Accra, May 2, 2023: We thank all shareholders for their continued patience and support as we work to turn around the challenges facing the Fund. Kindly find below new updates on GMMF and the way forward.

Validated Assets

GMMF’s value per share as of 31st March 2023 was GHS 0.2058. The above price is based on only validated assets of the Fund.

The Fund’s assets under management for the same period were ~GHS 100.20 million (representing validated assets). Out of this, only ~GHS 13.88 million was liquid and invested in interest earning securities.

~GHS 86.32 million (being the difference between ~GHS 100.20 million and GHS 13.88 million is the value of GMMF’s assets that have been validated but not yet paid to Ashfield Investment Managers (“Ashfield”) for the benefit of shareholders).

Unvalidated Assets

An amount of ~GHS 151 million representing GMMF’S claims against GN Savings and Loans Ltd (In Receivership) is yet to be validated by the Receiver. These claims are being investigated by the Economic and Organized Crime Office (EOCO). We continue to engage the Receiver and will update you on progress thereon.

Annual General Meeting (AGM)                                                                                                                 

An AGM for shareholders is expected to be scheduled in 3Q 2023, following which the Fund will allow new and existing shareholders to make deposits and withdrawals from their investments. Further details on the AGM and how to make a deposit or redemption will be communicated in due time.

A shareholder whose account has been validated will be able to redeem only the liquid portion of their investment.

Client Statements

Client statements will be shared after the AGM to communicate the value of shareholders’ investments. Please note that your statement will be based on only validated assets and will therefore exclude ~60.11% (~GHS 151 million stated above) of assets that are yet to be validated by the Receiver in relation to GMMF’s claim against GN Savings and Loans Ltd (In Receivership).

Withdrawals and Deposits

Our primary goal is to ensure the Sustainability, Liquidity, and Growth of shareholders’ funds. ~GHS 13.88 million, representing GMMF’s liquid assets, are currently held in investments to improve returns in anticipation of shareholders’ desire to access their funds.

Next Steps

  • Completion of 2020 to 2023 audits by end of 2Q 2023.                                                                                     
  • Convene an AGM in 3Q 2023.

We reiterate our commitment to being radically transparent. We will keep you updated. Please forward your inquiry and questions to us through:

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.

Thank you.



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About Us

Ashfield Investment Managers (AIM) AIM is an integrated Asset Management firm offering innovative and expert-level investment management services to corporates, individual high-net-worth and retail clients, Sovereign and Government agencies, and Development Finance Institutions (DFI’s) across Africa 


The Investment House
16 Noi Fetreke Street
Airport West, Accra

Contact number: +233540127125
Email: [email protected]

Postal address: P. O. Box 14001, Accra