The high cost of capital in Ghana as well as the claim by the National Health Insurance Scheme that it covers almost 100 per cent of health care needs in the country, is curtailing the growth of the private health insurance industry, the Chief Executive Officer of Acacia Health Insurance Limited, Dr Dan Armooh has said. 

According to him, some private companies have collapsed due to monetary challenges. 

Speaking during a question and answer session with stakeholders including journalists on the private health insurance industry, Dr Armooh indicated that cheap capital would help the industry to grow. 

“The prospects of the private health insurance industry are huge and bright since insurance penetration in the country is generally low and private health industry should be supported to thrive”, he noted.  

Dr Armooh said the current situation where the National Health Insurance Scheme takes a chunk of all health insurance business, is hampering the development of the private health insurance industry. 

“We have not been able to grow because we have the National Health Insurance Scheme that has a package that says it covers 99.5% of every health care that anybody wants to have,” he noted. 

He further indicated: "The NHIS offers a package that says, ‘once you have the card, you are fine, you don’t need any health care again’, meanwhile, when we look at what exists in the market, it is not the reality”. 

Dr Armooh suggested that they [National Health Insurance Authority] can reduce their service package, and make room for extra need for health care services to fill the space for the ones they are not able to reach”. 

He noted that his suggestion will reduce the claims of the NHIA and allow room for the private health insurance schemes to operate.  

Talking about Acacia Health Insurance, he said despite the difficulties facing some private health insurance companies, his outfit was well-capitalised to meet its financial obligations.  

Acacia Health Insurance is a member of the Enterprise Group.