Percival Ofori Ampomah<\/strong><\/p>\n\u00a0<\/p>\n
The Venture Capital Trust Fund (VCTF) is calling for a review of existing legislation to facilitate easier access to equity funding for small and medium-sized enterprises (SMEs) in the country.<\/p>\n
General Manager, Percival Ofori Ampomah said such a reform would financially empower SMEs, which serve as the backbone of the Ghanaian economy.<\/p>\n
Speaking at a media breakfast meeting commemorating VCTF\u2019s 20th anniversary, Mr. Ampomah noted that the current framework under the Venture Capital Trust Fund Act (Act 680) of 2004 does not provide for a reliable, continuous flow of funds for SMEs.<\/p>\n
This limitation, he said, hinders the Fund\u2019s ability to meet the growing financial needs of SMEs through its equity and quasi-equity investments.<\/p>\n
\u201cVenture capital itself is established by an Act of Parliament, but certain aspects of the legislation impede our work as venture capitalists. Over the next few years, we aim to remove these obstacles,\u201d Ampomah explained.<\/p>\n
\u201cThe Act must be reviewed, especially clause 3, which lists the sources of funding for the Trust Fund. After 20 years, this list needs updating\u2014particularly because the national reconstruction levy, which was once a source, has since been repealed but remains in the law,\u201d he stated further.<\/p>\n
According to him, currently, many Ghanaian SMEs face challenges in accessing affordable capital, often relying on high-interest loans from traditional financial institutions.<\/p>\n
He said equity financing from the VCTF offers a more flexible, growth-oriented alternative, yet the lack of sustained funding limits the Fund\u2019s impact on the SME sector.<\/p>\n
He indicated that the proposed review of the VCTF Act aligns with broader government efforts to support private sector development and promote job creation.<\/p>\n
Mr. Ampomah disclosed that Parliament is expected to consider the proposal in the coming months, with stakeholders hopeful about the potential for transformative changes.<\/p>\n
If successful, the reform could position the VCTF as a major catalyst for SME growth, enabling businesses to scale, create jobs, and contribute significantly to Ghana\u2019s economic transformation, he said.<\/p>\n
\u201cThis is a priority for us: to update the Act in line with current needs and to advocate for a more permanent funding source. Such changes would ensure the continuity of our work,\u201d Mr. Ampomah added.<\/p>\n
Business Desk Report<\/em><\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Percival Ofori Ampomah \u00a0 The Venture Capital Trust Fund (VCTF) is calling for a review of existing legislation to facilitate easier access to equity funding for small and medium-sized enterprises (SMEs) in the country. General Manager, Percival Ofori Ampomah said such a reform would financially empower SMEs, which serve as the backbone of the Ghanaian […]<\/p>\n","protected":false},"author":1,"featured_media":251473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-251472","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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