Equities are back in focus—for good reason. After a few tough years, the Ghana Stock Exchange has bounced back, with listed companies showing strong performance and an increasing shift of investor interest away from fixed-income instruments. As investor interest and confidence return, the case for investing in the stock market is stronger than it has been in years.

The InvestCorp Active Equity Fund (IAEF) continues to be a simple and proven way to invest in some of Ghana’s most promising companies.

The IAEF is designed to provide investors with a simple, effective way to access the growth potential of Ghana’s most promising companies. Launched on February 6, 2019, this mutual fund tracks a model portfolio of carefully selected equities listed on the GSE. By focusing on high-conviction stocks, the Fund aims to deliver attractive, risk-adjusted returns, with an emphasis on medium- to long-term growth.

Whether you're a Pension Fund, an Institutional Client, a High-Net-Worth Individual, or a Retail Investor, the IAEF offers a professionally managed investment vehicle that helps capture opportunities in Ghana’s dynamic market.

The minimum recommended holding period for those seeking sustainable growth is 3 years, aligning with the Fund’s focus on long-term capital appreciation.

InvestCorp Asset Management Limited (InvestCorp), the firm that manages the Fund, was established in 2014 and is a wholly-owned Ghanaian asset management and investment banking firm.

Licensed by the Securities and Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA), InvestCorp has earned a solid reputation in Ghana's investment space.

With GHS 4 billion in Assets Under Management (AUM), the firm has a track record of providing innovative financial solutions and tailored investment strategies to meet the unique needs of individuals, businesses, and institutions.

Strong Returns, Focused Strategy

The IAEF has demonstrated impressive resilience and performance, with a 5-year average annual return of 15.52%. This puts it ahead of its peers, who averaged 14.24% over the same period. This strong track record highlights the Fund’s ability to consistently outperform the market and deliver long-term value for investors.







Since its inception, the IAEF has consistently delivered strong returns. To put it in perspective, if you had invested GHS 10,000 at the Fund’s launch in February 2019, your investment would be worth GHS 24,520 today. That’s 2.4 times your original investment in under five years. It’s a powerful example of what long-term investing in the right fund can do, growing your money steadily.

Growth Of GHS 10,000 In The Fund Since Inception

Over the last few years, the Fund has shown that consistent, long-term growth is possible even in uncertain markets. In 2021, the Fund delivered an impressive 52.93% return, outperforming the market’s 43.66%. In 2022, despite rising inflation and a shift in investor appetite toward Treasury bills, the Fund held its ground and returned -6.97%, doing better than the index return of -12.38%.

The following year, 2023, saw a modest gain of 4.22 percent, reflecting the Fund’s ability to adapt to changing conditions. Then, in 2024, the Fund delivered a strong return of 35.11 percent, as investor confidence in equities continued to grow and the portfolio’s core holdings delivered solid results. The Fund has so far this year produced a return of 19.58%, continuing its solid performance compared to its peers.



The Fund is specially built to deliver consistent capital growth through a well-thought-out asset allocation strategy, focusing on sectors such as banking, telecommunications, energy, and consumer goods. The Fund avoids the over-diversification (fragmentation) seen in many equity funds by focusing on a carefully selected basket of stocks. This allows each holding to make a real impact on performance while still keeping the portfolio balanced and resilient.

Backed by an active management style, the portfolio is regularly reviewed to take advantage of new opportunities and trim or exit positions that no longer align with the Fund’s strategy. While primarily equity-focused, the Fund also has the flexibility to invest up to 10% of the assets under management in fixed-income instruments to help manage short-term volatility and support liquidity.

The Fund is regulated by the Securities and Exchange Commission (SEC) and operates within strict regulatory guidelines. It ensures that investor funds are managed responsibly, with strong oversight in place to prevent misuse and protect our investors' interests.

A New Chapter: Strategic Access to Global Equities

As markets evolve and the need for smart diversification grows, the Fund is stepping confidently into new territory. In 2024, shareholders at the Fund’s EGM approved a game-changing move, allowing up to 40% of the Fund’s assets to be invested in global markets. This strategic expansion gives investors access to some of the world’s strongest and most dynamic companies, while still maintaining solid exposure to Ghana’s top listed firms.

It unlocks access to a wider universe of opportunities, enabling the Fund to tap into industries and themes not available locally, and potentially uncover higher growth investments. It enhances diversification and reduces risk by spreading exposure across different markets whose performance drivers differ from Ghana’s, thus helping to smoothen returns.

It also provides the chance to hold shares in some of the world’s leading and most innovative companies, names that often define their sectors globally. By aligning with different economic cycles, the Fund can benefit from regional growth dynamics at varying times, resulting in a more balanced performance. Finally, the Fund's exposure to multiple currencies introduces the potential for currency gains, further boosting returns for local investors.

It is a bold step that combines the growth potential of global equities with the familiarity of local markets, offering a more balanced, opportunity-rich portfolio designed to deliver value over the long term.

Why Invest in the InvestCorp Active Equity Fund?

Despite Ghana’s persistently elevated inflationary environment, the Ghanaian equities market continues to present compelling upside potential and return generation opportunities. Select counters have delivered robust total shareholder returns, both in GHS and USD terms, outperforming major global indices and offering superior risk-adjusted returns.

Over a five-year horizon (April 9, 2020 – April 9, 2025), market-leading stocks such as Benso Oil Palm Plantation (BOPP), TotalEnergies Ghana (TOTAL), and MTN Ghana (MTNGH) have exhibited remarkable resilience, delivering USD annualized returns of 27.49%, 24.55%, and 9.88% respectively.

These returns have not only outstripped domestic inflation but also outperformed key global benchmarks including the S&P 500 (14.36%), S&P Europe 350 (7.63%), FTSE 100 (5.62%), and the S&P Emerging BMI (3.99%) over the same timeframe, highlighting the strength and relative undervaluation of frontier market equities.

See Figure Below



On a local currency basis, the performance is even more compelling. BOPP, TOTAL, and MTNGH posted annualized GHS returns of 56.84%, 53.24%, and 35.18% respectively, substantially outpacing the annualized inflation rate of 17.08%.

Additionally, the Ghana Stock Exchange Composite Index (GSE-CI) delivered an annualized return of 23.36%, confirming that the broader market outperformed inflation and preserved capital in real return terms.

It is particularly noteworthy that this outperformance occurred in a macro backdrop where sovereign money market instruments offered historically elevated yields, diverting significant capital away from equities. However, with the recent compression in sovereign yields, investor rotation into equities and other higher-yielding instruments has intensified.

This underscores the structural strength and intrinsic value embedded in key Ghanaian equities. This paradigm shift, driven by yield-hungry capital flows, positions the Ghanaian equities market for a sustained bull run, as investors recalibrate their portfolios toward undervalued high-growth opportunities.

Key Benefits of the InvestCorp Active Equity Fund

The Fund’s potential is further enhanced by its ability to invest up to 40% of its portfolio in global markets, offering investors access to some of the world’s most dynamic and high-growth companies. This global allocation helps diversify the portfolio beyond the Ghanaian market, creating a more resilient investment vehicle while increasing the potential for higher returns.

In addition, the Fund is actively managed by a team of experienced professionals who conduct in-depth market research and apply disciplined asset selection strategies. Investors benefit from this expertise without needing to pick individual stocks or monitor daily market movements, making the Fund a simplified, yet sophisticated, investment solution.

By combining strong local equity performance with global exposure and professional management, the Fund provides a balanced approach to long-term wealth creation. It is particularly suitable for first-time investors, young professionals, and seasoned individuals looking to complement fixed-income portfolios with growth-oriented assets.

Through this structure, the InvestCorp Active Equity Fund empowers investors to capitalize on structural re-ratings in frontier markets while tapping into global opportunities for sustainable growth.

Whether you’re a young professional, a retiree seeking portfolio diversification, or an institutional investor exploring frontier and global equities, the InvestCorp Active Equity Fund provides a robust, growth-oriented solution tailored to your long-term investment goals.

How to Invest

Investing in the IAEF is simple and convenient. Start your investment journey with just GHS 100 and enjoy expert fund management and growth potential tailored to your goals.

Sign up for the fund using any of the following channels:

Website: Visit www.investcorpgh.com and click “Create Account” to get started in minutes.

InvestCorp Mobile App: Already a client? Simply log in to the InvestCorp App to invest or top up your account.

USSD: Dial *789*710# and follow the prompts to invest directly from your mobile phone.

Need Help? Email us at info@investcorpgh.com or call 0302 509 045 for assistance.

With proven results, strong performance, and a strategic outlook, the InvestCorp Active Equity Fund is the smart, forward-looking choice for investors who want to build long-term stable returns.

Make your money work harder. Invest in the IAEF today.