Coronavirus: LGI, Chamber of Pharmacy set up US$200m fund to support sector

The Lumiere Group International (LGI) and the Chamber of Pharmacy, Ghana have announced the establishment of US$200 million COVID-19 Relief Fund to foster medium and long-term financial stability of pharmaceutical sector in Ghana.

The agreement, in the form of a Memorandum of Understanding (MoU), formalises the mutual interaction between the Lumiere Group International and the Chamber of Pharmacy, Ghana. It was signed by LGI’s Chief Executive Officer, Gisele Dede Aklobessi whiles Anthony Ameka, signed for the chamber.

The COVID-19 pandemic has not only disrupted the supply chain system in the pharma sector but also, the global supply chain for active pharmaceutical ingredients, finished pharmaceutical products and other health commodities have been severely disrupted. The prices of pharmaceutical ingredients manufactured in China and India have not only risen but are also unavailable after extended factory closures.

These supply chain disruptions have impacted negatively on the pharmaceutical industry in Ghana which is dependent on imports of active pharmaceutical ingredients, excipients, equipment and machinery. The situation is also creating a challenging business environment which has led to job losses.

It is, therefore, in response to the above that LGI has, through its credit lines, arranged for the release of US$200 million for the pharma sector as loan which is necessary as an intervention that is aimed at mitigating the impact of COVID-19 on the sector.

Eligible pharmaceutical companies can access the fund for the importation and manufacturing of pharmaceuticals. The duration of the loan is between one to five years with no collateral needed from the companies that will access the fund.

In a speech delivered by the Chief Executive Officer of the Chamber of Pharmacy Ghana, Anthony Ameka, he urged members who will access the fund to implement the exact purpose for which it is intended for and promised LGI of the commitment of the Chamber to monitor the utilisation of the fund.

CEO of Lumiere Group International, Gisele Dede Aklobessi and CEO of Chamber of Pharmacy Anthony Ameka in a hand shake after signing the agreement