Accra, Nov. 22, GNA - Ghana is shifting gear to
become the beacon of Africa's march to economic
empowerment on the verge of the country's 50th
anniversary celebration, Mr Kwame Pianim, an
economic consultant has observed.
"It is gratifying to see the new generation to whom
we are entrusting the affairs of the nation
indicating by their action and sense of innovation
that they can be left to lift the national economy
to great heights economically, Mr Pianim said at the
re-launch of Phyto Ricker (GIHOC) Pharmaceuticals
Ltd., a company with majority Ghanaian shareholding.
The company, formerly GIHOC Pharmaceuticals was
acquired by Phyto Ricker Pharmaceuticals Inc. in
1998 through a competitive privatization process.
The Bermuda based entity divested majority stake of
the company in 2005 to Trans Africa Pharmaceuticals
Company (TAPCO), a Special Purpose Vehicle initiated
by Databank Financial Services Ltd.
Mr Pianim said the launching of the company "gives
us hope that there is a new generation of Ghanaians
ready to consolidate the political emancipation
attained in 1956 and move to secure economic
empowerment for Ghanaians", adding that Ghanaians
are ready to do business with the world, not just
sitting at home but ready to take business to other
in their backyard.
The Chairman of the Board of Directors Mr Ken Nana
Yaw Ofori-Atta said Databank Financial Services Ltd.
Injected the much-needed capital to revive the
company and to put it on a fast growth curve.
He said currently Overseas Investment Corporation (OPIC)
and other US investors hold 25 per cent shares in
the company, while Trans Africa Pharmaceuticals Ltd.
Owns 65 per cent, with the government of Ghana
retaining 10 per cent interest.
Mr Ofori-Atta said with the change of ownership, the
new management aims at making the company a premier
flagship pharmaceutical company in West Africa
focussed on addressing key disease patterns such as
HIV/AIDS malaria and high childhood mortality
diseases by producing high quality, cost efficacious
products and other specialised development
programmes.
He said since December 2005 when the new management
took over, the focus had been on the enhancement of
operational efficiency, strengthening of the
company's marketing function, while maintaining the
company's heritage of manufacturing high quality
products.
Alhaji Nurudeen Jawula, Chief Director, Ministry of
Health, commended the new management of the company
for the successes it had chalked and expressed the
hope that it would soon obtain a World Health
Organisation (WHO) certification so that it could
export the new drugs it had developed to the global
market.
GNA
