If you think the title is misplaced, take a deep breath and read it again…Teachers Being Milked like CASH COWS by Teachers Fund and GNAT.
Let us do the painful analysis now and the reasons behind this assertion based on an eye-opening write up by Benjamin Duodu (Sir Benjy) of (Akroso Methodist JHS).
Teachers Mutual Fund
According to Benjamin Duodu, he has observed the activities of The Teachers Mutual Fund very closely over the years and has come to the realization that it is not operating in the interest of the teachers in Ghana.
In his view, the Teachers Mutual Fund in all its activities has been geared towards milking teachers of every little salary they are paid by the goverment.
He added that the Credit Mall sells home theatre at GHS3,800 to teachers when it cost GHS1,200.00 on the open market.
This means the Credit Mall makes 68.42% profit on every teacher that buys on credit.
Some of these home theatres are going for up to GHS4,000.00 at the Credit Mall. This is an act of wickedness and insensitivity to the plight of the very people who set up the Fund,: He indicated.
The least said about the Mutual Fund Loans the better. Regarding the Habitat loan, he said: ” Imagine the teacher going for a Habitat Loan of GHc30,000.00 which comes with a monthly deduction of GH¢805.00 (I stand to be corrected) for 60 months (only God knows the number of teachers who have such affordability to even qualify to access).”
Below are his calculations based on the Habitat loan
Let’s do this simple calculation: GHc805.00 × 60 = GH¢48,300.00
(This is the total repayment after 60 months)
Subtract the actual amount borrowed
GHc48,300.00 – GH¢30,000.00 = GH¢18,300.00
Thus the teacher pays a whopping 61% on the loan
Divide this interest by 60months: GH¢18,300.00 ÷ 60 = GH¢305.00
This means that every SINGLE MONTH of that loan period the Fund makes a profit of GHc305.00 on the Ghanaian teacher who contributed a minimum of GH¢50.00 monthly to set it up. _
So is the Fund to serve the teacher or be served by the teacher???
No wonder the Managers of the Fund (who, at most and all times, are paradoxically not teachers) ride in luxurious cars and live in plush apartments!
If we are impoverishing ourselves even with our own Fund, why won’t the public call us “The Poor Teacher”?
Do you agree with him that teachers are being milked like clueless CASH COWS through Teachers Fund and GNAT? Read on my dear reader.
He is of the view that teachers are not and will never be poor. It’s just a matter of we waking up and taking our destinies into our own hands.
He challenged the teachers’ fund saying “The Teachers Mutual Fund is for teachers and must, therefore, serve the interest of teachers.
Let’s bring down drastically the interest on all our services to the very people who set up the Fund!”
He called on The Teachers Mutual Fund operators and all to make the teaching profession attractive and a highly respected one just like the other professions we always compare ourselves to by making our teachers live well! ” The teacher too can own cars, buildings, and other properties! IT IS POSSIBLE!!!” He added.
I am using this medium to appeal to CODE, CHASS, COHBS, and all in Leadership positions in education to, as a matter of urgency, address this issue of concern to the ordinary teacher before some of us begin to spearhead the campaign aimed at collapsing the Fund.
THINGS CAN’T CONTINUE LIKE THIS!!!
Benjamin Duodu (Sir Benjy)
(Akroso Methodist JHS)