A whopping Ninety Eight Percent (98%) of all medical device, Disposables and equipment products used in Ghana are imported.
These include Medical Consumables, Diagnostic Imaging Equipment, Dental Devices, Orthopedic products, prosthetics and many more.
This is according to data from the Federation of Africa Medical Equipment, Disposables and Devices, Manufacturers and Suppliers (FOAMEDDMS).
Speaking at a forum organized by the Pharmaceuticals Export Promotion Council of India (Pharmexcil), the Chief Executive Officer of the Federation of Africa Medical Equipment, Disposables and Devices, Manufacturers and Suppliers (FOAMEDDMS) Mr. Anthony Ameka said medical devices constitute the largest product area, accounting for over 60% of all importations within the health sector.
“Availability of forex is key to this sector because about 98% of medical device products are imported into the country, Therefore, the sector requires over $65 million in FX annually” he said.
As the sector generates most of its revenues in cedis, fluctuations in exchange rate affects cost of its products.
In order to tackle their exposure to the volatile foreign exchange market especially the dollar, key players have resorted to the use of derivative hedging strategies and forward contracts.
Mr. Anthony Ameka further indicated that globally, medical device industry is poised for steady growth, with global annual sales forecast to rise by over 5 percent a year and reach nearly US$800 billion by 2030.
He said the consumable market of the medical devices sector is also expected to expand by 12.3% in 2025 with the diagnostic imaging market projected to grow by 11.8% by the same period.
Mr. Ameka therefore called on government and other relevant partners to take steps to boost the local production of Medical Equipment, Disposables and Devices.
The CEO of the Federation also used the opportunity to appeal to Indian investors to boost investment in the medical consumables, equipment and devices industry by partnering with local counterparts as Ghana has a strong growth prospect, fueled by the expansion of health infrastructure like government intention to increase health infrastructure under the Agenda 111 District and Regional Hospitals due to the aftermath of the coronavirus pandemic and a growing middle class.
The India – Ghana webnar cum B2B session was organized under the auspices of the Pharmaceuticals Export Promotion Council of India (Pharmexcil) and Indian High Commission in Ghana. Key stakeholders like the Indian High Commissioner to Ghana His Excellency Sugandh Rajaram, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil) Ravi Udaya Bhaskar, the Director of Drug and Herbal Medicine Registration of the Ghana Food and Drugs Authority Dr. Samuel Asante Boateng and a Deputy of Procurement and Supplies of the Ghana Health Service Paul Gawu.
The forum also availed the opportunity to pharmaceutical and Healthcare industry players from both Ghana and India to build partnerships towards boosting local Ghanaian production.
Some of the participants expressed their gratitude to the organizers for the opportunity and pledged their support to continually support the health sector and its core mandate of serving the people of Ghana.