In Ghana, teacher unions play an important role in supporting their members by providing loans to assist them with various projects and alleviate financial burdens.
This article provides insight into the loan offerings of prominent teacher unions in Ghana, shedding light on their loan limits and associated interest rates. Let us take a closer look at how these unions are helping their members achieve their goals.
Names of Teacher Unions In Ghana
Currently, there are only five Teacher Unions in Ghana. Namely,
- Ghana National Association of Teachers (GNAT)
- National Association of Graduate Teachers (NAGRAT)
- Coalition of Concerned Teachers (CCT)
- All Teachers Alliance Ghana (ATAG)
- Innovative Teachers Union
GNAT Mutual Fund Loan
The Ghana National Association of Teachers (GNAT) extends its support to members through the GNAT Mutual Fund Loan. This loan offers a maximum limit of seventy thousand Ghana Cedis (GHS 70,000.00). GNAT recognizes the importance of manageable interest rates, and thus, the GNAT mutual fund loan comes with a competitive 16 percent interest rate.
Additionally, GNAT prioritizes its contributors’ financial well-being by providing higher dividends and interest on investments annually and upon retirement. Contributors can expect to receive at least 60% of their contributions upon retiring, ensuring a secure future.
NAGRAT Mutual Fund Loan
The National Association of Graduate Teachers (NAGRAT) understands the financial needs of its members and provides the NAGRAT Mutual Fund Loan to address them. With a maximum loan cap of forty thousand Ghana Cedis (GHS 40,000.00), NAGRAT ensures that its members have access to financial assistance when required.
NAGRAT’s mutual fund loans come with a reasonable 12% interest rate, striking a balance between affordability and support.
CCT Mutual Fund Loan
The Coalition of Concerned Teachers (CCT) is dedicated to assisting its members through the CCT Mutual Fund Loan. Recognizing the need for accessible loans, CCT offers a maximum loan limit of ten thousand Ghana Cedis (GHS 10,000.00).
What sets this loan apart is its attractive interest rate of 10.2 percent, making it an appealing option for teachers seeking financial assistance for their projects and endeavors.
ATAG Mutual Fund Loan
The All Teachers Alliance Ghana (ATAG) empowers its members with the ATAG Mutual Fund Loan. ATAG understands that low-interest loans can significantly alleviate financial burdens, and thus, they offer an 8 percent interest rate.
The maximum loan limit of ten thousand Ghana Cedis (GHS 10,000.00) ensures that members can access the necessary funds without undue strain on their finances.
Source: GESHub.org
