The Anidaso Mutual Fund is expected to record an annual return of 18% by the close of the financial year, 2021, against its inability to meet its operational target during the 2020 year under review.
The Fund posted a Net Asset Value of approximately GH¢2.6million at the end of the year 2020, representing an 8.19% drop from a little over GH¢2.8million in 2019.
This translated into a Net Asset Value per Share drop from GH¢0.8124 to GH¢0.7948, representing an Annual Yield of -2.17%.
Meanwhile, the Fund’s investment income increased by 0.36% from GH¢308,574 in 2019 to GH¢309,691 in 2020.
Also, management and operating expenses dropped by 16.35 per cent from GH¢177,358 in 2019 to GH¢148,368 in 2020.
However, the Chairman of the Board of Directors of the Fund, Most Rev. Arch. Prof. Daniel Yinkah Sarfo, said, “even though the Fund recorded negative net return in 2020, it is important to note that, the Fund’s outlook for 2021 has been positive because it has turned the negative return into positive.”
Speaking at the 14th Annual General Meeting of shareholders of the Fund, he encouraged shareholders to continue to increase their stake in the fund by buying more shares on regular basis to enjoy the long-term benefits of the Fund.
The performance of the Fund follows a turbulent economic period globally – at the back of the outbreak of COVID-19 which has crippled many sectors of the world’s economy.
The pandemic adversely impacted Ghana’s economy which was fast-growing during the first quarter of 2020 but the economic gains derailed thereafter when the country started recording Covid-19 cases from 12th March 2020.
However, signs of recovery during the third quarter of 2020 began to show after lifting of restrictions coupling with strong policy support.
Provisional GDP growth based on the Ghana Statistical Services’ release in the third quarter 2020 contracted by 1.1 % compared to the 3.2% contraction in the second quarter.
The recovery of the economy from the third quarter of 2020 was evidenced in the annual growth of 11.9 per cent of the Composite Index of Economic Activity in November 2020 compared to 3.4% growth in 2019.
Headline inflation eased from 10.1% in October to 9.8% in November 2020 but rose to 10.4% in December 2020. In addition, the overall budget deficit of 10.8% was recorded as of November 2020 against a projected figure of 11.4 % of GDP.