A Regional GNAT Council emergency meeting was held on Tuesday, July 11, 2023, at the Takoradi Regional GNAT secretariat regarding Teachers Fund Loans Processing procedures. The National President, the General Secretary of GNAT as well as The Chief Executive Officer of Teachers Fund and his team were all present at the meeting.
All discussions bothered on the delay in the processing of Teachers Fund loans and other related issues and here were the outcomes.
Also Read: TV License in Ghana: How to Make Payment and it’s Relevance
Delay in Loan Processing
The CEO of Teachers Fund acknowledged that processing loans has proven to be difficult due to the increase in affordability brought on by the teachers’ 30% wage raise in 2023 and the delay in the Controller and Accountant General’s Department releasing funds.
He also hinted at the high numbers of loan applications from teachers as one of the major factors. All other third parties at CAGD are also experiencing this similar delay. The Fund would have used up all of its 2023 loan budget by the end of June, he noted.
Loan Repayment Defaulters and Relaxing of Conditions
The Regional Council was told by the Fund that some teachers had borrowed money from the fund but had not paid it back. The majority of the loan defaulters have left Ghana, according to their investigations.
The Fund has in the past, loosened the requirements instructors must meet in order to be approved for a loan, according to information provided to council. That is, a member was required to have total condition that are 10% of the amount they would like to apply for.
Additionally, a member’s monthly contribution must equal 1% of the sum requested. The CEO claimed that the fund has been flexible in how it has applied these two rules when lending money to instructors.
Also Read: How to Apply for 2023 Study Leave with Pay
Teachers Fund CRM Platform and June Loan Deduction
The fund has acquired new software for the CRM Platform, which the CEO told Council is currently being tested. The result is that the current platform has been shut down. Members could no longer use the www.teachersfund.org.ghmemberportal to get information on the current platform.
Also, some teachers who sought for loans but did not receive their checks at the end of June 2023 had their funds wrongfully stolen from them. The Fund noted that although they had hoped to receive funds from the Controller before the end of June, they were quite disappointed.
The Way Forward
In order to satisfy the rising number of loan applications, the Fund is taking steps such as redeeming some investments and exerting pressure on the Controller to deliver funds to the Fund.
Strict actions have been taken to recoup unpaid loan amounts. These steps include submitting a list of loan defaulters to the district GNAT secretariat and the GES Headquarters in order to track loan defaulters who leave GES and join other organizations in Ghana as well as those who go outside of Ghana.
Teachers will be able to apply for loans immediately through the new CRM Platform while doing business with the Fund. This new platform will launch before the year is over.
The Fund has also begun implementing the two main lending requirements, which are, respectively, a 10% and 1% total contribution and a 1% monthly payment for a specific loan amount.
All teachers who had their loan payments deducted at the end of June but hadn’t yet gotten their checks have now received them.
