Teachers Fund assures members of prudent management

The Teachers Fund of the Ghana National Association of Teachers (GNAT) has launched its 20th-anniversary celebration in the Central Region with an assurance to ensure prudent and efficient management to better the lots of members.

Mrs Dorothy Monica Mensah, the Regional Trustee of the Teachers Fund said managers of the Fund were working assiduously to ensure that members enjoyed good returns on their investment.

“The Fund has the members at heart. We want them to be happy at pension and we want them to enjoy life. So we are re-assuring our members that we are there for them and working for their interest and we will make them better than what they have” she assured.

In view of this, she said several initiatives such as the restructuring of fund, reduction of interest on loans, establishment of a call centre, and introduction of a new software at its secretariat and the direct transfers of money into the accounts of members were initiated.

Mrs Mensah said these initiatives were aimed at improving on quality of service delivery to its members and to give them hope that their monies were in safe hands.

In 1992, the National Delegates Conference of GNAT decided to set-up a self-help project to mobilise funds to run a savings and loan scheme but the idea was opposed, and in the process the National Executive commissioned Mr Kwame Pianim to design a product to meet their felt needs.

The National Council approved the establishment of the Fund at the 1998 delegates’ conference in Kumasi and the first deductions commenced in May, the same year.

The General Secretary of GNAT, Mr David Ofori Acheampong, in a speech read on his behalf by the Regional Secretary, Mr William Abedi Boadu said the initial objective of the fund was to provide retirement supplement by investing the monthly contributions to generate good returns for members.

The Fund had subsequently grown to provide other services including; providing lifestyle enhancing facilities in the form of personal loans, provide access to credit purchases and engaging in real estate development to address the accommodation needs of members.

He said the Fund’s investment portfolio had grown from a very modest figure in 1998 to its present colossal value of more than GH¢745 million.

Mr Acheampong expressed appreciation to the pioneers for their fortitude and endurance in maintaining the interest of teachers and their welfare.

He commended the government, the Ministry of Education, the Ghana Education Service (GES) and the Controller and Accountant General’s Department for their invaluable support towards the growth of the Fund.

Mr Julius Saka-Hesse, Member of the 20th Anniversary Planning Committee said the year-long celebration which started last year was being celebrated with various activities being undertaken in all the regions under the auspices of the regional GNAT secretariats with support from the Fund management.

He said an awards ceremony would be organised later this year to climax the celebration on the theme “Invest to benefit today and secure your future”.