What you need to know about GNAT Teachers Fund
Teachers Fund of GNAT
WHAT IS TEACHERS FUND OF GNAT?
The Teachers Fund of GNAT is a retirement supplement and Solidarity scheme for members of the Ghana National Association of Teachers (GNAT) established by a Trust Deed in May 1998. The Fund started with a monthly deduction of GH¢0.10 (¢1.000) as basic contribution from the salary of a member through the check-off system.
The basic contribution was increased to GH₵ 0.50 (₵5,000.00) in February, 2002 and GH₵2.50 (₵25,000.00) in October, 2004. In February 2008, the basic contribution was further increased to GH₵5.00 and then to GH₵10.00 in January 2011.
Effective March 2014, the basic contribution was GH₵20.00 and in January 2015 it was increased to GH¢30.00. In February 2017, the basic contribution was further reviewed upwards to GH¢50.00.
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NATURE OF BUSINESS OF THE FUND
The Fund:
1 Supplements the retirement benefits of contributors.
2. Provides short, medium and long-term financing for contributors through various loan schemes.
3.Provides customer, trade and business financing.
4. Undertakes ground handling facilities at the Kotoka International Airport (KIA) and other airports in Ghana to provide other services to aircrafts in accordance with International Air Transport Association (AITA)/ International Civil Aviation (ICAO) standards. Invest in land, develops, builds, sells, rents land and/or buildings, i.e estate development; Facilitate the access of contributors to household consumer durables and electronic appliances at competitive prices.
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5. The assets of the Fund have grown from about GHC 1.50 million in May 1998 to GHC 1.533Billion, as at December 2019.
6. The tremendous growth in assets is largely attributed to the commitment on the part of members (teachers) to invest towards their retirement and the Fund’s commitment to ensuring good returns on investment.
BOARD OF TRUSTEES
The Fund is governed by a Board of Trustees, with a Fund Administrator as the Chief Executive. The main task of the Board of Trustees is to ensure that the Fund’s operations comply with the relevant applicable regulations. They are also responsible for ensuring that the Fund keeps proper accounting records which disclose reasonable accuracy at any given time.
IMPORTANT NOTICE FOR ALL TEACHERS: Differences between GNAT Mutual Fund and GNAT Provident Fund
The Trustees ensure the safeguarding of the assets of the Group and take reasonable steps to detect and prevent fraud. The Board is made up of fifteen (15) members who meet periodically, within the year.
The following are currently the Trustees of the Teachers Fund Group;
1. DAVID KWABLA KATTAH – BOARD CHAIRMAN
2. THOMAS TANKO MUSAH –
TRUSTEE – GENERAL SECRETARY, GNAT HQ
3. JOSEPH NSOBILA ASAA – TRUSTEE – UPPER EAST REGION
4. ADAMS SAAKA – TRUSTEE – UPPER WEST REGION
5. ALHAJI KASSIM ISSIFU AMUDA – TRUSTEE – NORTHERN REGION
6. DOROTHY MONICA MENSAH – TRUSTEE – CENTRAL REGION
7. CHARLES SAMUEL GYAMFI – TRUSTEE – EASTERN REGION
CHECK THIS OUT: Ghana National Association of Teachers (GNAT) Constitution
8. ALBERTA OTOO – TRUSTEE – WESTERN REGION
9. ROMEO HADEME – TRUSTEE – VOLTA REGION
10. PRINCE CHARLES AGYEMANG-DUAH – TRUSTEE – ASHANTI REGION
11. PRINCE AMUZU – TRUSTEE – BRONG AHAFO REGION
12. MICHAEL KORLTEY – TRUSTEE – GREATER ACCRA
13. DR. KWEKU AINUSON – EXTERNAL TRUSTEE
14. KOJO MATTAH – EXTERNAL TRUSTEE
15. ALHASSAN ANDANI – EXTERNAL TRUSTEE
GNAT TEACHERS FUND SECRETARIAT
The Fund Secretariat implements the Board’s policies and decisions. It is headed by a Fund Administrator. The Fund Administrator reports directly, at regular intervals, to the Board and is supported by a team of professional staff who collectively run the Fund.
The Secretariat is situated at No. 59 Avenue Extension, North Ridge Accra. The Secretariat assists the Board of Trustees in the implementation of policies and the day-to-day administration of the Fund. Messrs. Sam Okudzeto and Associates provide Legal advisory to the Fund.
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TEACHERS FUND SUBSIDIARIES
The Teachers Fund Group established the following companies as its subsidiaries;
1. Credit Mall Limited
2. TF Properties Limited
3. TF Financial Services Limited
4. Aviance Ghana
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It is worth noting that every initiative or activity carried out by the FUND is expected to fulfil its primary objective, of providing contributors with a retirement supplement. In line with this, the loans and facilities offered to contributors, the operations of Credit Mall Limited and the Real Estate Venture are expected to generate profits which are distributed to members as returns on their investments.
SOURCE: Coverghana.com.gh
