The Ghana National Association of Teachers (GNAT) has revealed the mutual fund’s worth. This was revealed by a renowned economist, Mr. Kwame Panim who served as the guest speaker during GNAT @ 90 Business Forum held in Accra on 23rd June 2021 on the theme Beyond the teachers Fund-Making our teachers economically sound.
The economist and the brain behind the Mutual Fund indicated that many people always praise and thank him for the Mutual fund, but he thinks otherwise.
“When I developed the idea of the Mutual fund, I first approached CLOSAG and they rejected it, I approached the Nurses association and they also rejected it. I then approached GNAT and they accepted it, so if there are any praises and thanks it should go to the Leadership of GNAT especially to Mr. Paul Osei Mensah, Madam Irene Duncan Adanusa, and others at the time” he stated.
He additionally revealed that it was not easy but with tenacity and foresight our leaders were able to establish the fund barely 142000 membership but today the total membership strength stands at about 228000.
He also revealed that the fund as of June 2021, is worth GHC 2Billion and indicated that year in year outgrowth of the fund is 20%.
He also revealed that 45% of members do the optional contribution and if all members are encouraged to increase their contributions to 100 cedis the fund will be able to implement the idea of the GHOS- GNAT Home Ownership Scheme which has been shelved for some time now. This will facilitate the owning of houses by members.
He affirmed that plans are underway for the Fund to establish a bank and Life Insurance policy for members and for that matter experts have been tasked to do feasibility studies and report by November this year.
He also said as part of the Subsidiaries of Mutual fund, Unique Insurance Company is now 90% shares owned by GNAT (Mutual fund) as the fund seeks to establish a Cooperate Trustee Company.
On the issue of the health of its members, the economist also said that the SGMC- an Ultra-modern cancer treatment center has been acquired by GNAT through the Mutual fund. He revealed that to relieve patients and their caregivers of the suffering they go through when they visit the center, patients’ accommodation, shopping center, and other facilities will be built in addition to making it fully complete.
Mr. Kwame Panim speaking at the forum also assured that turn around time of loans will be improved through online applications.
PREPOSITIONS FOR GNAT AND THE GNAT MUTUAL FUND
Mr Kwame Panim- the brain behind the Mutual fund had the following propositions for GNAT and for that matter the Fund.
- He encouraged leadership and members to be united since it’s only through unity we forge ahead to greater heights.
- Selfless and dedicated people should be put on Governing Boards of institutions.
- Under this current economic down turns, where inflation and depreciation of the Cedi is a matter of concern, Leadership should direct their investment in areas that can bring about more dividends ie. Insurance markets, Fintecs etc.
- Establish Retirement Homes Schemes (RHS) for retiring members of the Fund. Details of this will given at the appropriate platform.
GNAT CREDIT MALL
The economist indicated that it has been rebranded with a new vision of provision of providing quality and durable items to members through the online platforms wherever you are located.