BMI View: Continuing depreciation in the Ghanaian currency has led us to revise our headline forecasts in
USD for the pharmaceutical sector downwards. In the long-term however we remain positive for the sector
with the government’s focus on domestic pharmaceutical sector, greater foreign pharmaceutical company
interest in the country and capacity building initiatives for bringing global quality control standards to
Ghanaian pharmaceutical industry will spur domestic demand and regional exports. Ghana’s healthcare
industry is facing acute funding challenges, but as the main parties vie for taking credit for the success of
the scheme, we expect the performance and spending of the healthcare market to improve in the medium
term, current economic difficulties notwithstanding.
Headline Expenditure Projections
Pharmaceuticals: GHS708mn (USD343mn) in 2013 to GHS885mn (USD333mn) in 2014; +23.4% in local
currency terms and -5.7% in US dollar terms. Forecast in local currency terms revised from Q214 due to
currency fluctuations.

Table of Contents

BMI Industry View  7
SWOT  9
Politics  11
Economic  13
Business Environment  14
Industry Forecast  16
Pharmaceutical Market Forecast  16
Table: Pharmaceutical Sales, Historical Data And Forecasts (Ghana 2010-2018)  19
Healthcare Market Forecast  20
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Ghana 2010-2018)  22
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Ghana 2010-2018)  22
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Ghana 2010-2018)  23
Prescription Drug Market Forecast  23
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)  25
Patented Drug Market Forecast  26
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)  27
Generic Drug Market Forecast  28
Table: Generics Drug Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)  29
OTC Medicine Market Forecast  30
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)  31
Pharmaceutical Trade Forecast  32
Table: Pharmaceutical Trade Data And Forecasts (Ghana 2012-2018)  35
Table: Pharmaceutical Trade Data And Forecasts local currency (Ghana 2012-2018)  35
Other Healthcare Data  35
Key Risks To BMI's Forecast Scenario  37
Macroeconomic Forecasts  38
Economic Analysis  38
Expenditure Breakdown    40
Table: Economic Activity (Ghana 2009-2018)  42
Industry Risk Reward Ratings  43
Middle East & Africa Risk/Reward Ratings  43
Ghana Risk/Reward Ratings  51
Rewards  51
Risks  52
Market Overview  53
Industry Trends And Developments  55
Epidemiology  55
Healthcare Sector  62
Hospital Sector  64
Healthcare Sector Developments  66
Health Insurance Sector    68
Telemedicine  71
Medical Tourism  72
Clinical Trials    73
Regulatory Development  75
Intellectual Property Regime  78
Pricing And Reimbursement Regimes  83
Rational Drug Prescribing  84
Competitive Landscape  86
Pharmaceutical Sector  86
Domestic Pharmaceutical Industry  87
Table: Leading Domestic Manufacturers, 2010  90
Foreign Pharmaceutical Industry  91
Pharmaceutical Sector Developments  91
Pharmaceutical Distribution And Retail  93
Company Profile  95
LaGray Chemical Company  95
Danadams  97
Ayrton Drug Manufacturing Company (Adcock Ingram)  101
M&G Pharmaceuticals  104
Demographic Forecast  106
Table: Ghana's Population By Age Group, 1990-2020 ('000)  107
Table: Ghana's Population By Age Group, 1990-2020 (% of total)  108
Table: Ghana's Key Population Ratios, 1990-2020  109
Table: Ghana's Rural And Urban Population, 1990-2020  109
Glossary  110
Methodology  112
Pharmaceutical Expenditure Forecast Model  112
Healthcare Expenditure Forecast Model  112
Notes On Methodology    113
Risk/Reward Ratings Methodology    114
Ratings Overview  115
Table: Pharmaceutical Risk/Reward Ratings Indicators  115
Indicator Weightings  116

List of Tables

Table: Pharmaceutical Sales, Historical Data And Forecasts (Ghana 2010-2018)
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Ghana 2010-2018)
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Ghana 2010-2018)
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Ghana 2010-2018)
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)
Table: Generics Drug Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Ghana 2010-2018)
Table: Pharmaceutical Trade Data And Forecasts (Ghana 2012-2018)
Table: Pharmaceutical Trade Data And Forecasts local currency (Ghana 2012-2018)
Table: Economic Activity (Ghana 2009-2018)
Table: Leading Domestic Manufacturers, 2010
Table: Ghana's Population By Age Group, 1990-2020 ('000)
Table: Ghana's Population By Age Group, 1990-2020 (% of total)
Table: Ghana's Key Population Ratios, 1990-2020
Table: Ghana's Rural And Urban Population, 1990-2020
Table: Pharmaceutical Risk/Reward Ratings Indicators