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.
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.