Source: The GNAT
The Teacher’s Fund of GNAT has seen significant increases in membership as 17,000 new members enrolled unto the Fund in the year 2022.
Due to the collaborative efforts of the GNAT and the Fund, teachers who were GNAT members hitherto not members of the Teacher’s Fund
have now joined the Fund. This has increased the membership base of the Fund and resulted in its growth.
The Board Chairman of Teachers Fund, Mr. David Kattah made this known at the Fund’s Annual General Meeting held in Abankro near Ejisu in
the Ashanti Region.It is worthy to note that most of these new members enrolled as optional contributors who are contributing above the
minimum threshold of GH₵ 50. As at the end of 2022, 58.6% of the total membership of the Fund which was 264,966 were optional
contributors to the Fund. There has been 11% growth and increase in the monthly contribution of members in the year 2022 compared
to the previous year.
In the recent developments, thirty percent increment in the salary of public sector workers with effect from January 2023 also resulted in an
increase in the disposable income of members hence the affordability to access more loan facilities from the Fund. This caused an increase in
loan applications received from members being far above the projected disbursement for the year 2023, which had a little toll on the Fund.
From January 2023 to the end of August 2023, total loans disbursed stands at GH₵ 987.50 million which is 118% of the Annual Budget for 2023.
Despite the challenges the Ghanaian economy faced with a deceleration in 2022, the Fund saw increases in its total revenue from GH ₵ 290.44 million in 2021 to GH₵ 340.36 million in 2022 representing a growth rate of 17.19%.
This is a prove that the Fund is growing consistently with more contributors and serving its purpose as a source of investment for the GNAT member and also an optional retirement package for the teacher.