Executive Summary

The Strategy to Enhance Access to Pharmaceutical Services (SEAPS) is a Pharmaceutical Society of Ghana initiative that improves healthcare access in underserved communities through strategic partnerships. The program helps pharmacists establish model pharmacies by offering:

  1. Inventory Optimization– Uses advanced analytics to improve inventory management, reduce excess stock, and minimize costs.
  2. Financing Options:
    • Ecobank Offering: Provides overdraft facilities to pharmacies with 3+ months of sales records on the API platform. Features include a 30-day interest-free period, followed by 2.5% interest for 60 days, with 90-day repayment terms.
    • GCPCUL Offering: Provides up to GHS 200,000 (half cash, half inventory financing) to licensed pharmacists with 50%+ business ownership. Terms include 18-20% annual interest on reducing balance, three-month moratorium, and 18-month repayment period.

Both financing options require good standing with PSGH and include risk management measures. The program particularly supports young entrepreneurs, female business owners, and pharmacies in underserved areas, aligning with PSGH’s mission to provide accessible, affordable, and quality pharmaceutical services through stakeholder collaboration.

APPLY FOR SUPPORT THROUGH THE SEAPS PROJECT by completing this application form APPLICATION FORM FOR SEAPS

MORE INFORMATION

The SEAPS (Strategy to Enhance Access to Pharmaceutical Services) project is a flagship program of the Pharmaceutical Society of Ghana (PSGH) to enhance access to quality pharmaceutical care and primary healthcare with particular focus on under-served and deprived communities in Ghana.

This is in line with the mission and strategic plan of the PSGH. The mission statement of the PSGH is “To provide accessible, affordable, sustainable and quality pharmaceutical services to all through professionalism, continuous development, welfare, leadership, and collaboration with relevant stakeholders”

The PSGH is collaborating with several partners, including, AdvancePharma Innovations, financial institutions, and pharmaceutical suppliers to address challenges and barriers to pharmaceutical care access. Pharmacies play vital roles in healthcare delivery, yet they face numerous challenges, including supply chain and inventory challenges, limited financial access and cash flow management, logistical constraints for data management and evidence-based decision making, as well as challenges with regulatory compliance.

STRATEGIC PARTNERSHIPS

Banks and other non-banking financial institutions will provide flexible and affordable bouquet of tailor-made financing mechanisms for the pharmaceutical supply chain for retail pharmacies. AdvancePharma Innovations is providing the enabling technology for this arrangement. The SEAPS platform allows stakeholders to manage invoices, fulfil financial obligations to the supplier, and manage their obligations to the banks and other non-banking financial institutions through a financing facility with any of the partners.

 GOAL

  1. The program’s goal is to help pharmacists set up model pharmacies each year through the following opportunities: (Special dispensations available to young, female entrepreneurs, and for facilities in under-served and deprived communities)
  2. Inventory Optimisation: The SEAPS platform uses advanced analytics and predictive modelling to optimise inventory levels, reduce excess stock, and minimise carrying costs. This results in improved cashflow and working capital for the pharmacy. The platform optimises inventory management, reduces waste, and minimises stockouts, leading to pharmacy cost savings. These efficiency gains translate into improved financial performance and profitability.
  3. Access to Funding: SEAPS facilitates flexible, hassle-free access to funding opportunities from partner financing agencies.

The Ecobank Offering

  1. Eligibility Criteria
    • Any pharmacist-owned pharmacy registered on the API platform is eligible for credit.
    • PSGH must clear the pharmacist of good standing.
    • The pharmacy must have a minimum of three (3) months of sales records on the platform.
  • Credit Limits
    • Credit is provided in the form of an overdraft facility.
    • The credit limit is determined by the API credit scoring system, which evaluates sales performance, repayment history, and financial risk.
  1. Interest Rates and Fees
    • First month (30 days): Interest-free
    • Next 60 days: A 5 % interest rate is charged on the drawn-down amount
    • Late fee: 1% penalty on outstanding amounts after the 90-day repayment period.
  2. Repayment Terms
    • The borrower must repay at least 70% of the due amount within 90 days to qualify for a new credit cycle.
    • Upon repayment, a new 90-day credit term is unlocked with a revised limit based on updated credit assessment.
  1. Default Policy
    • If the borrower fails to repay within 90 days, the system will initiate automatic deductions from the assigned payment account.
    • A 1% late fee will be applied to the overdue amount after 90 days.
    • Continued default may result in credit suspension or a reduction in future credit limits based on risk evaluation.
  1. Risk Management & Compliance
    • The platform uses AI-driven credit scoring to assess borrower risk.
    • Transactions are monitored in real time to prevent fraudulent activity.

 

The GCPCUL Offer [For start ups and new facilities]

 Eligibility criteria

  1. Professional Standing: The applicant must be a licensed pharmacist in good standing with the Pharmaceutical Society of Ghana (PSGH) at the time of application.
  1. Ownership Stake: The applicant must hold not less than 50% ownership (shares) in the proposed pharmacy business.
  1. Facility Readiness
  • The applicant must have:
    • Secured the physical premises for the proposed pharmacy.
    • Applied to the Pharmacy Council for a pharmacy operations license.
    • Obtained approval from the Pharmacy Council confirming readiness to commence operations.
  1. PSGH Endorsement (Optional but Recommended)
  • Applicants are strongly encouraged to submit their license application to the Pharmacy Council through PSGH, to benefit from an accompanying Letter of Support issued by the PSGH.
  1. Credit Union Membership
  • The applicant must hold a corporate account with the Pharmacists’ Credit Union, which will be used for loan disbursement and business transactions.

Credit Limits

Eligible applicants may access a credit facility of up to GHS 200,000 to support the establishment and operationalization of their pharmacy business.

The credit facility is structured as follows:

  • GHS 100,000 in Cash Financing:
    Disbursed directly into the applicant’s credit union corporate account.
  • GHS 100,000 in Stock Financing:
    Disbursed directly to approved pharmaceutical wholesalers or suppliers on behalf of the applicant for the procurement of inventory

Loan Terms & Conditions

  1. Interest Rate
  • The interest rate ranges from 18% to 20% per annum on a reducing balance basis.
  • Preferential lower rates may be applied for pharmacies established in deprived or underserved communities, as part of PSGH’s commitment to equitable access to pharmaceutical care across Ghana.
  1. Moratorium Period
  • A three-month moratorium will be granted on both principal and interest payments, allowing applicants to establish their operations and generate initial cash flow without repayment pressure.
  1. Repayment Schedule
  • After the moratorium, repayment will be made on a monthly basis.
  • Repayments will be calculated on a reducing balance basis, which reduces the interest payable over time.
  • The loan tenure shall not exceed 18 months from the end of the moratorium period.

Risk Management

  1. Business Insurance Requirement
  • The applicant shall insure the pharmacy business against unforeseen incidents that may result in financial loss or business collapse.
  • Mandatory insurance coverage shall include, but is not limited to, fire, theft or burglary, armed robbery, structural collapse of the premises
    • Any other relevant risks may be required by the credit union or insurance provider
    • The credit union shall be the first loss payee under the insurance cover
  1. Collateral Trust Arrangement
  • The applicant agrees that the assets of the pharmacy business (including but not limited to inventory, equipment, and fittings) shall be held in trust by the credit union as collateral for the loan.
  • This trust remains in effect until the loan is fully repaid.
  • In the event of loan default, the credit union reserves the right to exercise necessary recovery options in accordance with the laws of Ghana and the terms of the loan agreement.

APPLY FOR SUPPORT THROUGH THE SEAPS PROJECT by completing this application form APPLICATION FORM FOR SEAPS