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CCT-GH Fund reviews operational policies and updates contributors
Nov 22, 2024
CCT-GH Fund reviews operational policies and updates contributors
Management of the Coalition of Concerned Teachers-Ghana (CCT-GH) Fund has reviewed the operational policies of the Fund and updated contributors on the new structures.
This review publication was released on January 10, 2024. According to the Fund, they proposed some changes in the operational policies that will allow the Fund to better serve contributors and the future contributors/borrowers.
“We want to make sure that the Fund is always as useful, efficient, and safe as possible for our contributors/borrowers.”
Below is the areas the change affected.
a. Minimum Monthly Contribution
b. Maximum Loan Amount
c. Loan Interest Rate
d. Loan Policy
e. Full and Partial Withdrawals
Minimum Monthly Contribution
The minimum monthly contribution will increase from GHS 40.00 to GHS 80.00.
The increase in the minimum contribution represents an opportunity to both increase contributor’s savings and to expand our services to existing contributors. Accordingly, upon implementation the minimum loan amount will be GHS 8,000 subject to affordability.
The new contributions and their corresponding Loan Limits for 2024 are given in Table 1.
Maximum Loan Amount
The maximum loan amount limit will increase from GHS 20,000.00 to GHS 30,000.00, subject to affordability and other terms and conditions as stated in the amended loan policy below.
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