The Ghana National Chamber of Pharmacy (GNCoP) has urged the government to reconsider its decision to remove the benchmark value on pharmaceutical products.

In a press release signed by the Chief Executive Officer, Anthony Ameka, the chamber said the removal of the benchmark value on pharmaceutical products will lead to an increase in prices of medical supplies and medicines.

This, GNCoP explained, will result in a rippling effect of high-cost of healthcare delivery.

“The local manufacturing sector provides 30% of the medicine needs in the country with 70% of medicines imported. The removal of the benchmark on the pharmaceutical products will lead to the increase of prices of medicines and other medical supplies.

The impact will result in the high-cost of healthcare delivery with its attendant cost implications on the NHIS medicines bill,” the statement noted.

The statement added that, “the state loses on the removal of benchmark and the increase of final retail price it pays for medicines under the NHIA. Currently, the state is benefitting from the benchmarking policy and as a result is able to pay health facilities through NHIA. This situation turns out to improve the cash cycle of the private sector (importers) to integrate backward faster and expand their operation, resulting in job creation for the State.”

On Monday, November 15, the removal of the 50% Benchmark Values on 32 categories of items at the ports took effect.

The Ghana Revenue Authority (GRA) in a letter forwarded to the Finance Minister, Ken Ofori Atta, signed by the Commissioner-General,  Rev. Ammishaddai Owusu-Amoah, revealed that the move is informed by an agreement reached with the business community to, as it were, generate more revenue.

This means that all items under the 32 categories currently enjoying port clearing discounts, will no longer enjoy that special dispensation.

Meanwhile, the Ghana Union of Traders Association had cautioned the government against the removal of the 50% Benchmark Value policy at the ports.

The union described the removal as “suicidal” to Ghanaian businesses.