• Burkina Faso’s investment arm will buy a 70% stake in Propharm for $241,583.

• The deal supports national goals to cut reliance on imported medicine.

• Propharm is the country’s first generic drug factory, launched in August 2022.

Burkina Faso announced plans to 70% stake of local pharmaceutical company Propharm SA through its state investment arm, the National Deposits and Investment Fund (CDI-BF). The decision was approved during the May 2 Council of Ministers led by the President Captain Ibrahim Traoré.

The government will buy out the majority shareholder’s stake for CFA140 million, or about $241,583. This deal is part of a broader strategy to increase local drug production, make essential medicines more available across the country, and reduce Burkina Faso’s dependence on imports.

Launched in August 2022, Propharm is the first factory in the country to manufacture generic medicines. The company was founded by a group of Burkinabe pharmacists led by Dr. Palingwindé Armel Koéfé, with an initial capital of CFA200 million. The project represented an investment of nearly $23 million, and its goal is to become a key player in both the production and distribution of generic medicines in Burkina Faso.

The takeover is also seen as a response to regional challenges like overreliance on imported drugs and the growing threat of counterfeit medicine. By increasing domestic production, Burkina Faso hopes to strengthen its pharmaceutical independence and improve access to safe, affordable healthcare.

CDI-BF, which will lead the acquisition, is a public financial institution with a special status. It manages both public and private funds entrusted to it, and plays a major role in supporting public policy. Through strategic investments like this one, CDI-BF works to advance national development goals and support local communities.