The search for appropriate policy of financing healthcare in Africa in general is far from over. However, Ghana, unlike many of the emerging economies in sub-Sahara Africa, has made great strides in this area of policy formulation and development with the introduction of a National Health Insurance Scheme (NHIS). Ghana’s search for an acceptable policy on healthcare financing dates back to the colonial era and the immediate post-independence period through the ‘cash and carry’ system to the present health insurance regime, which is still seeking refinement to meet the hopes and aspirations of many Ghanaians. The main objective of the NHIS is to provide equitable and universal access to essential healthcare for all citizens. This paper examines the tortuous path of health care financing policies in Ghana by outlining its historical antecedents and current perspectives.