![[From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)](https://citibusinessnews.com/wp-content/uploads/2022/07/Abanga-Farms-Food-Systems-Limited-360x180.png)
The bearish economic outlook for 2015 had significant impact on performances of various sectors of the economy for the year.
Figures released by the managers of the fund showed that the fund decreased by GH¢ 0.0036 to close the year at GH¢ 0.5064.
The fund also made a total return of negative 0.71 percent as compared to the GSE Composite Index of negative 11.77 percent.
Despite these performances, managers of the fund maintain that the Strategic African Securities Fortune Fund has been able to maintain a lead role over its benchmark Ghana Stock Exchange Composite Index.
Speaking at the fund’s 11th Annual General Meeting Chairman of the SAS fortune fund Board, Maxwell Logan stated,
“The total net asset value of the SAS fortune fund at the end of 2015 stood at GH¢ 2,971,909 and representing about 5% decrease over the previous year’s total net asset of GH¢3, 129, 788.”
According to Maxwell Logan, the fund was also affected in other areas as global economic performances fell short of expectations in 2015, slowing to a growth rate of 2.4% from the 2.6% it recorded in 2014.
“The decrease is attributable to redemptions made by shareholders and partly a reflection of the poor performance of the Ghana Stock Exchange during the year since the fund invested mainly in this market,” he remarked.
Meanwhile Mr. Logan has encouraged investors to cease the opportunity to buy more shares of the SAS Fortune Fund since the price is now low due to the fall in Treasury bill rates.
“As Treasury bill rates fall and as we are witnessing currently, there will be a corresponding increase in the activities in the stock market. I therefore recommend to you to buy more shares of SAS Fortune Fund since the price is low now.”
For his part, the Head of Asset Management at the SAS Investing Banking Limited, Anthony Dogbato attributed the performance to the panic withdrawal by some shareholders who for one reason or the other think it was the best to do so.
He however stated that the Bank is still doing well as compared to its competitors.
“The decline is as a result of the panic from the shareholders who are risk averse and do not want to experience the loss in the stock market. The decline is not as a result of mismanagement. We have prudent measures such as the best asset management, asset allocation been done rightly and we are monitoring the market and the economic environment as well to ensure that we give the best value for our shareholders,”
“So I must say that even though currently the market is still not doing too well, based on the prudent measures, we are faring okay as compared to our competitors.”
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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana
