Venture Capital Trust Fund improves performance – Auditor General’s Report

The auditor-general’s report for 2020, which audited the financial statements of the Venture Capital Trust Fund for the years ending 31 December 2019 and 31 December 2020, said the VCTF recorded a loss of GH¢559,170.00 in 2020 as compared with a loss of GH¢2,989,274.00 posted in 2019, representing an 81.3% improvement in performance.

 However, Total income of the Trust Fund increased by 153.2% from GH¢1,578,375.00 in 2019 to GH¢3,996,518.00 in 2020.

The rise was due to a 611.2% increase in other incomes.

The total expenditure decreased marginally by 0.3% from GH¢4,567,622.00 in 2019 to GH¢4,555,688.00 in 2020.

The Non-Current Assets of the Trust Fund’s increased from GH¢46,336,407.00 in 2019 to GH¢47,197,645.00 in 2020, an increase of GH¢861,238.00 or 1.9%.

The increment was as a result of additions to the financial assets during the year.

Current Assets decreased by GH¢1,188,831.00 from GH¢12,507,325.00 in 2019 to GH¢11,318,494.00 in 2020, representing 9.5%.

The decrease was as a result of 14.2% decrease in Cash and Cash Equivalent.

Current Liabilities went up by 71.2% from GH¢325,342.00 in 2019 to GH¢556,919.00 in 2020.

Current Ratio measuring the liquidity position for 2020 showed a healthy position of 20.32: 1, (38.44: 1 in 2019).

This means the Trust Fund could meet its short-term obligations as and when they fall due.

Source: Classfmonline.com