GNAT Teachers’ Fund Interest Rate on Loans is still 16%, not 18%


EducationGhana| June 30|GNAT Teachers’ Fund Interest Rate on Loans is still 16%, not 18%:

The Fund Managers of the Ghana National Association of Teachers (GNAT) Teachers Fu8nd have said that the GNAT Teachers’ Fund Interest Rate on Loans is still 16%  and not 18% as being purported.
The fund managers in a memo released on June 23, 2022, to all members of the teachers’ fund said the Fund has noticed that both Investment and Habitat Loan Application Forms currently in use, carry an error of 18% as the Interest Rate on these two loan products.
This the managers said has been creating the impression that their loan products do not attract the same Interest Rate.
”We wish to state emphatically, that the Fund’s Interest Rate remains 16% for all our loan products.”
”We implore all District Secretariats to take the necessary steps to explain to members and reassure them that the Fund’s Interest Rate for all four (4) loan products is 16%.”  The managers said.
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