President Nana Addo Dankwa Akufo-Addo has appointed Mr Kofi Yamoah, a Chartered Accountant and an Investment Banker by profession, as the Board Chair of Venture Capital Trust Fund.
The Board was inaugurated by the Finance Minister Ken Ofori Atta on Wednesday January 19.
Other members of the board include Yaw Owusu-Brempong who also doubles as the Chief Executive, Dr. John A. Kumah, a deputy Minister for Finance and Kosi Yankey-Ayeh, Chief Executive of the Ghana Enterprises Agency. Others are Antonio Kisseih, Mabel Nana Nyarkoa Porbley, Brian Frimpong and Efua Appenteng.
The Fund was established to provide Financial Resources for the development and promotion of venture capital financing for Small and Medium Enterprises (SMEs) in priority sectors of the economy as shall be specified from time to time.
Mr Ofori Atta said “In the last decade, VCTF has created seven funds, with investments in over 60 companies and having leveraged additional US$89.7 million from invested capital of US$29 million. Sustainable direct job created from these investments are over 3,400 with additional 13,500 indirect ones. Yet, a lot more can be done.
“The ravaging effect that the emergence of COVID-19 has had on businesses in general and SMEs in particular, has made it imperative for the need to provide the right kind of funding for MSMEs.
“To achieve this, the leveraging of private funding to supplement the effort of the Government is key, and the role for Private Equity and Venture Financing in achieving this aim cannot be downplayed. It is worthy to note that, Ghana is expected to attract more of such investments, especially with the financial sector reforms carried out by Government, which we believe has contributed to making Ghana a business-friendly destination to international investors.
“Mr. Chairman, the new Board is mandated to position VCTF to help increase the total value of investment attracted into the country from the current 22% to 35%,” he said.