Business News of 2003-04-24

Databank Launches Ghana's First Mutual Fund

Databank Asset Management Services has officially launched the first mutual fund in Ghana - the Epack Investment Fund. The fund seeks to encourage individuals and organizations to invest in profitable ventures that yield remarkable dividends in return.

The Epack Investment Fund, which was established some seven years ago, was formally launched on Wednesday, after the company was issued with a license last year.

Since its inception, the Fund has grown at an average rate of 53 percent per annum, and the share price has increased from 100 cedis in 1996 to over 1,400 in April 2003. Investments in Epack can be done with a minimum monthly contribution of 50,000 cedis and a minimum lump sum of 500,000 cedis.

Perhaps one unique thing about Epack is the fact that it outpaces treasury bills, the US Dollar and even the Databank Stock Index. The managers of Epack say there is no investment opportunity comparable to the Epack Investment Fund.

The number of shareholders for the fund has increased from 5 in 1996 to over 3200 with its initial capitalization growing from 250,000 cedis to over 18 billion cedis. The fund was formally launched by the Minister of State for Finance and Economic Planning, Samuel Nii Ashong.