CM Fund records GH¢1.3m profit for 2020

The CM Fund Limited, a medium to long-term collective investment scheme, posted a net profit of GH¢1,310,964 in 2020 as against GH¢ 945,940 in 2019.

Shareholders fund also rose from GH¢8,188,228 in 2019 to GH¢17,382,380 representing an increase of over 100 per cent, while total asset grew from GH¢8,282,741 in 2019 t0 GH¢17,549,083.

Mr Emile Yartey, the Chairman of the Board of Directors, disclosed this at the Fund’s Annual General Meeting in Accra.

He said the increase in the net income was attributed to the higher volume of fixed income investments.

The global economy was projected to grow by 0.3 per cent above the previous forecast rate of 5.2 per cent to 5.5 per cent, Mr Yartey said.

“This follows a severe collapse in 2020 that has had acute adverse impacts on the global economy,” he said.

Mr Yartey said the vaccine approvals had raised the hopes of turnaround time of the pandemic although renewed waves and new variants of the COVID-19 posed concerns for the outlook.

He said government policy actors were expected to ensure effective support until the recovery was firmly underway, with emphasis on advancing key imperatives of raising potential output ensuring participatory growth that benefits all people.

“We implore you to continue to make the Fund your preferred investment destination and assure you of our firm commitment to identifying and seizing the opportunity to further the growth of the Fund,” Mr Yartey said.

Mr Clarkson Duku Acheampong, the Portfolio Manager, said the Fund had developed a mobile banking app where shareholders can sit in the comfort of their homes and offices to do business.

“The Fund remains committed to delivering impressive returns to clients in the ensuing years as we continue making strides in dealing with the pandemic,” he added.

Source: GNA