Business

CM Fund records profit

The CM Fund Limited, a medium to long-term collective investment scheme established in 2007 under the Securities and Industry Law, recorded a net profit of GH¢ 945,940 in 2019 as against GH¢ 648,582 in 2018.

Shareholders’ funds also rose from GH¢7,347,679 in 2018 to GH¢ 8,188,228 in 2019.

Board Chairman of the fund, Emile Yartey, disclosed this at the fund’s Annual General Meeting in Accra on Thursday.

He noted that the year under review recorded the World’s weakest growth rate since the global financial crisis a decade ago.

Mr Yartey said firms became cautious of long term spending and cut back on the purchasing of plant and equipment.

He said household demand for durable goods also decreased in most of the year only picking up marginally in the Second Quarter.

The Board Chairman said the emergence of COVID-19 has also changed the face of the global economy, adding that restricted movement protocols and lockdowns further slowed down Ghana’s economy.

‘Major economies are projected to experience reduced growth from three percent to two’’, he said.

‘It is our hope that you continue to maintain the long term perspective to the fund and be assured that we commit to identifying and seizing the best opportunities to further the growth of the fund’, Mr Yartey added.

The Portfolio Manager, Clarkson Duku Acheampong, said the fund was currently exploring the possibility of paying out redemption through mobile money to further deepen the level of convenience already provided to the shareholders.

‘Having taken a huge toll on the global economic activity, COVID-19 is similarly expected to impact the local economy falling, which we remain optimistic of delivering another impressive return in 2020’’, Mr Acheampong said.

He assured investors of the fund’s commitment to providing value for shareholders by looking out for competitive opportunities on the fixed income market.

GNA

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