Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited, has launched a new loan product to support private healthcare providers with working capital and other bridge financing options.
To be known as the Republic Medical Loan, the objective of the loan product is to empower private health service providers with financial resources to improve and expand their businesses.
The Republic Medical Loan is financed with funding from the Medical Credit Fund (MCF), a global fund that seeks to increase access to better healthcare services in sub-Saharan Africa for low income patients.
The loan facility can be assessed by private healthcare providers in Ghana at any Republic Bank branch across the country.
Launching the product in Accra, the Managing Director of Republic Bank Ghana, Mr Anthony Jordan, called on financial institutions to complement government’s efforts to improve healthcare delivery and the entire health sector.
Present at the ceremony were the Managing Director of Medical Credit Fund, Mr Arjan Poels; The Netherlands Ambassador, Ron Strikker; representatives of the Ghana Medical Association, Pharmaceutical Society of Ghana, Health Facilities Regulatory Agency, Ghana Registered Midwives Association and the Biomedical Scientists Association.
Mr Jordan said he was not happy with the state of health delivery in the country and added that “almost on a daily basis we hear of the myriad of challenges facing the health sector from a no-bed syndrome to lack of equipment or medical employees on strike.
The bottom line is that precious lives are being lost while illnesses are unnecessarily being prolonged.”
While the government continued to do its best to salvage the situation within the health sector, Mr Jordan said it was also important that the private healthcare providers got the needed support to operate at their optimal levels.
He stated that he was happy that private healthcare providers could now access loans from Republic Bank at a very affordable rate, even as high as GH¢10 million, to expand their health businesses.
To that end, Mr Jordan urged private healthcare institutions, including private hospitals, laboratories and pharmaceutical companies to take advantage of the Republic Medical Loan product to expand their businesses as well as acquire modern technologies to help improve the delivery of healthcare in the country.
“You will all agree with me that a well-resourced healthcare inspires confidence and will save a lot of lives,” Mr Jordan stated.