The National Association of Graduate Teachers (NAGRAT) has presented 29 vehicles worth GH¢297,800 to its members and regional GNAT secretariats. The presentation made under the NAGRAT Auto Scheme, comprised five 12-seater mini buses valued at GH¢65,000 and 24 saloon cars costing GH¢232,000. The mini buses are for the Greater Accra, Central, Volta, Brong Ahafo and Ashanti regions, while the saloon cars are for individual members. Speaking at the ceremony, the President of NAGRAT, Mr Christian Addai-Poku, said "so far 700 members of the association own and drive their own cars thanks to the Auto Scheme". "This achievement has gone a long way to change the perceptions of many Ghanaians that the ownership of cars, is and should be the exclusive monopoly of workers under a list of departments that does not include classroom teachers," he said. He said transportation from home to workplace had become easier for beneficiaries of the scheme, adding that the long periods of teachers waiting in queues competing with students for commercial vehicles were over. Mr Addai-Poku said the mini buses for the secretariats were to facilitate the movement of staff, and that plans were far advanced to purchase vehicles for the remaining secretariats. "One major challenge to the scheme is the continuous demands by Amalgamated Bank Limited for upward adjustment to the interest rate on the loan resulting from adverse economic conditions and high cost of funds. This interest rate which started at 16.5 per cent, changed to 19.5 per cent and as of now the bank has sent notification that the rate will change concomitantly with the bank's base rate," he said. Another challenge, he said, had to do with failure of firms contracted to supply vehicles for the scheme to execute the contract, stating that such failures had resulted in huge financial losses to the association. Mr Addai-Poku said some of the contractors were currently battling out cases in courts with the association, and that the problem had made it impossible for the association to supply certain brand of cars. He said the most disturbing challenge was the frequent rise in the prices of cars in the world market due to economic meltdown, high interest rates, increase in freight cost and depreciation of the cedi against international trading currencies. He said to overcome the challenges facing the schemes some modifications had been made to its mode of operation. He thanked the government for the tax exemption under the scheme and called on it to remain committed to the welfare of teachers by reforming the procedure for obtaining vehicle maintenance allowances to teachers. Source: Daily Graphic