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Intravenous Solution to open new factory after getting $3.2 million support from government’s stimulus package

Local manufacturers of pharmaceutical products, Intravenous Solution, is set to open an ultra-modern factory at the company’s premises by the end of the year.

This has been made possible through a medium term facility of $3.2 million provided by the government as part of the stimulus package to revive its operations.

Board Chairman of the Company, Isaac Osei told Joy Business that the new plant and other machinery for the project are awaiting installation.

Speaking after addressing shareholders at the company’s Annual General Meeting in Accra, he said Intravenous Solution is one of the few Ghanaian manufacturing firms that benefited from the government’s stimulus package aimed at reviving its operations.

 “I indicated that a medium term loan facility of $3.2 million had been secured from Ecobank Ghana limited under the government of Ghana stimulus package for the procurement of plant and machinery; and expansion of the factory. I am happy to announce to you that new plant and machinery have been procured and delivered to the factory awaiting installation” he noted.

Despite a difficult year in the 2020 financial year, the company declared dividend for shareholders.

Managing Director for intravenous Infusion, Moukhtar Soalihu disclosed that the company will be venturing into the manufacturing of vaccines as part of the medium term strategy.

The board has assured of a positive outlook for the company despite the effect of  covid-19.

Source: Ghana News

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