GNAT Reduces Teacher’s Fund loan interest from 18% to 16%

GNAT Reduces Teacher’s Fund loan interest by two percent (2%)

The Ghana National Association of Teachers (GNAT) has reduced the interest rate on their teacher’s fund loan from 18% to 16%.

According to a letter from the Teacher’s Fund managers to all regional and District secretaries of the association indicated that “effective 2nd November 2020 interest rate on Teachers Fund loans will be reduced from 18% per annum to 16% per annum.”

The letter further added that, even though the interest rate on Teacher’s Fund loans has been reduced, all other terms and conditions of the loans remain the same.

Below is the Managers of the Teachers’ Fund to all Regional and District secretaries of the Ghana National Association of Teachers

REDUCTION OF INTEREST RATE FROM 18% PER ANNUM TO 16% PER ANNUM

We write to inform you that effective 2nd November 2020 interest rate on Teachers Fund loans will be reduced from 18% per annum to 16% per annum.

All other terms and conditions remain the same. A copy of the new repayment schedule has been attached.

For any further information, please contact the undersigned or the Teachers’ Fund Secretariat.

We are counting on you to disseminate this information.

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SOURCE: Coverghana.com.gh