Fitch Solutions has projected Ghana’s health budget to expand from ¢15.2 billion of 2023 to ¢16.5 billion in 2024.
“We believe ongoing health infrastructure projects and rollout of the National Health Insurance Scheme will continue to support increased budgetary spending on health over the coming decades as well spending on pharmaceuticals and medical devices”, Fitch Solutions noted.
‘We further highlight recovery in Ghana’s real Gross Domestic Product in 2024 after sharp declines in 2022 and 2023 will also support private spending on medical devices and medical devices imports in the country over our forecast period”, it explained.
“We forecast real GDP growth to accelerate to 3.7% in 2024 from an estimated 3.0% in 2023. However, GDP will remain below the five-year pre-pandemic average of 5.3% as a result of strong price pressures and fiscal consolidation”, the UK based firm added.
It also expects the medical devices market to record double-digit growth.
Fitch Solutions said all product categories will post high to double-digit growth in US dollar terms, led by consumables and dental products.
Consumables accounted for more than a quarter of the total medical devices market in Ghana, and the category is expected to record the fastest Compound Annual Growth Rate (CAGR) growth of 21.3% in US dollar terms over our five-year forecast period to 2027.
“We believe growth in consumables over the near-to-medium-term will continue to be supported by improving access to healthcare in Ghana as the country continues to implement its universal health coverage goals”, it noted.
“While accounting for the smallest portion of the medical devices market, dental products will record a 2022-2027 CAGR of 21.1% in US dollar terms. Dental services such as tooth replacement and filling, root canal therapy, dental X-ray and scaling are provided free of charge in the public health sector in Ghana, however access remains limited in rural areas due to a shortage of equipment and trained dentists”, it furthered.
Additionally, Fitch Solutions said demand for diagnostic products is also expected to remain strong as the market copes with prevention and treatment with the double burden of chronic and communicable diseases.