GM Fund holds 2nd AGM

Gold Money Market Fund (GM Fund,) a member of Groupe Nduom Companies, yesterday held its Annual General Meeting (AGM) in Accra. The meeting—which saw the reports of the auditors and custodians of the Fund, was attended by unit shareholders, staff and the general public.

Presenting the Fund Managers’ report on behalf of the company, Head of Major Client, Kwaku Fredua Agyeman, noted that despite the recent economic challenges facing the country, the Ghanaian economy had maintained an annual growth of about 6.0% over the past six years.

He was, however, quick to admit that in the year 2013, which should have been the year of interest for the company, the country’s economy experienced considerable challenges to its fundamental indicators.

He disclosed that the GM Fund, however, recorded a sound growth in its second year with an annual return of 25.34% in 2013 as compared to the return of 20.79% on the 182 day Treasury bill for the same period the GM Fund performed.

He said GM Fund by its “diversified portfolio and astute technical management,” the fund continued to create value for its unit holders.

“This proves that your investment in GM Fund performed well above average which in our case is the holding return of the 182 day T-bill with an inflation rate of 13.50 per cent at the end of 2013, the fund made a real return of 10.43%.

He further disclosed that the Fund closed the year with a net asset value of GH¢3,919,147.00 as against a total net asset value of GH¢3,022,460.00 at the end of December 2012 representing a growth of 29.67% year on year.

The net investment income returned for 2013 financial year, the head of Major client of GM Fund stated, was GH¢855,233 representing a growth of 74.96% year on year from 2014.

“Your GM Fund started the year at a price of GH¢0.1251 and ended the year at a price of GH¢ 0.1568.

The net total number of outstanding units/shares for the period was GH¢24,805,927,” he stated.

These achievements, Mr. Fredua Agyeman noted, were due to high standards including dedication and discipline of the Fund Manager, adding that “our investment vehicle performed favourable above most mutual fund schemes in the country.”

For his part, chairperson for the occasion who is also one of the Managers of Ghana Growth Fund Company (GGFC,) another entity of Gruope Nduom, Nathaniel Fiagbenu, called on Ghanaians to invest in GM Fund for better financial results.

According to him, the GM Fund was poised to transform the lives of its unit shareholders and urged the Ghanaian public to take advantage of such opportunity and enhance their financial status.

He therefore pledged the company’s dedicated and committed service to its clients in the coming years, saying “we would make life much better for our numerous clients across the country.”