CM Fund delivered a 13.16 percent return in 2024, up from 11.06 percent a year earlier, as improving macroeconomic conditions and renewed investor confidence lifted Ghana’s markets.
Assets under management climbed 11.29 percent, while shareholder numbers rose 1.18 percent, Portfolio Manager Clarkson Duku Acheampong said in a statement. The fund kept its focus on steady capital appreciation despite market swings and competition from broader market gains, he said.
CM Fund plans to increase equity holdings in 2025 to capture further price gains and dividends as sentiment in banking and telecom stocks strengthens.
“Our core objective remains delivering value to shareholders through disciplined portfolio management,” Mr. Acheampong said.
The performance came against a backdrop of Ghana’s accelerating economic growth, with GDP expanding 5.7 percent in 2024 from 2.9 percent the year before, driven mainly by gains in industry and services.
Forecasts from the IMF and Fitch Solutions put 2025 growth at about 4 percent, supported by high gold prices and easing energy costs.
Currency movements were also favourable in the first half of 2025. After depreciating 23.71 percent against the US dollar in 2024, the cedi gained 29.86 percent by June 2025, supported by central bank interventions and stronger foreign inflows from exports and investors. Similar gains were recorded against the pound and euro.
Treasury bill rates fell sharply in 2025, with the 91-day dropping to 14.69 percent in June from 28.04 percent at the end of 2024, in line with falling inflation. Consumer price growth slowed to 13.7 percent in June from 23.8 percent at the end of last year, with further easing expected.
Equities continued to rally following a strong 2024, when the Ghana Stock Exchange Composite Index returned 56.17 percent and the Financial Stock Index rose 25.2 percent. Year-to-date in 2025, the Composite Index has gained 27.82 percent and the Financial Stock Index 41.80 percent, driven largely by banking and telecom shares.
The manager said the fund will take advantage of the bullish market to raise equity exposure from 12.41 percent at the end of 2024 to about 30 percent in 2025, targeting capital appreciation, price gains and dividend payouts. This strategy is partly based on expectations that the Bank of Ghana will soon approve dividend payments by financial institutions.
He added that liquidity will remain a key focus to meet redemption requests, with investments channelled into highly liquid securities on both money and capital markets.
Ghana’s policy mix of tighter fiscal and monetary measures, debt restructuring, gold sector reforms and social cushioning could support stability by the end of 2025 if backed by the IMF, Mr. Acheampong said.
This could lead to higher disposable incomes and investible funds, creating opportunities for the fund to grow its investor base.
The portfolio manager urged shareholders to view the fund’s growth as a “mutually beneficial endeavour” and to support it by referring potential clients.
The fund’s cautious but opportunistic approach, combined with a favourable macroeconomic backdrop, positions it to benefit from Ghana’s ongoing market recovery, he said.
