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Databank’s MFund posts positive returns

The Databank Group Limited Money Market Fund (MFund) posted positive returns last year in spite of the banking challenges, the Chairman of MFund, Benjamin Gogo has said.

Speaking at the annual general meeting of the Data Bank Group Limited in Accra on Wednesday, he said the MFund did better than Treasury bill.

Mr Gogo said MFund posted an annual yield of 15.98 per cent, which was higher than the 91-day Treasury with an annual yield of 13.55 per cent.

“The MFund ended the year with 146,173 clients representing a 36 percent increase in the shareholders from 2017. The MFund witnessed more than a 36 percent year-on- year increase in its Assets under Management, ending the year with GH 595.35 million,” he said.

The Databank Group CEO, Kojo Addae-Mensah, Balanced Fund (BFund), said the BFund saw a significant growth and assets of the fund under management at the end of 2018 rose GH 83.68 million from GHC48.11 million in 2017.

“The BFund recorded a return of 7.48 per cent at the end of last year,” he said.

The Board Chairman for the Epack Keli Gadzekpo, said Epack recorded a loss of -0.29 percent.

He, however, said Epack outperformed the benchmark indices in other African countries such as Nigeria and Kenya with negative 18 percent.

 “Epack cumulative performance since its inception in October 1996 is about 5.6 percent greater than that of the Ghana Stock Exchange (GSE) with 34,188 percent to the 5,154 percent of the GSE,” Mr Gadzekpo said.

Highlighting the performance of Ark Fund, the Chair Joyce Aryee said the Funds assets under management of Ark Fund increased to GH 28.21 million with 14,632 shareholders

Israel Titi Ofei, Chairman of Educational Investment Fund (EdIFund) said the fund recorded impressive performance in the year under review.

“The EdIFund Tier 1, which focuses on helping Ghanaians to  cater for short term educational needs recorded a performance of 11.32 percent, the Tier 2, which is designed to help clients attain long-term educational needs, also recorded 8.32 percent with increased shareholders of 25,198,” he said.

By David Nyanor Takyi

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