Anidaso Mutual Fund records strong performance in 2023

By Elizabeth PUNSU, Kumasi

Anidaso Mutual Fund has held its 19^th Annual General Meeting (AGM) of shareholders in Kumasi, recording a strong performance in the 2023 year under review.

General Manager of the Fund, Edward Asamoah, presented financial results for 2023 and shared insights on the Fund’s future.

The meeting highlighted the Fund’s notable financial performance in 2023 as well as economic projections for 2024.

The Fund saw its gross investment income increase by 38.14%, rising from GH? 533,077 in 2022 to GH? 553,837 in 2023. Mr. Asamoah attributed this growth to a marginal increase in interest rates on money market instruments. Despite a 3.92% rise in management fees and other operating expenses – from GH?171,006 in 2022 to GH?177,724 in 2023 – net investment income grew by 3.8% from GH?362,071 to GH?376,113 over the same period.

In terms of share movements, redemption of shares dropped significantly by 34.56% from              GH?687,816 in 2022 to GH?450,096 in 2023. Sales of shares also decreased, by 14.43% from GH?481,076 to GH?411,609. However, the Net Asset Value (NAV) per share increased from GH?0.9675 to GH?1.0285… yielding an annual return of 6.3%.

The overall portfolio of Anidaso Mutual Fund at end-2023 was diverse, comprising equities worth GH?630,061, money market instruments totalling GH?2,838,693 and other assets exceeding liabilities by GH?139,872. Total liabilities for the year however stood at GH?95,645.

Outlook for 2024

Mr. Asamoah expressed optimism about the Fund’s future, reiterating the it’s dedication to delivering long-term financial security for investors.

“We value your trust and are committed to working together on achieving great outcomes. We appreciate your ongoing support and wish you a prosperous new year,” he stated.

Looking ahead, the country’s economic growth will expectedly slow to 2.8% in 2024 becaude of ongoing fiscal contraction, high interest rates and macroeconomic uncertainties despite growth in the manufacturing sector. Exchange rate stability is expected, supported by inflows from the IMF’s Extended Credit Facility and other development partners.

Treasury bills are likely to remain a key area of activity in the fixed-income market, with interest rates expected to decline alongside a gradual drop in inflation. However, a full recovery in the bond market may take time due to investor preferences for lower-risk Treasury bills.

Board Chair

Chairman-Board of Directors, Most Rev. Arch. Prof. Daniel Yinkah Sarfo, presenting his report expressed satisfaction with the Fund’s performance in 2023 – noting that the economic recovery had a positive impact on the Fund’s investment income, which increased by 3.89%. The Fund’s Net Asset Value at the end of 2023 stood at GH?3,608,626, a 14.25% increase from GH?3,158,444 in 2022. This translated to a 9.34% annual yield.

Prof. Yinkah Sarfo forecast continued but moderate growth for the Fund in 2024, driven by stable macroeconomic conditions and positive developments from the IMF’s support package.

“We are confident shareholders will continue to see positive returns on their investments,” he said, encouraging investors to buy more shares regulaarly to enjoy theFund’s long-term benefits.

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