical products on credit, fail to pay, and divert the revenue to personal ventures. This practice has unfortunately become widespread,” she stated.

Ms. Bonsu urged the Pharmacy Council and all industry players to collaborate on lasting solutions, stressing that some pharmacies have shut down due to these financial pressures.

To curb the situation, she announced ongoing discussions with regulatory bodies to implement strict measures, including making financial default a serious offense.

“We’re working with regulators to tie payment compliance to license renewals. If businesses risk losing their operating licenses due to non-payment, behavior will change,” she explained.

Giving insight on the need for a collective approach, Ms. Bonsu called for support from stakeholders across fintech, banking, regulation, and business sectors to restore accountability.

She also noted growing regulatory interest in adopting digital and data-driven tools to track compliance, a development she described as a major step forward for the industry.

The stakeholder forum brought together the Pharmacy Council, tech experts, Ecobank Ghana, and chamber members to deliberate on potential solutions.

In 2013, the Ghana National Chamber of Pharmacy was established and has serves as an advocacy and research body for the pharmaceutical business in Ghana and beyond, committed to influencing policy, law, and regulation through data-driven insights.

Let�s Save Daniela Eyes.

Let�s Save Daniela Eyes. Daniella a 7 year old girl in kindergarten school in one of the most d

Revolutionizing Protection: The Quest for a Long-Lasting Whooping Cough Vaccine

Revolutionizing Protection: The Quest for a Long-Lasting Whooping Cough VaccineOnce a deadly 19th-c

Ghana is the first nation to accept the Oxford malaria vaccine.

A novel malaria vaccine created by Oxford University has received approval from Ghana, making it the

20 million doses of the malaria vaccine will be available in 2023 as more African nations approve it.

According to Reuters, 20 million doses of a new malaria vaccine are ready for purchase this year, an

Afghanistan�s Health Crisis Worsens Amid Foreign Aid Cuts,

The health crisis in Afghanistan is deepening due to cuts in foreign aid and violations of women's

Doctors take on dental duties to aid low-income, uninsured patients' oral health

Doctors take on dental duties to aid low-income, uninsured patients' oral healthIn underserved comm

Climate Change Worsens Sanitation Crisis in Southern Africa

Climate Change Worsens Sanitation Crisis in Southern AfricaThe dire consequences of climate change a

Liberia medical doctor banned amid degree dispute

The head of Liberia’s doctors' association, Dr. Peter Matthew George, has been barred from practic

×

Close