Local pharmaceutical products manufacturer, Intravenous Infusions PLC has expressed concerns about the depreciating rate of the local currency against the dollar on its operations.
The firm bemoans that as a result of the continuous depreciation of the cedi, it incurred an exchange rate loss of GHC2.5 million in 2023, thereby negatively impacting its cost of operations.
With the growing depreciation of the cedi against the dollar, businesses across Ghana are facing increased operational costs, severely impacting the pharmaceutical industry.
Intravenous Infusions PLC, a local pharmaceutical firm known for producing and supplying intravenous fluids to hospitals and pharmacies throughout the country, has reported significant financial losses due to the economic situation.
At its 2024 Directors and Stakeholder engagement, the Managing Director of Intravenous Infusions, Mouktar Soalihu urged the government to work at ensuring the stability of the exchange rate for an enhanced economy.
Despite the challenges, Board Chairman, Isaac Osei outlined strategic measures that Intravenous Infusions PLC is adopting to sustain its operations amid the economic turmoil.
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The post Local pharmaceutical products manufacturer laments depreciation of cedi appeared first on Citinewsroom – Comprehensive News in Ghana.
