2027 Budget: Government to construct western corridor railway without borrowing – Finance Minister

Finance Minister Dr Cassiel Ato Forson announced Ghana's ambition to produce between 60 and 80 percent of its essential medicines locally by 2030, as part of the country's efforts to lessen reliance on imports. Speaking in Parliament during the 2027 Budget Statement and Economic Policy on November 12, 2026, Dr Forson disclosed that Ghana presently imports between 70 and 75 percent of its medicine requirements, costing an estimated US$500 million annually.

Under the initiative, Pharmaceutical and Biomanufacturing Hubs will be developed in the Eastern and Central Regions, with construction set to commence in 2027 through a state-owned special purpose vehicle. Qualified Ghanaian and international manufacturers will be engaged through transparent lease and operating agreements.

In a bid to bolster local pharmaceutical businesses, the government plans to amend public procurement laws to favor locally manufactured medicines, provided they meet quality standards and are available in sufficient quantities. Suppliers must obtain Food and Drugs Authority registration and adhere to Good Manufacturing Practice standards to ensure product quality.

The initiative aims to create approximately 20,000 direct and indirect jobs, positioning Ghana as a pharmaceutical export hub for West Africa. By 2030, Ghana aims to manufacture 60 to 80 percent of its essential medicine needs locally.