CM Fund posts GH¢7.0m profit for 2023
The CM Fund Limited, a medium to long-term collective investment scheme, recorded an impressive financial performance of GH¢7.07 million in 2023 as compared to GH¢5.49 million posted in 2022.
The total assets of the fund also grew from GH¢45.96 million in 2022 to GH¢49.211 million in 2023 while shareholders fund jumped from GH¢45.79 in 2022 to GH¢49.07 million in 2023.
Mr Emile Yartey, the Board Chairman of the fund announced this at its 13th Annual General Meeting in Accra on Friday.
He said last year the gobal, economy experienced slow growth and high inflation resulting in decreasing from 3.5 per cent in 2022 to 3.0 per cent in 2023.
Mr Yartey said developing countries face high levels of external debt and rising interest rates making access to international capital markets difficult.
The Board Chairman said the increase in global interest rates, a consequence of monetary policy tightening by central banks had escalated debt servicing costs, particularly for countries with foreign currency-denominated debts.
“Shareholders will agree with me that these challenges notwithstanding, the fund helped to meet their various needs when they came up accordingly,” he said.
Mr Yartey said as the economy continues to recover from the shocks of the meltdown, “we expect marginal redemption pressure within the year with improved mobilization but at a slower pace.”
He said the strategy for growth in the coming year would primarily be to drive returns on the back of the stock market.
Mr Clarkson Duku Acheampong, Portfolio Manager, said in order to ensure sufficient liquidity, the fund would take advantage of relatively short-dated investment opportunities with attractive returns to be able to address redemption requests promptly.
He assured shareholders that the fund would continue to draw in more deposits by engaging with customers who have excess funds, adding that “our goal is to strengthen our relationships with them using a variety of communication methods such as phone calls, e-mails, text messages and face-to-face meetings when possible.”
“As we have always done, we will continue to stand by our strongest assurance to all shareholders of our commitment to provide excellent customer service and portfolio management. We entreat you to remain resilient as we forge through the coming year,” Mr Acheampong added.
Source: GNA