The Teachers Fund is a dedicated fund to enhance teachers welfare
The Teachers Fund, a dedicated fund to enhance teachers welfare, has hit a value of GH¢745million as at December 2016.
The fund, which is marking its 20th anniversary this year, currently has over 200,000 members drawn from the Ghana National Association of Teachers (GNAT).
“The Teachers Fund investment portfolio has grown from a very modest figure in 1998 to its present colossal value, which is more than GH¢745 million.
The fund now has substantial investments in several reputable companies in the country and is named among the largest shareholders in a good number of listed companies on the Ghana Stock Exchange,” said David Ofori Acheampong, General Secretary of GNAT.
Mr. Acheampong was speaking at the launch of the fund’s 20th anniversary celebrations in Accra, under the theme: “Invest to Benefit Today and Secure your Future.”
As part of the requirements, each member of the fund pays GH¢50 a month. Per its current membership strength, this translates into GH¢10 million contributions a month, and GH¢120 million annually.
He further explained that, contributions are invested in listed and diverse portfolios, including equities, treasury bills, loans and facilities, private equity placements and subsidiaries.
Members are entitled to benefits such as retirement packages, death/permanent disability, loan facilities, and credit purchases of consumer items.
Deputy Minister for Education, Dr. Osei Adumtwum, urged teachers to contribute diligently to the fund, adding that it will help improve their economic wellbeing, especially during retirement.
“The Teachers’ Fund that you have here is being used by your colleagues around the world. I am a beneficiary of a similar fund, so I think it’s a good selling point for teachers and new ones who are coming into the profession. As you contribute, you are also securing your future,” he said.
Board Chairman of the fund, Asare George Yamoah, assured all members that management will continue to invest in high yielding investment products that ensure good returns.
As part of efforts to expand the reach of the fund, and to position it as an efficiently managed fund, management is also embarking on a number projects, including a new office complex, restructuring, a call centre, introduction of new software at the fund secretariat, direct transfer of monies into the account of members, reduction on interest loans, amongst others.
