Former Deputy General Secretary of the NDC, Samuel Koku Anyidoho

Former Deputy General Secretary of the National Democratic Congress (NDC), Koku Anyidoho, has questioned the rationale behind the state allocating GH¢2.7 billion to the Office of the President in the 2025 budget.

The budget, explained by the Minister for Government Communications, Felix Kwakye Ofosu, as covering the salaries of public sector workers whose agencies now fall under the presidency for administrative purposes, has not been well received by Anyidoho.

In a social media post on March 15, 2025, Anyidoho questioned, “Which state workers? Have these state workers not already been captured on the payroll of the Controller & Accountant General’s Department (CAGD) for years? Or are they fresh state workers? Just asking.”

In a separate tweet on X (formerly Twitter), he posted the news with the caption, “Really?”

Kwakye Ofosu clarified that no new civil servants have been recruited and that these salaries have always been part of government expenditure.

He explained that the only difference is that their budget allocations now fall under the presidency, following the reduction in the number of ministries.

Addressing concerns about the GH¢78 million allocated under the presidency, Kwakye Ofosu stated that the amount is for the operational budgets of state-owned media and public information agencies, including GBC, ISD, and GNA, which are now classified under the presidency’s budget.

“These institutions provide public service information, and their operations are funded by the state. This is not a separate allocation for political activities,” he said.

Which “State workers”??? Have these State workers not already been captured on payroll of Controller & Accountant General’s Department (CAGD) for years? Or is it fresh State workers??? Just asking! pic.twitter.com/GW7T1d1Esh

— Samuel Koku Anyidoho🇬🇭 (@KokuAnyidoho) March 15, 2025

Really ??????? pic.twitter.com/eZNsJ6wZLV

— Samuel Koku Anyidoho🇬🇭 (@KokuAnyidoho) March 14, 2025

AM/MA

Meanwhile, catch the first in the series of our special episodes on Forgotten Forts on People and Places on GhanaWeb TV below. This episode focuses on Fort Amsterdam at Abandze:

Michael Abbey, new CEO of the Venture Capital Trust Fund

Ghana’s economy is at a pivotal moment, with private capital playing an essential role in fostering business growth, creating jobs, and driving economic transformation.

The need to mobilize domestic capital, attract global investment, and provide strategic financing for high-growth SMEs has never been more pressing.

Against this backdrop, the appointment of Michael Abbey as the new CEO of the Venture Capital Trust Fund (VCTF) marks a significant milestone in shaping Ghana’s private equity and venture capital ecosystem.

As a key institution in the country’s investment landscape, VCTF’s leadership plays a crucial role in sustaining capital flows and fostering long-term economic development.

VCTF was established by an Act of Parliament to address Ghana’s SME financing gap and build a robust private capital market.

The industry anticipates that the new leadership will focus on strengthening capital mobilization and deployment by engaging pension funds, insurance firms, and institutional investors to channel local capital into venture capital and private equity funds.

A strategic allocation of funds will be essential to support high-impact businesses that drive job creation and economic growth.

Investor confidence and governance will also be a key priority. Transparency and accountability in fund management are critical to sustaining trust among investors.

Strengthening corporate governance structures in line with global best practices will further enhance the credibility of Ghana’s private capital market.

Additionally, engaging with development finance institutions, sovereign wealth funds, and impact investors will help unlock additional capital for the sector.

Beyond capital deployment, advancing policy advocacy and ecosystem development will be essential in shaping a more enabling investment climate.

Collaborating with key regulators such as the Ministry of Finance, the Securities and Exchange Commission (SEC), and the National Pensions Regulatory Authority (NPRA) will be necessary to drive regulatory reforms that facilitate private investment.

The finalization of the Limited Partnerships Act will be a crucial step in attracting more private capital.

Furthermore, advocating for incentives to encourage both local and international investors to participate in venture financing will be vital in ensuring sustainable growth.

VCTF’s leadership is also expected to work closely with the Ghana Venture Capital and Private Equity Association (GVCA) to support the broader private capital ecosystem.

GVCA has played a significant role in shaping Ghana’s private equity and venture capital landscape through policy advocacy, investor engagement, capacity building, and market research.

By facilitating entrepreneurial development programs, GVCA has helped prepare SMEs for investment opportunities, ensuring that businesses seeking funding are well-positioned to attract investors.

The association remains committed to strengthening investment regulations and improving capital allocation to foster a thriving private capital market.

The success of VCTF’s new leadership will ultimately be measured by its ability to implement these strategic priorities effectively.

GVCA and the wider private capital industry are eager to collaborate in ensuring that private investment continues to drive economic transformation, unlock opportunities for local entrepreneurs, and create sustainable employment.

With strong leadership and sound financial management, Ghana is well-positioned to solidify its status as a leading investment destination in Africa.

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