Venture Capital Trust Fund (VCTF) has invested about $11million in 21 small and medium scale enterprises (SMEs) across the various sectors of the Ghanaian economy.The investee companies are engaged in information communication technology, education, finance, poultry, pharmaceutical industry, agriculture and waste management.This was disclosed by Nana Osei Bonsu, chief executive officer of VCTF, at press conference in Accra meant to inform the public about the mandate and operations of the fund.The minimum investment by a venture capital fund company in an investee company is about $25,000 and the fund's maximum investment is ten per cent of total capital of each venture capital fund company approved by its investment company but VCTF's portion should not exceed $5000,000.Nana Bonsu said VCTF approves a special purpose vehicle financing to provide funding to a special industry, and the sorghum value chain project has initiated with it providing about $800,000 to 3,500 farmers who produced over 2,000 metric tonnes of sorghum in 2007.Under the project, the trust has given $1 million to 4,000 farmers who are expected to produce about 3,000 metric tonnes of sorghum in 2008. "Total investment by the VCTF in the project is GH¢2,160,000 and the local production of sorghum has increased from 100 metric tonnes to 3,000 metric tonnes in 2008," Nana Bonsu said.He said the VCTF also provides technical assistance to investee companies iunder a three-tier strategic approach in the provision of best business practices and professional services to meet the needs of SMEs.On the way forward, he said VCTF would sustain public awareness and promotional programmes across Ghana and train build the capacity of small scale entrepreneurs, adding that intensive investment initiatives would be undertaken.
BY;Ayuure Kapini Atafori
No comments:
Post a Comment