The Ghana National Association (GNAT) intends rolling-out a Housing Plan from early next year once approved by its members.
Economist, Kwame Pianim told the 2021 GNAT Investment Forum convened in Accra that with over 200,000 members across the country, “teachers have the chance to own 2-3 bedroom housing units at any location of their choice” if they choose to invest through the Teachers Fund.
The GNAT Investment Forum was put together to deliberate on the Association’s investment portfolios over the last 20 years and how to equally diversify contributions of teachers to mutually benefit them even after retirement.
Mr. Pianim used the conference to propose to GNAT “how through collective contributions and investments in insurance and housing, members can own these housing using across the country” by choosing specific locations where groups of them could retire to in the future.
He acknowledged the “difficulties current National Executives could encounter in getting a buy-in from members” of GNAT in adopting the comprehensive housing plan; but advised, that “the time has come for the Association to make initial sacrifices, like was done in establishing the Teachers Fund, to afford teachers” the opportunities to own homes by the time they retire.
He proposed the establishment of a GNAT Retirement Home Scheme for the purposes of the initiative.
“Hopefully, the housing scheme should be able to sell homes to teachers built by independent developers for not more than GHC200,000” Mr. Pianim added.
President of GNAT Mrs. Phillipa Larsen reiterated the need for “members to support the National Executives and Administrators to ensure these laudable initiatives come to fruition” to benefit teachers in their retirement.
She said “efforts have been made to prudently invest all contributions of GNAT members to give opportunities not only to teachers but also to ordinary Ghanaians” who also get employment and thousands more in the value chain.
General Secretary Thomas Musah assured members about the safety and financial efficiency in investments undertaken by GNAT.
Apart the Teachers Fund, he said “other firms invested in include TF Financial Services, Credit Mall Ltd, TF Properties Ltd and recently Unique Insurance Company Ltd, Sweden Ghana Medical Center and Aviance Cargo Ltd”.
Deputy Education Minister, Rev. John Ntim Fordjour represented the Minister of Education at the GNAT Investment Forum.