Ghana National Association of Teachers (GNAT) introduced a cancer fund to help treat teachers who may contract the deadly disease, cancer is a life threatening disease and it can grow into and damage blood vessels in a vital part of the body. This can cause bleeding. For example bleeding in the brain is a stroke, it can be fatal if the body can't control, the cost of treating cancer is very expensive which teachers cannot afford. Members of Ghana National Association of Teachers(GNAT) contribute two Ghana cedis to the fund monthly, managers of the fund secured a cancer treatment for all members at the Sweden Ghana Medical Center, the only qualifications for a teacher to be treated for cancer is just a copy of pay slip.
GNAT proposed an increase in the cancer fund from two Ghana cedis to five Ghana. Majority of teachers reacted to the proposed increment. GNAT has justified their decision to increased the cancer fund contribution by acquiring the the Sweden Ghana Medical Center with hundred percent shares.
GNAT has invested teachers' mutual fund contributions into a lot of businesses in the country, teachers are rest assured of their lump sum when they retire from active service. Majority of teachers prefer to invest in the GNAT mutual fund than investing in other insurance companies, every year GNAT send a form to various schools to request members who want to increase their mutual fund contributions to state their new contribution for onward submission to Controller and Accountant General’s Department (CAGD) for changes to be effected. This year without salary increment majority of teachers have requested for their mutual fund contributions to be increased, some teachers are paying over five hundred Ghana cedis to the fund. The minimum contribution per a member to the fund is fifty Ghana cedis.
A teacher who is a member of the Teachers Mutual Fund get his total contribution to the fund and one hundred and twenty percent (120%) as interest on retirement. This is a great opportunity for teachers on retirement.
Some teachers are of the view that, the interest rate of Teachers Mutual Fund loan for members should be reduced due to the high cost of living in the country to allow easy access of the loan facilities by teachers. The profits of the investment from the mutual fund are shared to members based on their contributions to the fund.
One of the most prominent advantages of investing in mutual funds is diversification. It is the process of spreading a given investment over multiple assets classes. Diversification helps us create an assorted portfolio that segregates the headwinds experienced in various sectors. Money is invested in a mixture of assets according to one’s risk appetite.
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