Pharmaceutical Industry: Ghana the 4th most attractive labour market in SSA
Ghana’s labour market has been ranked as the fourth most attractive in Sub-Saharan Africa (SSA) in respect to the pharmaceutical industry on the continent.
Botswana, meanwhile, was adjudged the most attractive or best labour market in the sub-region.
The ranking by the United Nations Educational, Scientific and Cultural Organization (UNESCO) and Fitch Solutions, is premised on the high urbanization rate and pool of available workers for the pharmaceutical industry.
According to UNESCO and Fitch Solutions, the increasing urbanization of several parts of the country [Ghana] coupled with the high female labour force participation rate offers businesses in the pharmaceutical industry options to select different groups of workers.
Also, labour regulations in Ghana are not stringent by regional standards and labour-related taxes are reasonable.
The report asserts that the exemption of pharmaceutical products from VAT and other taxes, will encourage investments in the region’s pharmaceutical industry, particularly Ghana’s.
In Ghana, some exemptions pharmaceutical companies enjoy include the exemption from payment of customs duty on all raw materials and packaging materials for the local production of pharmaceuticals.
Also, locally produced pharmaceuticals are zero rated under the Value Added Tax (VAT) law and plastic packaging materials used for the packaging of pharmaceutical products are exempted from payment of the 20% environmental tax on plastic packaging materials.
