SCHOLARLY SPEECH

TITLE:
Resetting Ghana's Economy Through Herbal Medicine Development Delivered to the Graduation Class of Chartered Economists and Health Economists

 

Venue: British Council
4th April 2025

By
Prof. Raphael Nyarkotey Obu, ESQ, CHE, PhD

President, Nyarkotey University College of Holistic Medicine & Technology, Ashaiman

Professor of Naturopathy
Lawyer(Gambia Bar)

 

 

The Chairperson, the President of the International Certification Center (ICC), and the Country Director of Global Academy of Finance and Management (GAFM) Ghana, Faculty Members of ICC and from Various Institutions, all Invited Prestigious individuals and organizations, Colleague Graduands from the various programs Ranging from Chartered and other Certified Programs, the Media, the General public, Nii M3, Naa M3, Ladies and Gentlemen, All Protocols Observed.

It is both an honor and a privilege to stand before you today on this momentous occasion, where we celebrate not only the academic achievements of our distinguished graduates but also the boundless potential of economic transformation through indigenous resources.

Today, I address you on a subject of great significance—an often underestimated sector that is, in reality, a gold mine. It is a field widely perceived as one for the uneducated, and even those with formal education who venture into it are still regarded as unlearned. During my time at the Law School in The Gambia, some colleagues referred to me as "Mallam," while others joked that I was selling "koko aduro" (herbal medicine), reflecting the low regard many Africans have for this sector. Yet, despite these misconceptions, it provides livelihoods for many.

Even in my Health Economics class, as I listened attentively to the facilitator, I realized that all the standard economic tools, such as cost-benefit analysis, do not favor the sector. This highlights the systemic bias against herbal medicine, further reinforcing the perception that it lacks value in mainstream economic and healthcare discussions.

My lecture today is not the usual discourse you might expect from economists or health professionals. Instead, I will focus on herbal medicine, under the theme: Resetting Ghana’s Economy through Herbal Medicine Development.

 

Declaration
I hereby declare that the views expressed in this speech are grounded in research, economic analysis, and my professional experience in naturopathy, health economics, and legal advocacy. This speech is intended to provoke thought and action towards the revitalization of Ghana’s economy through herbal medicine development.

May we collectively work towards a future where Ghana’s rich herbal resources are maximized for national prosperity.

 

The Global Shift Towards Herbal Medicine

Across the world, there is a renewed interest in herbal and alternative medicine. Countries such as China and India have successfully integrated their traditional medicine into mainstream healthcare and economic policies, contributing significantly to GDP growth. The global herbal medicine industry is projected to surpass $500 billion by 2030, and Ghana stands at a critical juncture to tap into this lucrative market.

 

Herbal Medicine as an Economic Catalyst

Ghana is endowed with a rich biodiversity, boasting over 2,000 medicinal plant species with scientifically proven therapeutic benefits. The herbal medicine sector presents an opportunity for economic diversification, job creation, and foreign exchange earnings. By leveraging herbal medicine, Ghana can reduce its dependency on imported pharmaceuticals and strengthen its economic resilience.

 

Elevating the TMPC to an Authority Level

To fully harness the economic potential of herbal medicine, I strongly propose that the Traditional Medicine Practice Council (TMPC) be elevated to the level of an Authority. This transformation will empower the TMPC with broader regulatory control, enabling it to:

· Standardize and certify herbal medicines for both local and international markets.

· Facilitate investment in large-scale herbal medicine production.

· Attract global partnerships and funding for research and development in traditional medicine.

 

Herbal Medicine: The Untapped Gold of Ghana

Recently, Ghana has been engaged in discussions on the Gold Bod, yet there is a hidden economic treasure in herbal medicine that remains neglected and relegated to the uneducated. If properly developed, the herbal sector can generate billions for Ghana’s economy, just as it does for other countries.

 

Global Economic Revenue from Herbal Medicine

· China: Generates over $50 billion annually from traditional Chinese medicine exports.

· India: Earns approximately $10 billion per year from Ayurveda and herbal medicine exports.

· Vanuatu: Kava, a traditional herbal plant, generates around $200 million annually, contributing nearly 30% to its GDP, proving how a single medicinal plant can drive economic growth.

 

The Economic Value of Ghana’s Herbal Resources

1.   Hibiscus Sabdariffa (Sobolo): A widely consumed beverage in Ghana, hibiscus is scientifically proven to lower hypertension and cholesterol. The global hibiscus market is projected to reach over $200 million by 2030. Ghana can capitalize on this by increasing production and exportation.

2.   Neem: Used for its antifungal, antibacterial, and medicinal properties, neem has a growing international market worth over $2 billion. With proper investment, Ghana can export neem-based products to the pharmaceutical and cosmetic industries.

3.   Moringa: Dubbed the “miracle tree,” moringa has significant nutritional and medicinal benefits. Its global market is estimated at $7 billion, and Ghana has the ideal climate for mass cultivation.

4.   Dandelion: Used in herbal medicine and tea formulations, dandelion’s market is expanding due to its anti-inflammatory and liver-protective properties. The global dandelion market is valued at over $1 billion, indicating a lucrative export opportunity.

 

Moringa’s Role in Water Purification

Illegal mining (galamsey) has severely polluted Ghana’s water bodies, leading to significant public health concerns. Moringa seeds possess natural coagulant properties that can help purify water by removing heavy metals and impurities. If strategically implemented, Ghana can deploy moringa-based purification methods to restore contaminated water sources and promote sustainable environmental practices.

 

Projected Revenue for Ghana from Herbal Medicine

If Ghana strategically invests in the large-scale cultivation and export of key medicinal plants, the country could generate billions in revenue:

· Hibiscus: $200 million

· Neem: $2 billion

· Moringa: $7 billion

· Dandelion: $1 billion

Total projected revenue: $10.2 billion

 

How Herbal Medicine Can Help Stabilize the Ghanaian Cedi

The integration of herbal medicine into Ghana’s economy has the potential to significantly stabilize the cedi through several key mechanisms:

1.   Increase in Foreign Exchange Earnings

  o  The projected $10.2 billion revenue from herbal exports will boost foreign reserves and strengthen the cedi against foreign currencies.

2.   Reduction in Pharmaceutical Import Costs

  o  A thriving herbal industry will cut down on pharmaceutical imports, easing pressure on the cedi.

3.   Job Creation and Economic Expansion

  o  Thousands of jobs will be created, increasing incomes and national productivity.

4.   Diversification of the Economy

  o  Herbal medicine can serve as a third major export commodity, reducing reliance on gold and cocoa.

5.   Attracting Foreign Direct Investment (FDI)

  o  A regulated herbal industry will attract international investors and pharmaceutical companies.

6.   Promotion of Medical Tourism

  o  Herbal medicine hospitals will bring foreign currency into Ghana.

7.   Development of Value-Added Herbal Products

  o  Processing herbal plants into teas, capsules, and cosmetics will ensure higher profit margins and economic stability.

By leveraging herbal medicine, Ghana can fortify its economy, reduce import dependency, attract investment, and create a resilient financial ecosystem for long-term cedi stability.

 

Conclusion
Herbal medicine is Ghana’s Green Gold, yet it remains undervalued. By embracing strategic investments, policy reforms, and innovative approaches, Ghana can transform its herbal industry into a multi-billion-dollar economic pillar. Let us act now to harness this untapped potential and create a sustainable future.

Thank you, and God bless Ghana!