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NHIA projects GH₵6bn revenue for 2024

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The National Health Insurance Authority has told lawmakers that they expect to receive GH GH₵6bn from National Health Insurance Levy/SSNIT contributions as revenues to undertake its mandate. 

This announcement follows Parliament’s approval of the Committee of the Whole’s report on the Proposed Formula for the Disbursement of the National Health Insurance Fund (NHIF) for 2024 before it recessed.

The NHIF serves the critical purpose of financing healthcare services for members of the National Health Insurance Scheme (NHIS). The authority delineated the allocation of funds in accordance with Act 852, which includes covering healthcare costs, and administrative expenses, facilitating access to healthcare, and making strategic investments to enhance service accessibility.

A breakdown of revenue sources for 2024 reveals NHIL and SSNIT contributions projected at GH₵6,523.03 million. Additionally, a GH₵127.82 million premium from the informal sector is anticipated, with processing fees from both formal and informal sectors estimated at GH₵91.61 million.

Interest income from investments is forecasted at GH₵30.93 million, leveraging an expected portfolio size of GH₵115.69 million. The NHIA also foresees GH₵96.65 million in donor funding, with contributions from USAID and the World Bank earmarked for various initiatives aimed at enhancing healthcare infrastructure and services.

Moreover, the NHIA expects to generate GH₵2.30 million from other income streams, including provider credentialing fees and revenue from the Road Accident Fund.

Reflecting on the fiscal year 2023, the NHIA received a total allocation of GH₵4,532,450,000.00, with expenditures amounting to GH₵4,371.44 million, yielding a budget variance of GH₵161.01 million. The authority reported a budget execution rate of 96.45%, with GH₵3,795.84 million received from the Ministry of Finance and additional receipts totalling GH₵264.38 million.

As of December 31, 2023, the NHIA maintained a cash and bank balance of GH₵391.02 million, with total payments reaching GH₵3,869.73 million. The surplus receipts over payments for the period ending December 31, 2023, stood at GH₵581.51 million, underscoring the authority’s robust financial management practices and fiscal responsibility.

By Eugene Davis

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