JUST IN: GNAT Mutual Fund suspends Survey on Proposed Increment in Minimum Contribution

14th July 2020

The Ghana National Association of Teachers (GNAT) has suspended Survey on Proposed Increment in the Minimum Contribution of its members.

Earlier, the fund requested all contributors should undertake a five-minute survey on Proposed Increment in their Minimum Contributions.

The Fund

The Teachers Fund is a retirement supplement and Solidarity scheme for the Ghana National Association of Teachers (GNAT) established by a Trust Deed in May 1998.

The Fund started with a monthly deduction of GHC0.10 (c1.000) as basic contributions from the salary of GNAT members through a check-off system.

The basic contribution was increased to GH₵ 0.50 (C5,000.00) in February 2002 and GHC2.50 (C25,000.00) in October 2004.

In February 2008, the basic contribution was further increased to GHC5.00 and then to GHC10.00 in January 2011. Effective March 2014, the basic contribution was GHC20.00 and in January 2015 it was increased to GHC30.00.

In February 2017, the basic contribution was further reviewed upwards to GHC50.00 with effect from February 2017.

The assets of the Fund have grown from just about GHC 1.50 million in May 1998 to GHC 745 million, as at December 2016 represented by investments in treasury bills, listed equities, private placements, loans and facilities to members, real estate projects and subsidiaries. The Fund has its largest investment in loans to its members.

The tremendous growth in assets is largely attributed to the commitment on the part of members (teachers) to invest in their retirement and the Fund’s commitment to ensuring good returns on investment.[

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Fund Secretariat

The Fund Secretariat is set up separately to implement the Board’s policies and decisions. 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 and is supported by a team of professional staff who collectively liaise with the Board of Trustees and members of 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 provides Legal advisory services to the Fund.