EXIM Bank Ghana is collaborating with Entrance Pharmaceuticals and Research Centre, a member of the Tobinco Group of Companies, to produce hydroxychloroquine and azithromycin locally for the management of COVID-19 cases.
The bank said it was ready to advance a $5 million facility to the company for the production of the drugs locally.
COVID-19 patients treated with hydroxychloroquine and azithromycin are said to recover quickly but the drugs are not available locally on a large scale.
Furthermore, the cost of the drug has shot up on the international market.
During a visit by members of the Exim Bank Credit Subcommittee to the Entrance Pharmaceuticals and Research Centre, the Board Chairman of the bank, Mr Kwadwo Boateng Genfi, said the bank took great interest in the national efforts to contain the pandemic.
“Ghana Exim was highly impressed with Tobinco’s utilisation of a previous grant extended to the group and, therefore, was ready to advance a new $5 million to help tackle the pandemic in the country,’’ he said.
Chloroquine, and a related derivative, hydroxychloroquine, have gained global attention in the treatment of COVID-19, although the World Health Organisation (WHO) says there is no definitive evidence that they cure COVID-19 patients.
The prospect of using hydroxychloroquine to facilitate the process of treating COVID-19 amid the pandemic has sparked heated disagreement among politicians and scientists.
Nonetheless, indications are that while the drug is effective in treating COVID-19, tests are yet to be subjected to the due diligence of extensive clinical trials.
