Teachers Fund generate 220 billion cedis

Koforidua, Dec. 16, GNA - The Teachers' Fund has generated 220 billion cedis out of which 1.3 billion cedis was used to acquire shares on the Ghana Stock Exchange, its managers have said. Mr Kwame Pianim, Chief Executive Officer of New World Investments Limited, managers of the Teachers Fund, said it also owned 10 percent shares of the Standard Trust Bank.

He said the Ghana's economic situation required long term savings if one is to own properties such as housing at retirement. Mr Pianim was addressing the 5th annual general meeting of the New Juaben Municipal Teachers' Savings Association (NJMTSA) at Koforidua on Friday.

He lauded the creation of a long-term investments act, as a prudent step to further encourage individuals to save, no matter how small the premium was.

Mr Pianim observed that the Teachers' Fund, which took-off on a small scale, is a success story and has become "the first point of call for borrowing by big organizations" he stressed.

He noted that since teachers were underpaid, it was only through savings that they could have access to loans that could give them financial security after retirement.

He advised managers of the association to make good analysis as to where to invest in other to make good returns on the moneys collected and called on all teachers to take cue from the example of the teachers in New Juaben.

The NJMTSA chairman, Mr Benjamin Larssey, said membership of the association had increased from 1,060 to 1,262 as at July, this year and that it had raised about 1.5 billion cedis from the contributions of members.

The Chairman said the board invested in shares of nine equities listed on the Ghana stock exchange.