Eximbank officials with Tobinco CEO (right)
Eximbank is collaborating with local pharmaceutical giant Entrance Pharmaceuticals and Research Centre, a subsidiary of Tobinco Group of Companies, for the production of the main Covid-19 drug in Ghana.
It is a cocktail of hydroxychloroquine and azithromycin.
The two principal drugs for the treatment of Covid-10 which are not produced locally have witnessed sharp price rise on the international market.
The bank, as part of the collaboration, is advancing some $5 million for the production, a decision said to have been informed by Eximbank’s positive impression of the pharmaceutical company’s utilization of a previous facility.
Members of Eximbank’s board credit subcommittee had earlier toured Entrance Pharmaceuticals and Research Centre said to be the largest in West Africa and were reported to have been impressed with the level of investment with the chairman, especially enthralled by the availability of space to expand further.
Eximbank is said to be convinced that the collaboration with the pharmaceutical giant will boost job creation, enhance balance of payment and by large the economy.
The pharmaceutical industry is one of the 10 areas the President has set his sight for the industrialization of the country.
India as a major producer of hydroxychloroquine recently agreed to export so much quantity to the US where it is being used to treat Covid-19 patients after an initial hesitance.
President Donald Trump had earlier threatened sanctions against India should the country refuse to export the drug to them.
The use of the instant drug is a controversial issue in the US where after President Trump recommended it some experts questioned its efficacy as a Covid-19 treatment drug.
It remained the main medicinal drug until the recent approval by the Food and Drugs Administration (FDA) of Remdisivir produced earlier for the treatment of Ebola but which did not work for it.
The antiviral drug has, however, turned out to be effective as a catalyst for the recovery of Covid-19 patients.
Entrance Pharmaceuticals, the Tobinco subsidiary, a major player in the industry, produces from its free zones enclave drugs like Lufart, Entramol for the West African sub-region.
The 8% interest rate being offered to the Tobinco Group (Entrance Pharmaceuticals) on the grant facility will further reduce the prices of locally manufactured quality drugs, which the ordinary Ghanaian can easily afford.
Eximbank is a household name in SME partnerships in the country providing facilities to promising and established companies in a host of areas.
By A.R. Gomda