Venture Capital receives $40m support from World Bank
The Venture Capital Trust Fund (VCTF) has received $40 million from the World Bank to undertake its activities for the next three to five years.
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The Chief Executive Officer of the fund, Yaw Owusu Brempong, who made this known, said the money would be invested in specific priority projects.
He said such priority sectors would include agriculture, agro-processing and industrialisation, with the aim of creating more jobs for the youth.
The CEO was speaking at the opening of a one-day Capacity Building Workshop for Financial Journalists on Venture Capital and Private Equity Ecosystem in Accra.
"We want you to be writing more about us because now with the $40 million we are doing a lot," he stated.
The Trust Fund was established by the VCTF Act 2004 (Act 680) to, among other things, deploy monies to support activities and programmes which are aimed at promoting venture capital financing in Ghana.
The operation of the trust fund is aimed at creating a vibrant and well-structured venture capital industry with investments in various sectors, leading to job and wealth creation.
The World Bank is providing support to the Government of Ghana (GOG) for the implementation of the Ghana Economic Transformation Project (GETP).
The overall development objective of the project is to promote private investments and firm growth in non-resource-based sectors.
Socio-economic needs
It is in view of this that the Trust Fund is undertaking the capacity-building workshop for Financial Journalists to discuss areas in the venture capital and Private Equity ecosystem space to help carry the information to the public.
Also speaking at the workshop, the General Manager of the Venture Capital Trust Fund (VCTF), Hajia Hamdiya Ismaila, said the $40 million financial support would go into specific funds that would be used for investment in priority sectors such as agriculture and agro processing.
She noted that the funds, which include the Injaro, Wangara Green, Industrial Support, Mirepa Capital and Oasis Africa Funds, would be used to address specific socio-economic needs in the country.
“Injaro will be purposefully for education, health, agri-business, etc., while Wangara Green will solve agricultural, climate change, clean energy and Mirepa handles SMEs,” she stated.
She added that the VCTF would also establish a women's fund in the country to address special needs of women.
The women focus fund, according to her, would be the first of its kind in the country, with the purpose of positively benefitting women.
She revealed that the VCTF was making inroads into many areas of the economy while the media remains silent, hence “we want you to write more about us because now that we have $40 million, we can do a lot,” he said emphatically.