World Bank to inject $40m into Venture Capital Trust Fund

The World Bank is committing some $40 million into the Venture Capital Trust Fund through the National Development Bank for its operations and on-lending to the private sector.

The money which is expected before the end of the month will boost the capital capacity of the Fund to enable it strengthen its core mandate of providing support for small and medium enterprises.

Swearing in the Board of the Fund, Minister of Finance, Ken Ofori-Atta, said the World Bank facility will complement other government initiatives, aimed at making the Venture Capital Trust Fund a world class state agency.

“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.”

“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 said.

Meanwhile, former Managing Director of the Ghana Stock Exchange, Kofi Yamoah, has been sworn in as the Board Chairman of the Venture Capital Trust Fund. 

He will be leading the team to ensure that the fund plays a critical role in government’s quest to enhance investment for SMEs and make the country a financial sector hub.

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.