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.
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...
• Nigeria has suspended the implementation of a 4% tax on the Free Government halts 4% import duty after backlash from businesses and importers.• Tax was...
• Parliament approves constitutional changes extending the presidential term to 7 years.• Reform also creates a vice–prime minister post and lengthens...
• Morocco targets 200,000 tons of olive oil in 2025, up from 90,000 tons in 2024.• Better weather conditions expected to push olive harvests to 2 million...
• Eco Atlantic Oil & Gas shifts focus to deepwater licenses in Namibia’s Orange Basin.• The company sells its 85% stake in PEL 98 to local operator Lamda...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...