JUST IN: GNAT considers reduction in Teachers Fund Loan Interest Rate

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The Ghana National Association of Teachers (GNAT) has said that it is considering reducing the interest rate on loans offered by the Teachers Fund of the Association.

Speaking at the National Council Meeting of GNAT  organised from the 29th September to 3rd October, 2020 at the Kwame Nkrumah University of Science and Technology( KNUST) , the Teachers Fund Board Chairman said the Fund has about 215,003 members and valued at over GHc1.5bn as at December, 2019.

 

According to him, the board of trustees shall be meeting to consider reduction in the interest rate on Teachers Fund loans.

He added, that the board will study the environment and fix appropriate rate.

Online Loans

He also indicated, that there is an online processing of loans which is being piloted in some Districts.

”All things being equal, after assessment, it will be rolled out fully in December, 2020.” He said.

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Car Loans
The fund managers said Teachers Fund is arranging with Vehicle Assembling Companies in Ghana of which interested members of the fund will be given loans for their own cars.

Upgrading

The Deputy Director-General, Management Service of the Ghana Education Service (GES), said teachers are to seek approval (i e official permission) before pursuing any approved courses.

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He indicated, that the course a teacher pursues should be relevant to the profession; and it is determined by the GES, in this regard, there shall be no upgrading for unapproved courses.

GES has eventually agreed to upgrade teachers who pursued relevant courses but did not seek approval.


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