THE GOLD MONEY MARKET FUND UPDATES
Accra, February 3, 2022: The Fund Manager of the Gold Money Market Fund (“GMMF” or “ the Fund”) thanks all shareholders for their continued patience and support as we work to turn around the challenges facing the Fund. We reiterate our commitment to be radically transparent with all shareholders of the Fund.
Kindly find below new updates on the Fund and the way forward.
Corporate Governance Update
The board has been reconstituted with the appointment of five new members as at September 2021. Following the inaugural meeting of the Board, approval has been granted for the repricing of the scheme using only validated and recoverable assets of the Fund. As a result, the Fund Manager has been tasked to complete all outstanding issues, reconcile and reprice the scheme by the end of February 2022.
Client Portal For KYC (Know Your Customer) Update
Following our earlier notice to Shareholders of the Fund to visit a dedicated Client Portal to update their records and validate their accounts, we have received an encouraging number of validated accounts. The Fund Manager would like to encourage all Shareholders who are yet to visit the portal to do so as this requirement will assist us to communicate with you promptly. You may visit the Client portal at bit.ly/ashfield-online.
Your Investment Statement
The Fund Manager is working to reprice the scheme and share your updated Fund Statement by the 15th of March 2022. Please note that your statement will be based on only validated assets and will therefore exclude approximately 68% of funds that are yet to be validated by the Receiver in relation to Gold Money Market Fund’s claim against GN Savings and Loans Limited (In Receivership).
Withdrawals And Deposits
As a Fund Manager, our primary goal is to ensure the Sustainability, Liquidity and Yield (Growth) of Shareholders’ funds. So far, all recovered assets of the Fund have been invested in short-term Government-backed securities to improve the returns of the Fund and also in anticipation of Shareholders desire to access their funds.
As a result, the Fund will be in a position to allow new and existing Shareholders to deposit and to make withdrawals from their investment after an Emergency General Meeting (EGM) expected to be held in April 2022. Further details on the EGM and how to make a deposit and redeem your investment will be communicated in due time.
A Shareholder whose account has been validated will be able to redeem the liquid portion of their repriced investment. Currently, GMMF has approximately 15% of liquid assets out of 31% validated assets as at December 2021. The Fund Manager will provide digital and online platforms to deposit and redeem your investment.
We will keep you updated however you may forward all inquiries and questions to us through the following mediums:
- Email: [email protected]
- Phone numbers: 0540126964 | 0540126965 | 0540126961 | 0596921098
or by a visit to our office at The Investment House, 18 Noi Fetreke Street, Airport West, Accra.
Kindly allow 24 hours turnaround time for feedback on your emails. You can reach us on all our numbers listed above again if one remains engaged, we are working to provide feedback to all shareholders.
FUND MANAGER, THE GOLD MONEY MARKET FUND
ASHFIELD INVESTMENT MANAGERS