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The African Development Bank (AfDB)’s Board of Directors has approved the establishment of the African Pharmaceutical Technology Foundation, a new ground-breaking institution that will significantly enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products.

Africa has great potential for drug discovery. The continent has natural resources, indigenous knowledge, and human capacity

AfDB Group President, Dr. Akinwumi Adesina said: “This is a great development for Africa. Africa must have a health defence system, which must include three major areas: revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.”

The World Trade Organization and the World Health Organization, respectively, also welcomed and lauded the AfDB’s decision to establish the African Pharmaceutical Technology Foundation.

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Despite these fundamentals, the Zimbabwe dollar has continued to slide against the United States dollar prompting the government to take drastic and unprecedented measures last month which culminated in the prohibition of bank lending (albeit temporarily), the prohibition of third-party international payments, the prohibition of third-party payments to stockbrokers and the introduction of taxes which can be viewed as punitive for investors on the Zimbabwe Stock Exchange.

Prior to these stringent measures, the monetary authorities had instituted a policy called willing buyer willing seller to try and narrow the gap between the official foreign currency exchange rate and the parallel market foreign currency exchange rate. This gap between the 2 exchange rates reached its peak in the first week of May 2022 at 153% according to a Zimbabwe publication called the Business Weekly.

The premium between the parallel market rate and the official rate has reduced somewhat to 60%. The attempt to get the foreign exchange rates to converge set the parallel market rate raging and it has since breached the ZWL$ 500/US$ 1 mark in the first week of June 2022.

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