THE TEACHERS FUND
The Teachers Fund (the Fund) is a retirement supplement 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 GH₵0.10 (₵1,000.00) as basic contributions from the salary of GNAT members through a check-off system.
The basic contribution was increased to GH₵0.50 (₵5,000.00) in February 2002 and GH₵2.50 (₵25,000.00) in October 2004. In February 2008, the basic contribution was further increased to GH₵5.00 and then to GH₵10.00 in January 2011.
Effective March 2015, the basic contribution has been increased from GH₵20 to GH₵30. The assets of the Fund have grown from just about GH₵1.50 million in May 1998 to GH₵262 million as at December 2013 represented by investments in securities such as treasury bills, listed equities, bonds, private placements, loans and facilities to members, real estate projects and investments in subsidiaries. The "Fund” has its largest investment in loans and facilities to its members. The tremendous growth in assets and investments of the Fund is largely attributed to the commitment on the part of members (teachers) to invest' towards their retirement and the Fund's commitment to ensuring good returns on investment:
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 between 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.