Business24 Newspaper - July 17, 2020

Page 1

EDITION B24 | 74

THEBUSINESS24ONLINE.NET

FRIDAY JULY 17, 2020

Stock market slump depresses Databank’s fund returns New body to investigate aviation accidents → Bill laid in Parliament → Investigations to be independent of GCAA → Passengers to fund new entity MORE ON PG 3

BY DOMINICK ANDOH

Kojo Addae-Mensah is CEO of Databank and board chairman of Balanced Fund, one of the funds managed by the investment company.

A Business24 analysis of the 2019 annual reports of all five funds managed by leading investment firm Databank showed that the poor performance of the stock market last year depressed returns and contributed to a significant decline in the size of three of the managed funds. Equity-based mutual fund EPack saw an 11 percent decline in assets under management, from GH¢186.1m to GH¢165.1m as at December 31, 2019. The size of ArkFund, which is the country’s first and only ethical mutual fund, also declined by 23 percent from GH¢28.2m to GH¢21.9m, after

recording a subdued return of 4.3 percent compared with the 11.8 percent recorded in 2018. “The subdued return in 2019 was on account of the poor performance of equities during the year. Despite this, income from the fund’s fixed-income holdings sustained the returns of the fund,” said Joyce Aryee, board chairperson of the fund. Databank’s Balanced Fund (BFund), a fund that balances between the growth potential of equity securities and the relative safety and income generation of fixed-income securities, recorded a 13.4 percent fall in managed assets to GH¢72.4m, despite its investor base going up

Face protection masks (FPM) could inject at least US$1.5billion annually into the African economy MORE ON [PAGE 7

MORE ON PG 2

BY PATRICK PAINTSIL

IMF Country Rep: Elevated public debt has exacerbated pandemic impact BY NII ANNERQUAYE ABBEY

GH¢1.9m boost for poultry and livestock feed production MORE ON [PAGE 11

MORE ON PG 3

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

USD$1 =GHC 5.6577*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

6.6 % OF GDP

PROJECTED GDP GROWTH RATE

1.5%

PRIMARY BALANCE.

-1.1% OF GDP

AVERAGE PETROL & DIESEL PRICE:

GHc 5.13*

INTERNATIONAL MARKET BRENT CRUDE $/BARREL

41.50

NATURAL GAS $/MILLION BTUS

1.78

GOLD $/TROY OUNCE

1,765.05

CORN $/BUSHEL

329.50

COCOA $/METRIC TON

2,386.00

COFFEE $/POUND:

+5.70 ($108.30)

COPPER USD/T OZ.

220.15

SILVER $/TROY OUNCE:

17.07

Copyright @ 2020 Business24 Limited. All Rights Reserved. Tel: +233 030 296 5297 editor@thebsuiness24online.net


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Business24 Newspaper - July 17, 2020 by Business24 Online - Issuu