Teachers’ Fund to grow assets to GHC1 billion by January

The Teachers’ Fund (TF) of the Ghana National Association of Teachers (GNAT) is expected to grow its assets to about GHC1 billion, by January, next year.

The Fund’s assets as of September stood at GHC750 million, compared with the previous year’s same period total of GHC235 million.

Mr. George Asare Yamoah, the Board Chairman, who announced this said it would continue to go into strategic and prudent investment to increase its assets to bring substantial benefits to contributors during retirement.

Contributions of the 196,234 members totalled GHC314,720,382.00, at the close of September.

He was speaking at a ceremony held to honour five retired members, who had made additional contributions, aside the mandatory deductions, to increase their pension benefits.

They are Charles Yaw Asuah, Stephen Mensah, Joseph K. Asare, John Gyima Amamoo and Margeret Agyeman.

Each contributed almost GHC20,000.00 during their working years and they received benefits ranging between GHC31,000 to GHC50,000

The Association gave to every one of them a full piece of cloth and unspecified amount of cash.

The Teachers’ Fund, is a mandatory monthly contribution by all members of GNAT - put into an investment scheme to generate additional income to serve as a supplementary retirement benefit.

They pay a minimum of GH¢30.00 a month and could opt to make additional contribution to enhance their retirement benefits.

The Board Chairman said the fund had granted GHC300 million in loans to the members, with the return on investment put at 105 per cent.

Mr. David Ofori Acheampong, General Secretary of GNAT, hailed past leaders of the association for their vision in establishing the fund and said the benefits had been tremendous.

Madam Philipa Larsen, GNAT’s acting President, reminded teachers, who would be engaged by the Electoral Commission (EC) to perform any duty in the coming election to be diligent and demonstrate high level of integrity to ensure free, fair and credible polls, the outcome of which would be acceptable to all.