10th anniversary of Teachers Fund

Accra, May 29, GNA - The Ghana National Association of Teachers (GNAT) on Thursday launched the 10th anniversary of its Teachers Fund, pledging renewed commitment to improve the welfare of its members. The Fund established in 1998 with an initial capital of GH¢ 30 in 1999 could now boost of GHc 31.1 million cedis as at December last year. Mr Samuel Ofori Adjei, Chairman of the Board of Trustees said the Fund, is currently one of the top 20 major shareholders, listed on the Ghana Stock Exchange and its benefits had been enormous.

He stated that the Fund had disbursed a total of GH 31.18 million cedis from 1999 to 2007 to over 107,000 contributors, ranging from GH¢ 50 cedis per beneficiary in 1999 to the current approved limit of GH 2,500 cedis for personal loans and 5,000 for housing support facility. He said the Fund had also provided household appliances for over 70,000 teachers through their monthly contribution of GH¢ five cedis. Mr Adjei said the Fund had also set up a finance house to offer loans to other salary workers, adding that, it had obtained a licence from the Bank of Ghana to operate a bank.

The Board Chairman also mentioned other projects underway to include at 1000 students' bed hostel facility at the University of Ghana, an office accommodation complex and real estate investments to address accommodation needs of teachers.

He noted that under the Fund's five year strategic plan, new products would be introduced to secure the investments been made and called for unity and continuous support from the Association to attain a worthy cause.

Mr Samuel Bannerman-Mensah, Director- General of the Ghana Education Service (GES) commended the Association for the initiative, saying "This demonstrates a can- do- it spirit".

He said, although the GES acknowledged the need for improved conditions of service for teachers, government resources were inadequate to meet all demands and as such any self-help initiative was laudable. Mr Bannerman- Mensah further urged all teachers to contribute to the Fund in order to secure a better future for themselves. Mr Joseph Adjei, President of GNAT commended Mr Kwame Pianim, Chief Executive Officer of New World Investment Limited for selling the idea to GNAT and all other individuals whose efforts has made the Fund what it is today. He urged all stakeholders to continue the hard work to make the Fund a financial giant to compete effectively.