Actual Reason GNAT Mutual Fund Loan Is Unduly Delaying [Revealed]

Actual Reason GNAT Mutual Fund Loan Is Unduly Delaying [Revealed]

There are numerous reports about a delay in the disbursement of loans applied by members of the Ghana National Association of Teachers, GNAT. However, there is an inside message allegedly detailing the main reason GNAT mutual fund loan is unduly delaying for disbursement to applicants.


Every loan is supposed to solve a financial problem. The application of the loan to the intended purpose is another topic to be dealt with. However, the disbursement of loans, by the mutual fund set up by the Ghana National Association of Teachers, GNAT, to its members is unduly delaying. The situation which has caused both uproar and frustration among the loan applicants has no timeline to be solved. The frustration of the situation has caused many applicants to call the headquarters for explanation and possibly to find out the status of their loan application.


Cheeky answers

Loan applicants who called the headquarters for updates about their loan applications allegedly received cheeky answers that some people consider funny. Some of the cheeky answers allegedly given were:

a. The officer to sign the loan cheques has not been coming to work recently.

b. The signed cheques of approved loans are lying at the headquarters because district secretaries of the union could not come to pick the cheques.

c. Loan applicants did not have the required mutual fund numbers before the loan application

d. No one picks the calls at the headquarters.


Actual reason for undue delay in loan disbursement

A message circulating on teachers’ platforms having the phone number belonging to an alleged GNAT official has provided some proper insight into the reason GNAT mutual fund is unduly delaying.

See also: 4 Ways GNAT Mutual Fund And Members Will Suffer Debt Restructuring Greatly [Apply to other mutual funds of other labour unions]

The message indicated that the payroll managers, the Controller and Accountant General Department (CAGD), had not been reimbursing the GNAT mutual fund for the mutual fund deductions from members for the past three months. This reason is claimed to be the primary reason for lack of liquid funds to disburse to loan applicants of the mutual fund.


Even though we could not independently verify the claim that CAGD has not been releasing deducted funds to GNAT mutual fund, it is believed the allegation could be true. This is because the teachers’ union in the country has publicly declared not to pay their statutory dues to some state institutions because the government or the CAGD has refused to disburse their deducted pension contributions to pension fund managers.

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