Ghana gears to become beacon of Africa's economic empowerment

Accra, Nov. 22, GNA - Ghana is shifting gear to become the beacon of Africa's march to economic empowerment on the verge of the country's 50th anniversary celebration, Mr Kwame Pianim, an economic consultant has observed.

"It is gratifying to see the new generation to whom we are entrusting the affairs of the nation indicating by their action and sense of innovation that they can be left to lift the national economy to great heights economically, Mr Pianim said at the re-launch of Phyto Ricker (GIHOC) Pharmaceuticals Ltd., a company with majority Ghanaian shareholding.

The company, formerly GIHOC Pharmaceuticals was acquired by Phyto Ricker Pharmaceuticals Inc. in 1998 through a competitive privatization process. The Bermuda based entity divested majority stake of the company in 2005 to Trans Africa Pharmaceuticals Company (TAPCO), a Special Purpose Vehicle initiated by Databank Financial Services Ltd. Mr Pianim said the launching of the company "gives us hope that there is a new generation of Ghanaians ready to consolidate the political emancipation attained in 1956 and move to secure economic empowerment for Ghanaians", adding that Ghanaians are ready to do business with the world, not just sitting at home but ready to take business to other in their backyard.

The Chairman of the Board of Directors Mr Ken Nana Yaw Ofori-Atta said Databank Financial Services Ltd. Injected the much-needed capital to revive the company and to put it on a fast growth curve. He said currently Overseas Investment Corporation (OPIC) and other US investors hold 25 per cent shares in the company, while Trans Africa Pharmaceuticals Ltd. Owns 65 per cent, with the government of Ghana retaining 10 per cent interest.

Mr Ofori-Atta said with the change of ownership, the new management aims at making the company a premier flagship pharmaceutical company in West Africa focussed on addressing key disease patterns such as HIV/AIDS malaria and high childhood mortality diseases by producing high quality, cost efficacious products and other specialised development programmes.

He said since December 2005 when the new management took over, the focus had been on the enhancement of operational efficiency, strengthening of the company's marketing function, while maintaining the company's heritage of manufacturing high quality products.

Alhaji Nurudeen Jawula, Chief Director, Ministry of Health, commended the new management of the company for the successes it had chalked and expressed the hope that it would soon obtain a World Health Organisation (WHO) certification so that it could export the new drugs it had developed to the global market.