New car loan scheme for teachers

Kumasi, Aug. 10, GNA - The National Secretariat of Ghana National Association of Teachers (GNAT) has instituted a loan scheme for members to purchase brand new cars for their personal use.

The scheme being financed through the Teachers Fund, is to offer an opportunity to members who are about to retire own new cars that would be less expensive to maintain.

It would in addition, enable the younger generation to own cars befitting their social status and their peers in other professions. A loan of up to 10,000 Ghana cedis would be available under the scheme to interested members to be repaid over a period of three to seven years.

About 150 members are expected to benefit from the scheme every year and would be allocated on regional basis in proportion to teacher population and level of contribution to the fund.

Toyota Ghana, PHC motors, CFAO motors and Rana Motors are the automobile companies engaged by GNAT to supply the cars. Mr Emmanuel Asamoah Owusu-Ansah, Ashanti Regional Minister in an address read for him at the launch in Kumasi, commended GNAT for its commitment to ensure better welfare for members through the introduction of various schemes to complement government's efforts.

He said teachers had over the years collaborated effectively with government to initiate and implement programmes that had improved the education sector. Mr Owusu-Ansah urged leadership of GNAT to ensure fair play and transparency in the disbursement and management of the scheme to benefit all interested teachers.

He advised teachers to embrace various government interventions such as the distance learning programme to upgrade their skills. Mr Samuel Ofori Adjei, Chairman of Board of Trustees of Teachers Fund, said no deposit was required under the scheme and urged members to take advantage to own cars. He said the Fund established 10 years ago, was to encourage members to save towards retirement and provide lifestyle enhancing facilities to members. Mr Adjei appealed to all teachers to join GNAT and increase their contributions to the Fund to enable them access more credit facilities to improve their social status.