Gold Money Market Fund Limited (GMMF) has held its first annual general meeting, aimed at providing an overview of the Fund’s state and seeking shareholders’ approval on steps and actions to restructure it.
It was the company’s first AGM since its takeover by Ashfield Investment Managers.
The Chief Information Officer (CIO) of GMMF, Benjamin Ewusie, disclosed a growth of 1.90 percent in the Fund’s assets under management – from GH₵97,163,303 in 2021 to GH₵99,009,633 in 2022 – on the back of its restructuring activities.
He added that the total number of shareholders recorded at year-end 2022 was 11,521 compared to 11,520 in 2021.
“The Fund ended the year 2022 with net assets value per share at GH¢0.2026 from GH¢0.2010 in the year 2021,” he also said.
He further noted that the Securities and Exchange Commission in June 2022 introduced a new directive for valuing schemes, from the traditional hold-to-maturity (HTM) to a marked-to-market (MTM) approach. With 1.90 percent growth in assets under management, he said, the portfolio has been realigned for further growth and to achieve competitive yield for shareholders.
According to him, as of December 2022 the validated portion of the fund had 0.88 percent of its assets invested in Treasury bills, 7.12 percent in cocoa bills, 29.20 percent in certificates of deposit, 3.60 percent in notes and bonds, and 59.1 percent on others. “The remaining 0.10 percent is held in cash,” he added.
The company’s Chairman, David Tetteh, during his presentation noted that despite the domestic and global economic headwinds, and difficult operating conditions, the Fund Manager remains cautiously optimistic, attentive, responsive and dedicated to professionally managing the Fund to achieve its goals and objectives.
He thanked the company’s auditors, custodians and trustees for their commitment and dedicated efforts in driving its business forward.
Following revocation of the previous Fund Manager’s licence, the following changes have occurred:
- The old Directors resigned, and a new Board and Company Secretary have been appointed and approved by the Securities & Exchange Commission.
- A new Fund Manager has been appointed with approval from the Securities and Exchange Commission.
- The Fund has been re-registered with the Registrar of Companies in accordance with the New Companies Code, 2019 (Act 992)
- The old Auditors, Baker Tilly Andah & Andah, were retained to complete audits from 2017 to 2021.
- A new Auditor, UHY Voscon, has been appointed – in line with requirements of the new Company’s Code – to take over from the 2022 financial year.
Shareholders approved the following business on the agenda:
- Reports of the Fund Manager
- Audited Financial Statements for the year ended December 31, 2017 to December 31, 2022, together with Reports of the Directors and Auditors
- UHY Voscon Chartered Accountants as auditors of the Fund
- Auditor’s remuneration for the year ended December 31, 2017 to December 31, 2022, and authorising Directors to fix the Auditors’ remuneration for the year ending December 31, 2023
- Director’s remuneration
- Appointment of the following as directors of the Fund, and the resignation of Papa Kwesi Nduom and Patrick Kobina Anumel as Directors.
- David Ganesha Tetteh
- John Asante
- Gilbert Odartey Hansen
- Cynthia Eyram Ofori Dwumfuo
- Victor Kodzo Avevor
- Change of the Company name from ‘The Gold Money Market Fund Limited’ to ‘The Gold Money Market Fund PLC’.
