Gold Coast Securities Launches Money Market Fund

Gold Coast Securities Limited has launched the Gold Money Market Fund that would invest in short-term instruments such as Treasury Bills, certificates of deposits and short- term secured commercial papers.

The fund requires a minimum initial subscription of GH¢50 for 500 shares with subsequent lots of GH¢10 for 100 shares to be either paid by cash or cheque at the Gold Coast Security branches or First National branches nationwide.

Speaking at the launch of the Fund in Accra , the Managing Director of the company, Mr Seth Asante, said the fund was designed to meet the needs of customers who wanted an investment vehicle with less risk but with the capacity to maximise returns for them in the short- term.

“It is in this direction that we conceived the Gold Money Market Fund (GMMF) for such fixed – income investors who want the principal amounts invested back plus competitive returns or income,” he noted.

The initial public offer opens from November 17, 2011 to December 16, 2011 and interest rates could accrue on daily basis. The Gold Money Market Fund will thus provide the benefits of pooled funds for larger investments to yield higher and better returns.

Mr Asante also assured investors of the successful implementation of the fund coupled with all benefits associated with investing in the fund.

The Chairman of the Trades Union Congress (TUC), Mr Alex Bonney, in a keynote address, said the institution of the fund was a laudable initiative as it provided a convenient and low-cost means for people to get access to high-yielding money market instruments.