| The
Ghana National Association of Teachers (GNAT)
in its quest to better the life of its member’s
came up with the idea of setting up a monthly
“put-aside” Fund for the support
of its members. The
National Council of GNAT at its meeting
held in Kumasi in 1998 responded positively
to a proposal put forward by the Chief Executive
of New World Investments Limited (Fund Managers).
GNAT in May 1998 started a monthly deduction
of ¢1,000.00 from the salary of members
through a check-off system. This was the
genesis of the Teachers’ Fund. Presently,
the basic contribution of members stands
at ¢25,000.00 with members having an
option of making higher contributions in
multiples of the basic amount. At its meeting
in August 2007, the National Council of
GNAT gave approval for the increase of the
minimum monthly contribution to ¢50,000
which is expected to commence in October
2007.
TRUST
DEED
On 1st February 1999 a formal
document in the form of a Trust Deed was
signed between GNAT and the Board of Trustees
of the Teachers’ Fund. In this document
GNAT entrusted the safe-keeping and sound
management of the Fund into the care of
the Board of Trustees. The Deed and the
Rules and Regulations articulate the broad
frame work within which to the Board is
to oversee the management of the affairs
of the Fund.
Copies of the Trust Deed
are available at the Fund Secretariat, Regional
and District Secretariats of GNAT.
THE
BOARD OF TRUSTEES
The Board of Trustees of
the Teachers Fund is made up of fifteen
members. It includes representatives (who
are teachers) from the ten regions of the
country. These people are chosen by members
of GNAT at the regional level to represent
them on the Board.
The Chairman of the Board
of Trustees is selected by the National
Council of GNAT. The National Council of
GNAT has two of its Executive Officers as
representatives on the Board of Trustees.
There are three external Board members who
are appointed to the Board of Trustees by
GNAT by virtue of their expertise in matters
relating to the Management of the Fund.
It is the duty of the Chairman
of the Board of Trustees to present an annual
report on the operations and activities
of the Teachers Fund to the National Council
of GNAT.
Regional representatives
are deemed to be ex-officio members of Regional
Executive Committees of GNAT in order to
enable them to report regularly to their
constituents on the operations of the Fund
and get their views reflected on the policy
direction of the Fund.
THE
TEACHERS FUND SECRETARIAT
The Fund Secretariat is
set up separately to implement the Board’s
policies. The Fund Secretariat is headed
by a Fund Administrator who is appointed
by the board of Trustees. The Fund Administrator
reports directly, at regular intervals to
the Board of Trustees and is supported by
a team of professional staff who serve as
mediators between the Board of Trustees
and members of the Fund. The Fund Secretariat
is situated at the Teachers Hall Accra.
OBJECTIVES
OF THE FUND
The objectives of the Fund
include the following:
• To provide financial relief to members
in times of emergencies/crisis (Personal
loans)
• To provide capital funding for part-time
income generating activities to members.
This is initially to help them expand their
existing businesses.
• To facilitate the access of members
to household consumer durables and electronic
appliances at competitive prices. (Credit
Mall Limited)
• To assist members organise their
housing requirements by either providing
collateral at a fee to members to access
banking loans or by offering housing loans
to members (Habitat)
• To supplement the retirement benefits
of members
• To acquire land and develop same
as Real Estate for sale or hire-purchase
and/or rental to both members and non-members.
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