GNAT takes delivery of cars for teachers

03-08-09
Page 11

THE Teachers Fund, owned and operated by the Ghana National Association of Teachers (GNAT) has taken delivery of 50 vehicles for onward supply to members.
The vehicles is part of a consignment of 150 vehicles the fund is expecting to present to its members this year.
At a ceremony to present the first batch of vehicles, the Chairman of the fund, Mr Samuel Ofori-Adjei, said the presentation which was the second, fell under the Teachers Fund Vehicle Loan Scheme.
In 2006, he said, the fund gave out 36 vehicles to members.
The Teachers Fund was set up 11 years ago to encourage teachers to save towards their retirement and also to provide lifestyle enhancing facilities to its members. The facilities include personal, investment and habitat.
Mr Ofori-Adjei said the objectives of the scheme were to offer members of the fund the opportunity to acquire their own vehicles to enhance their productivity at work.
In addition, he said, the fund was to offer the younger generation the opportunity to own cars that befitted their social status and also matched that of their peers in other sectors of the economy.
Loan amounts of GHC 6,500, he said, “are available under the facility to be paid over a period of three to seven years”, adding that “beneficiaries are expected to put up some deposits in situations were the vehicle price exceed the maximum loan amount”.
Mr Ofori-Adjei said applicants “must be GNAT members only, members of the fund for not less than three years, must have contributed a minimum of GHC 20 for a minimum of 12 months, must be capable of supporting the monthly repayments through the Controller and Accountant General’s payroll system and must be able to fully pay off the loan before retirement”.
“I would like to urge teachers to join GNAT, register with the fund and also increase their contribution to enjoy all that the fund has to offer,” he said, and indicated that the fund would continue to purchase new and home used vehicles for teachers under the scheme.