Audio By Carbonatix
The price of medicines could soon be going up. This is mainly because of the environmental excise tax imposed on plastic materials used for packaging these drugs.
The tax implemented last year was 15 percent on both imported plastics and locally-produced plastic packaging materials.
It has however been reviewed downwards to 10 percent and also now include plastic packaging materials for pharmaceutical products which were earlier exempted.
This forms part of tax reviews by government in a bid to raise additional revenue.
Dr Assibey Yeboah a member of the Finance Committee of Parliament told Joy Business government proposed a tax rate of 5% across board with the aim of raising GHC26 million.
But Parliament amended the rate, he said, increasing it to 10% "so this year alone government seeks to raise GHC52 million by imposing this tax on all plastics".
Dr Yeboah however acknowledged that it will have implication on the health sector.
Meanwhile, Executive Secretary of the Pharmaceutical Manufacturers Association of Ghana, Kwabena Asante Offei told Joy Business the tax simply means an increase in the cost of medicines and people would have to spend more to purchase medicines in the country.
However, he said negotiation is ongoing among members on whether to absorb the extra cost or pass it on to consumers.
He also stated that the Association is still negotiating with the health ministry and other agencies to see how the effect can be managed.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Abuse of judicial authority erodes public trust in courts – Chief Justice warns new judges
14 minutes -
Any candidate who contests on the NPP’s ticket will lose abysmally in 2028 – Nana Yaa Jantuah
47 minutes -
Ground Up lawyer disputes Kwesi Arthur’s claims, reveals earnings from past works
49 minutes -
NPP Primaries: Polling station results could be cancelled over any misconduct – Joe Osei Owusu
1 hour -
Forget about 2028 election and rebuild party structures – Nana Yaa Jantuah advises NPP
1 hour -
Today’s Front pages: Friday, January 23, 2025
1 hour -
Kennedy Agyapong may poll fewer votes than in 2023 NPP primary – Osei Kyei-Mensah-Bonsu
1 hour -
Economic gains must be sustainable beyond 2028 – Osei Kyei-Mensah-Bonsu
2 hours -
Fetish priest nabbed with suspected counterfeit dollars, illegal firearm at Ablekuma
2 hours -
Akufo-Addo urges NPP aspirants to treat peace pact as binding covenant
2 hours -
Egyapa Mercer predicts Bawumia to win NPP race with nearly 70% of votes
2 hours -
Mahama warns Africa’s reliance on external powers undermines true sovereignty
2 hours -
Late Ayawaso East MP’s wife declares bid for by-election seat
2 hours -
Bawumia presents NPP best chance of winning 2028 polls – Egyapa Mercer
2 hours -
Mahama urges Africa to invest in skills, unity and local production to stay globally competitive
3 hours
