TABLE OF CONTENT
Corporate Information
Board of Directors
David G. Tetteh (Chairperson)
Victor Kodzo Avevor
Cynthia Eyram Ofori-Dwumfuo
John Asante
Gilbert Odartey Hansen (resigned on 22 November, 2023)
Company Secretary
Nathan Tete Tei
T2, Manet Ville, Spintex, Accra
Fund Manager
Ashfield Investment Managers LTD
The Investment House
18 Noi Fetreke Street, Accra, Ghana
Custodian
Standard Chartered Bank PLC
P.O. Box 768, High Street, Accra, Ghana
Registered Office
The Investment House
18 Noi Fetreke Street, Airport West, Accra
Auditors
UHY Voscon Chartered Accountants
2nd Floor, Cocoshe House
Opposite Silver Star Tower
Agostinho Neto Close, Airport Residential Area, Accra, Ghana
Bankers
Standard Chartered Bank PLC
GCB Bank PLC
Chairman’s Statement
To Shareholders
Dear Valued Shareholders,
On behalf of the Board of Directors, I warmly welcome you to the 2023 Annual General Meeting of our Fund. I extend my gratitude for your support and interest in the Fund. This year, the global economy faced a mixed performance due to lingering challenges such as inflation, geopolitical tensions, and weak demand.
Highlights:
-
Global economic growth slowed to 3%, with developing markets showing resilience.
-
Inflation declined from 8.8% in 2022 to 6.8% in 2023 due to tighter monetary policies.
-
Ghana experienced a GDP growth of 2.9% and a sharp reduction in inflation from 54.1% to 23.2%.
Looking ahead to 2024, we remain optimistic about navigating the challenging environment through disciplined management and strategic investments.
Fund Manager’s Report
Portfolio Review
The Gold Money Market Fund PLC aims to provide enhanced liquidity, income growth, and wealth preservation through investments in high-quality short-term securities.
-
Fund Performance: Assets under Management grew by 1.96% to GHS 100.95 million in 2023.
-
Shareholder Growth: The Fund recorded 11,629 shareholders by year-end, with Class A share prices increasing from GHS 0.1682 to GHS 0.1841.
Portfolio Breakdown:
-
Government of Ghana securities: 1.44%
-
Cocoa Bonds: 8.75%
-
Certificates of Deposits: 27.5%
-
Money Market Funds: 40.62%
-
Others: 20.73%
Portfolio Review
Performance Summary
Financial Highlights and Summary
Performance Summary
Year-on-Year Returns (Class A Shares):
-
2023: 9.44%
-
2022: 0.79%
-
2021: 0.73%
-
2020: 11.38%
Historical Share Price Performance (Class A Shares):
-
2023: GHS 0.1841
-
2022: GHS 0.1682
-
2021: GHS 0.1594
Report of the Directors
Nature of Business
The Fund invests in money market instruments to provide liquidity, income growth, and wealth preservation for its members.
Portfolio Holdings
Financial Results for the Year Ended 31 December 2023
Corporate Social Responsibility
No corporate social responsibility activities were undertaken in 2023.
Auditor Remuneration
The auditor’s fee for 2023, including applicable levies and VAT, was GHS 30,445.
Corporate Governance Report
Board Composition
The Board consists of experienced financial professionals, ensuring strong governance. The Board size for 2023 included four members:
Board Meetings and Attendance
Financial Statements
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Movement in Net Assets
Statement of Movement in Issued Shares
Statement of Cash Flows
Report of the Custodian
Standard Chartered Bank PLC acts as the custodian for the Fund, ensuring compliance with regulatory guidelines and safeguarding all financial assets.
Independent Auditor’s Report
The financial statements present a true and fair view of the Fund’s financial position as of 31 December, 2023. The audit was conducted in compliance with International Standards on Auditing (ISAs).
Opinion
Key Audit Matters
-
Verified compliance with the Companies Act 2019 (Act 992) and Securities Industry Act 2016 (Act 929).
-
Confirmed accuracy of financial disclosures and assessed significant risks.
Notes to the Financial Statements
Reporting Entity
The Fund operates as a mutual fund, investing in money market instruments to deliver stable returns and maintain liquidity.
Accounting Policies
-
Financial statements are prepared under IFRS standards.
-
Functional currency: Ghana Cedis (GHS).
-
Valuation methods include fair value and amortized cost models.
Financial Risk Management
-
Market Risk: Managed through diversified investments.
-
Credit Risk: Controlled via investment in high-quality securities.
-
Liquidity Risk: Ensured by maintaining adequate cash and short-term securities.