Venture Capital Trust Fund board members sworn in
World Bank to inject US$40 million into Venture Capital Trust Fund
Finance Minister Ken Ofori-Atta has said the World Bank will inject US$40 million into the Venture Capital Trust Fund to offer on-lending support to the private sector before the end of January this year.
According to a Joy Business report, the funds will be made available through the National Development Bank.
Speaking at a ceremony to swear-in Board Members of the Venture Capital Trust Fund, the finance minister said the World Bank facility will enhance the capital capacity of the Fund and boost support for small and medium enterprises.
“With this $40 million through our resources from the World Bank, they should be able to leverage that. But as I mention, the visible hands of government will always be there to complement the support,” Ken Ofori-Atta was quoted by Joy Business.
“I think lessons have been learnt from the histories of the old board and this is the right time for such funds to support their operations because prosecution is ongoing and other culprits of the former administration are been chased” he added.
Ken Ofori-Atta added that the World Bank facility will go a long way to complement other government policies geared towards making the Venture Capital Trust Fund a well-established entity.
Meanwhile, the Venture Capital Trust Fund will be chaired by Kofi Yamoah who is a former Managing Director of the Ghana Stock Exchange.
Other members of the Fund’s board are 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.
The rest are; Antonio Kisseih, Mabel Nana Nyarkoa Porbley, Brian Frimpong and Efua Appenteng.
The newly sworn-in board members will steer the affairs of the Fund which plays a vital role in government's resolve to boost investment for SMEs. Read Full Story
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