GNAT hints bank establishment with teachers fund in next 3-4 yrs

The Ghana National Association of Teachers (GNAT) in the next 3 to 4 years is considering establishing a bank with teachers fund, the Chief Executive Officer of the Association, Foster Boabeng announced on Wednesday.

Speaking at the GNAT Investment forum under the theme dubbed “Beyond the teachers’ fund: Making our teachers economically sound” Mr Foster said the Association fund in 2017 valued GH₵ 1 billion but in less than 4 years it’s GH₵ 2 billion.

“In 2017 we were at GH₵ 1 billion but in less than almost 4 years we have doubled the value of the fund to GH₵ 2 billion so the expectation is that we in the next 3 to 4 years will establish a bank with GH₵ 4 billion,” he told members.

“So we have created single fund (Teachers’ Fund of GNAT) where we are pulling resources into that,” the C.E.O added.

A member of GNAT speaking to EducationWeb.com.gh said the teachers’ fund by Trust deed was established in May 1998 to serve as a retirement supplement and solidarity scheme for members of the Teachers Association.

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According to him, the over 220,000 members of the fund are entitled to access four types of loan which include personal investment capital, habitat and vehicle loan.