It is my great pleasure to join you today for the opening session of the Health Community of West Africa Medical Industry and Investment Summit and Expo 2024.
I extend a warm welcome to everyone, especially those who have traveled from outside Ghana. I hope you have the opportunity to enjoy the renowned Ghanaian hospitality during your stay.
I would like to express my sincere appreciation to the organizers for their invitation and commend them for their foresight in arranging this event under the theme “Moving in Advance: Laying out a New Track for the Medical and Health Industry in West Africa.” This summit brings together key stakeholders to share ideas, discuss innovations, and explore investment opportunities.
The healthcare sector in West Africa faces numerous challenges, including inadequate infrastructure, insufficient funding, and a shortage of skilled personnel. This summit aims to create a platform for us to come together, learn, network, and form new partnerships. By collaborating, we can identify innovative solutions to address these challenges.
The global medical industry is rapidly evolving, and it is crucial for us to stay updated with the latest advancements. This summit provides an opportunity to network, explore new technologies, and foster collaboration that will drive progress in healthcare across West Africa.
Over the next three days, we will hear from respected professionals in the industry, explore the latest trends and innovations, discuss sector challenges, and identify new investment opportunities.
We are excited to have such a diverse and talented group of professionals here, and I am confident that this summit will be a valuable experience for everyone involved.
Ghana’s vision for sustainable growth includes sectors with transformative potential, and the pharmaceutical industry is a key focus. The government has selected this sector as one of the ten strategic anchor industries under its Industrial Transformation Agenda, highlighting its importance.
The pharmaceutical industry is also a priority under ECOWAS’s West Africa Common Industrial Policy. The sub-regional healthcare market offers opportunities in medical devices, consumables, services, and digital technologies.
Africa’s health market is estimated to reach $259 billion by 2030, making it the second largest after the U.S. However, a significant portion of health budgets is spent on pharmaceuticals, with most of these products and vaccines imported.
The pharmaceutical and healthcare sectors are vital for safeguarding community well-being and fostering a healthier society. By harnessing the sector’s potential, we not only stimulate economic growth but also improve living standards and access to essential healthcare services.
West Africa faces similar challenges to Ghana, including inadequate infrastructure, limited access in remote areas, and counterfeit drugs. Regional collaboration, public-private partnerships, and investment in healthcare technology are crucial to addressing these issues.
This exhibition provides a dynamic platform for stakeholders to exchange ideas, form partnerships, and showcase innovations that will shape the future of healthcare in West Africa and beyond, including the AfCFTA market.
As you may know, the health sector is critical to Ghana’s economy, attracting substantial government investment to ensure a healthy, productive population. The Ministry of Trade and Industry is finalizing the Ghana Pharmaceutical Manufacturing Policy, which aims to provide incentives and enhance the industry’s growth, including local production of pharmaceutical ingredients and traditional medicine.
West Africa’s healthcare and pharmaceutical sectors are evolving positively, with a focus on collaboration, innovation, and improved patient outcomes. The region’s growth potential is significant, and healthcare improvements contribute to sustainable economic development.
Before I conclude, I want to thank all the sponsors, exhibitors, and participants who have made this event possible. Your contributions are crucial to the summit’s success, and we are honored to have you here.
In closing, I encourage everyone to take full advantage of this opportunity to learn, network, and collaborate towards a better future for healthcare in West Africa. Let us work together to create a healthcare system that is accessible, affordable, and of high quality for all.
Thank you for your attention, and may God bless us all.
Read by Dr. John-Hawkins Asiedu, Technical Advisor at the Ministry of Trade and Industry.
