Databank MFund sees a 36 per cent growth

Databank MFund financial performance witnessed an increase in Assets under Management (AUM) from GH¢437.14 million at the end of 2017 to GH¢595.35 million at the end of 2018, representing a growth of 36 per cent.

The fund made a return of 15.98 per cent in 2018, outperforming the average 91-day treasury bill rate by 2.43 per cent.

Mr Benjamin Gogo, the Board Chairman of Databank, speaking at the Annual General Meeting on Wednesday attributed the performance to good corporate governance.

He said the global economic growth in 2019 was estimated to decline to 2.9 per cent due to trade tensions, low financial market sentiments, among others.

He said the country’s outlook for 2019 remained positive, adding that the Gross Domestic Product is expected to grow within the range of 6.8 per cent and 7.8 per cent and would be driven by growth in the non-oil sector.

Mr Kojo Addae-Mensah, the Group Chief Executive Officer of Databank, touching on the BFund, said there was a growth of the fund's AUM from GH¢48.11 million at the end of 2017 to GH¢ 83.68 million at the end of 2018.

Also, the BFund closed the year at a price of GH¢0.6199 per share, posting a return of 7.48 per cent at the end of 2018.

On Epack Fund performance, Mr Keli Gadzekpo, the board Chairman of the Fund, said the fund closed the year at GH¢3.2288 per share, posting a return of negative 5.25 per cent.

He said Epack outperformed the benchmark indices in other African countries such as Nigeria with negative 18 per cent and Kenyan with negative 18 per cent markets.

Madam Joyce Aryee, the Chairperson of Ark Fund, disclosed that the Fund closed the year with a return of 11.77 per cent.

The fund's asset increased from GH¢15.56 million to GH¢28.21 million and increased its number of shareholders to 14, 632 from 9, 112 in 2017, representing a 60.58 per cent increase.

Mr Israel Titi Ofei, Chairman of EdiFund, said the EdiFund Tier 1, closed the year at GH¢0.2008 per share and recorded a performance of G¢11.32 per cent.

The EdiFund Tier 2, closed the year at a price of GH¢0.1899 per share and recorded a performance of 8.32 per cent.

Shareholders for both tiers increased from a total of 16, 195 in 2017 to 25, 198 in 2018.