This archive report was first published on 12 September 2019.
On September 12, 2019, the World Bank reported that 6% of people in low and middle-income countries fall into poverty due to costly healthcare expenses, highlighting the need for affordable healthcare services.
Commercial Bank of Africa (CBA) recently hosted an economic forum on Kenya's health sector, bringing together experts to discuss the progress made in the industry, areas for growth, and the private sector's role in providing quality universal healthcare.
Dr. Rashid A. Aman, Chief Administrative Secretary in the Ministry of Health, emphasized the government's plan to roll out a prepayment plan for healthcare services to reduce out-of-pocket spending.
Notably, the Treasury increased allocations to healthcare from KSh62 billion to KSh97 billion in 2018/2019, a 56% increase, and KSh93 billion has been allocated to the healthcare sector in the current fiscal year.
Dr. Aman acknowledged the financial sector's role in providing innovative financing solutions for universal healthcare, stating, 'Financial sector experts, banks and investors play a key role in the provision of innovative financing solutions that are geared towards pre-payment for health. The government will facilitate an enabling environment through interventions that will manage the cost of healthcare…,'
CBA's Chief Executive Officer Jeremy Ngunze emphasized the importance of Universal Health Coverage in creating a strong economy, saying, 'Investment in health is not only desirable but also an essential priority for our societies. Health is the greatest social capital a nation can have. Without a healthy, productive citizenship, a country can't be economically stable.'
The forum featured a panel of experts, including Dr. Amit N. Thakker, Chairman of the Africa Healthcare Federation, and Mr. Charles Kariuki, Managing Director of AAR Healthcare Kenya.
