The Gold Money Market Fund (GMMF) is a Mutual Fund that was previously promoted and managed by Blackshield Capital Management Limited (Formerly Gold Coast Fund Management Limited).

On 15th June 2020, the Directors of Gold Money Market Fund appointed Ashfield Investment Managers (Formerly know as Ed&Co Capital Limited), as the new Fund Manager, following the revocation of the license of Blackshield Capital Management Limited (Formerly Gold Coast Fund Management Limited) by the Securities and Exchange Commission.

The appointment of new Fund Manager for the Fund is part of the ongoing process to turnaround the fortunes of the fund towards ensuring Security, Liquidity and Yields (SLY) for shareholders of the Fund.

Frequently asked questions

About Ashfield Investment Managers/Who we are

Ashfield Investment Managers (AIM) is an Accra-based integrated Asset Management company offering innovative and expert-level investment management services to corporates, individual high-net worth and retail clients, Sovereign and Government agencies, and Development Finance Institutions (DFI’s) across Africa. We are licensed by the Securities and Exchange Commission (SEC) to engage in the provision of fund management and investment advisory services. We employ efficient technology and insight in our asset class selection, portfolio design and client service to enable our clients invest in a smarter, convenient and more secure manner. We combine leading capabilities across asset classes from portfolio teams that have deep multi-sectoral expertise with superior execution backed by data-driven decisions. AIM is a wholly owned Ghanaian Company. Visit for more.

How long has the company been in existence?

We have been in existence for the past four years. The company was established in April 2016 and was licensed as Fund Manager by SEC since December 2016. Ashfield is a rebrand of ED & CO. Capital Partners Limited due to changes in strategic focus and management.

What is Gold Money Market Fund (GMMF)?

The Gold Money Market Fund (GMMF) is a money market oriented Mutual Fund that was established in 3rd March 2009 to provide income growth and preservation of capital to shareholders by investing primarily in money market securities. The Fund was initially promoted and managed by Blackshield Capital Management Limited (Formerly Gold Coast Fund Management Limited) until the revocation of their license by the Securities and Exchange Commission (SEC) on 8th November 2019.

How different is GMMF from other direct investment with the former Fund Manager?

GMMF is a separate company from the former Fund Manager and any other Funds and Investment products of the former Manager. GMMF was established as a company with its own directors. The GMMF is authorized to operate as a Mutual Fund by SEC whilst the Fund Manager provides fund management services to the Mutual Fund. Your direct investment in other products of the former manager are not part of the investments of GMMF. You may contact the SEC and or representatives of the former manager for records of your investment.

What is a Mutual Fund?

According to the SEC, a mutual fund is a public or external company incorporated solely to hold and manage securities or other financial assets. The company accepts funds from investors, uses those funds to buy a portfolio of securities and other financial assets, and employs a professional fund manager to manage the investment. The company issues shares, which represent pro-rata share of the pool of fund assets to investors. A mutual fund in Ghana may either be open-ended or closed-ended.

Who are the owners/parties to the management of GMMF?

The parties to the Management of Mutual Funds are the; Shareholders – Shareholders are the equity owners of the Fund. Shareholders of GMMF have power, through voting at General Meetings, to chart the strategic path of the Fund through resolutions. The Directors provide strategic direction to the Fund and act as the agent of Shareholders looking after their interest; Fund Manager provides Investment Management services by investing the assets of the fund in accordance with the investment guidelines, asset allocation and applicable regulations; and Custodian – the Custodian (Bank) keeps safe custody of the assets including investment certificates, cash balances and any other assets belonging to the Fund.

Why the change in Fund Manager of GMMF?

Following the revocation of the license of the former Fund Manager by the SEC, the Fund needed new Fund Manager in order to continue operate and to comply with Securities Industry Law and regulations in Ghana.

Who appointed the new Fund Managers?

The Directors of GMMF appointed Ashfield Investment Managers following a competitive selection process to safeguard the interest of shareholders and ensure turnaround of the Fund. This was done according to Laws and Regulations governing Mutual Funds and Company operations in Ghana.

What role did the SEC play in the appointment of the new Fund Manager?

The SEC performed its supervisory role in the change process in accordance with section 88 (6) of the Securities Industry Act, 2016 (Act 929). Following the revocation of the operating license of the former Fund Manager, SEC directed the Directors of GMMF to appoint a new Fund Manager in order to protect the interest of investors in the Fund.

How secure are my funds with the appointment of the new Fund Manager?

The appointment of a new Fund manager ushers in new life with expert-level experience in managing institutional Funds. Ashfield comes in with a wealth of expertise and combines leading capabilities across investment management, technology, and industry knowledge to achieve client satisfaction and goals. We are determined to hold our fiduciary responsibility with due care, investing client’s funds prudently, following laid down rules and regulations and holding on to the highest standards in investment practice. All client’s funds will be channelled through Trust accounts held in trust for the clients. All assets of the fund including investment certificates, deposits, and cash will be kept under the custody of Standard Chartered Bank PLC (Standard Chartered Bank Securities Services). These among many measures will ensure that your investments are safe with us.

What changes are to be expected following the appointment of Ashfield as Fund Manager of GMMF?

You should expect an efficient and tech-driven investment management service. The manager in consultation with the board of directors will submit necessary proposals for changes to the Fund at AGM for approval by GMMF shareholders that will ensure safety and growth of the fund.

When is the next Annual General Meeting (AGM) going to be held?

The Board and the Fund manager will determine based on applicable laws and regulations, the appropriate time to hold an AGM for the Fund. This is likely to coincide with the completion of reconciliation and validation of the assets of the Fund. A notice of meeting will be posted to you when due.

What happened to the investments of GMMF during the period that the previous Fund Manager’s licensed was revoked?

Some investments and assets of the Fund were with the Custodian bank whilst others were with various institutions, some of which have also had their licenses revoked by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC). These investments have largely been identified though they have not been yielding the expected returns. The team at Ashfield is engaging the respective regulators and investment partners to determine the values of these investments for inclusion into the determination of Net Asset Value.

What is Net Asset Value?

Net Asset Value (NAV) is the value of all investments of the Fund plus any cash or other assets minus all liabilities (including accrued expenses) divided by the total number of shares outstanding at a particular time.

What happens to the old balance I had with GMMF?

Your previous GMMF balance may or may not change, and this will only be determined after full reconciliation has been completed by the new Fund Manager. The value of your GMMF shares or investment balance will be affected by the total assets and liabilities that the new Fund Manager will be able to reconcile. We will take reasonable steps to protect and preserve shareholder value whilst we seek liquidity and growth in the immediate term.

How do I know my current balance in the Gold Money Market Fund (GMMF)?

Ashfield Investment Managers is undertaking reconciliation of the assets and liabilities of the Fund. We are also engaging the regulators and partners to validate all assets of the Fund. It is only after the validation of shareholders and determination of Net Asset Value (NAV) that you will be informed of your balance. You can also check your balance anytime at after declaration of NAV.

How long will the reconciliation process take?

The reconciliation and validation process will take between three (3) to six (6) months to complete. We will however keep you updated during the period. You may also visit to follow the process and access your account with the Fund.

Why can’t I be paid part of my money immediately, before you complete the reconciliation process?

We need to confirm all assets and liabilities to arrive at the true values of your shares (price per share) before we can initiate any payment from the Fund. We therefore require your patience to complete the full reconciliation before any money will be paid from the Fund to shareholders.

How do I withdraw from my account after the reconciliation?

After your account and balance have been validated and NAV declared, you may apply to the Manager to have your shares in the Fund sold and proceeds paid to you. Due to challenges following the financial services sector clean up, you may not be able to access all your funds at a time. The Fund Manager will engage you to arrive at satisfactory outcome and to meet your urgent liquidity needs.

How do I validate my investment with Gold Money Market Fund?

Visit to begin the process. You will be required to validate your investment with GMMF using your email or mobile phone number on record. After authentication, you will be required to update your records and submit your proof of investment, which may be your latest GMMF statement, investment receipt etc. If you are unable to access the online portal to validate your account and investment, kindly schedule a call on and we will call you back for assistance.

Will I be required to update my records with the Fund?

Yes. All shareholders will be required to update their records with the new Fund Manager for satisfactory service and engagement. We have provided an online portal for all clients to update their records without having to travel long distances to get their records updated. Use the link or schedule a call with us as provided above.

What can I do to help the new Fund Manager to keep my money safe?

Validate your investments in GMMF by providing any evidence of your investments. The new Fund Manager requires your patience and continuous subscription of the shares of the Fund as we work to turnaround the fortunes of the Fund and increase returns to shareholders. This means that whilst you can withdraw part or even all, depending on liquidity, you may lose out if all plans Ashfield has put in place results in increased returns to the GMMF.

How much experience does the Manager have in Fund Management?

Ashfield has a team of experienced investment professionals with more than 30 years of combined industry practice spanning Fund Management, Equities, Fixed Income and alternative investments. Ashfield’s team is experienced in Equity trading; combined Assets Under Management experience of over GHS 3bn including Bank Treasury, Provident Funds, Pension Funds, Family Office, Investment Clubs, DFI Funds, SME Funds & Private Wealth; combined ability to raise over GHS 100 million in debt for local SME’s with over GHS 1bn executed bond trades in Government Securities, over GHS 80mn executed trades in Corporate Bonds and over USD200million traded in proprietary Currency FX trades across several top tier banks.

How do I deal with the new Fund Manager if I do not live in Accra?

The Fund Manager has provided digital channels for the convenience of clients especially due to COVID-19 restrictions. Therefore, you do not have to visit our offices to be served. You can visit our website at and click on "Client Login" to submit all your enquiries or to schedule a call to get all your concerns addressed.

How will the new Fund Manager prevent similar mistakes from happening?

Ashfield has put in place stringent structures that adhere to ethical practices, transparency, and compliance with all applicable laws and regulations.

Why should I keep investing and not withdraw my investments?

Ashfield has put in place a transparent investment management process that follows the highest standards of professional practice. Ashfield employs the best of investment professionals with expertise to manage your money to achieve your investment objectives. You stand to benefit from any increase in value due to strategic turnaround measures put in place for GMMF.

How do I invest with Ashfield Investment Managers?

You can use our digital channel at or visit our offices at 16 Noi Fetreke Street, Airport West, Accra. Our services are tailored to each client’s unique circumstances and hinges on innovation, transparency, integrity, and collaborative effort.