The NGIS Money Market Fund PLC recorded strong growth in 2025, increasing its net assets by 33.3% from GH¢8.84 million in 2024 to GH¢11.78 million, despite a significant decline in interest rates during the year.

The performance was announced at the 21st Annual General Meeting.

Board Chairman of the Fund, Prof. Kwaku Dwumor Kessey, attributed the performance to the resilience of the Fund’s investment strategy and growing investor confidence.

The Fund’s Net Asset Value per Share (NAVPS) increased from GH¢1.2319 to GH¢1.3778, representing an 11.84% growth, while total investment income rose by 13.4%, from GH¢1.44 million to GH¢1.63 million.

Investor participation also strengthened, with proceeds from the issue of shares rising by 76.4%, from GH¢3.43 million in 2024 to GH¢6.06 million in 2025.

Although withdrawals increased as investors used the Fund for liquidity management, subscriptions continued to exceed redemptions, generating net capital inflows of GH¢2.94 million, compared with GH¢2.22 million in 2024.

Prof. Kessey said the results were achieved against the backdrop of a major shift in Ghana’s interest-rate environment, which saw yields on Treasury bills and other short-term fixed-income instruments decline considerably.

“The decline in interest rates, while positive for the broader economy, presented a different challenge for money market investors. Yields on Treasury bills and other short-term fixed-income instruments declined considerably during the year”, he said.

He said the Fund Manager therefore had to continuously reassess the portfolio to identify opportunities capable of delivering competitive returns without compromising the Fund’s objectives of capital preservation and liquidity.
Prof. Kessey also encouraged individuals to put their money to work rather than keeping it idle.

“Don’t keep your money in your house,it will not give you anything, but if you invest no matter how small the investment is, since the economy is growing your money will be growing with the economy, and you’ll have the benefit of growth,” he noted.

On the outlook for 2026, Prof. Kessey said Ghana’s economic prospects were considerably more encouraging than at the beginning of 2025, citing moderating inflation, improved exchange-rate stability and strengthening economic activity.
He, however, acknowledged the Fund’s exposure to wider economic risks, citing the restructuring of cocoa bills as an example.

“We bought Cocoa bills which the Cocoa marketing board bought to purchase Cocoa and that was just for six months, we were going to get our money back plus the interest and this financial crisis came and they said that the bills have now been turned into bonds. So instead of six months, they’re going to pay us after five years which is a risk we took,” he noted.

Chief Executive Officer of New Generation Investment Services Limited, Mr Edward K. Asamoah, said exceptionally high yields recorded in previous years might not return soon under the lower interest-rate environment.

He noted, however, that lower inflation could improve investors’ real purchasing power and create a more stable investment environment.

Mr Asamoah said the Fund Manager would focus on actively managing maturities and reinvestment risks, identifying opportunities across the yield curve, maintaining strong liquidity buffers, and carefully managing credit and counterparty risks.