We have answered the most frequently asked questions about the GMA Fund.
The GMA has stated unequivocally that it is not interested in the DDEP and has directed the Fund not to take part because pension funds are exempt. Refer to the Official GMA statement here
Yes. Your full entitlement would be paid to you.
There are other asset classes apart from the GoG securities that the Fund is seizing the opportunity to invest in.
The fund is still going to receive its coupons.
The Board has decided to gradually reduce the exposure of the Fund to GoG assets in the long term.
The Board is also discussing other alternatives to enable members to benefit from the fund while in active service. In the mean time, new contributions are being placed in fixed deposits with a few carefully selected banks (tthose with low exposure to GoG bonds).
Yes. The Board has decided to gradually reduce the exposure of the Fund to GoG assets in the long term.
No. Our investment model is to hold until maturity. We do not trade our investment on the secondary market for liquidity. Your entitlement will not be valued at “mark to market.”.
The GMA Fund was established as a pension fund and is only accessible when one reaches retirement age. The deed governing the fund grants sole access to retirees to make withdrawals.
Members can contribute more than the minimum agreed contribution.
If the establishment is also a Government institution, contributions will resume automatically.
However, if it is a private establishment, you will have to engage the Secretariat to arrange with your institution (if they are not already deducting on behalf of members) to do the deduction at source
Expand your reach, not your budget – affordable loan options for doctors in good standing with the GMA. Dial *398*4623# to contribute.
We have answered the most frequently asked questions about the GMA Fund.
Yes. The Board has decided to gradually reduce the exposure of the Fund to GoG assets in the long term.
Databank is our fund manager.
Standard Chartered Bank Securities Services Ltd.
The directors are the trustees of the fund on behalf of the members. They have a fiduciary duty to protect the assets of the fund. It is best practice to engage the services of these professionals, who are regulated, to ensure due diligence is carried out prior to placing funds for investment.
As its objective implies, one can only access it after retirement.
Your contributions are still being invested. You can track the growth of your investment online by logging in with your GoG staff ID
No! The Fund was established by the GMA for the welfare of its members
Every member of the GMA Fund ought to regularize its dues if in default to continue contributing to the Fund. This decision was adopted at the 2022 Annual General Meeting of the GMA in Bolgatanga.
One is allowed to continue even after retirement if and only if he still has something to his credit.
The GMA Fund is not Tier 3. It however, supplements your tiers 1 & 2 at retirement.
The GMA Fund was established as a pension fund and is only accessible when one reaches retirement age. The deed governing the fund grants sole access to retirees to make withdrawals.
The GMA Fund was established by the GMA to supplement the retirement income of its members and to alleviate their plight at retirement. Its highest decision-making body, the General Assembly, ruled that all members should be automatic members of the Fund.
You can use the USSD code *389*462# to make regular contributions or additional voluntary contributions to the Fund. You can contact the Secretariat if you want to initiate a standing instruction with your bank.
Yes. One can use his or her entitlement as mortgage collateral.
Members have the option of requesting for either a lump sum or Partial withdrawal once a year
The processing of a claim takes at most 4 weeks from the time of submission of the required documents.
