Investigations are soon to commence into the operations of the Venture Capital Trust Fund (VCTF).
The Fund, meant to provide long-term funding to small and medium scale (SME’s) and to support the growth of the private sector, has been in the news for various negative reasons including misappropriation of funds.
According to reports, only about seven percent of an amount of GHS18.26 million invested by the government between 2010 and 2015 has been recovered. A total of GHS32 million is still outstanding.
Bureau of National Investigation (BNI) has subsequently opened investigations into how the Development Assistance Fund (DAF) and the Special Purpose Vehicle (SPV) created under the Fund, to give credit to SMEs were misappropriated.
Also, an Auditor General’s report revealed wrongful payments of GHS3.6 million by some officials of the Fund to acquire a property, pay gratuity to Board members without approval and grant huge loans without due diligence.
But Chairman of a reconstituted board of the Fund, Mr Kwasi Sekyere has given assurances that operations of the fund will be reviewed in the coming days to plug all loopholes.
“We will do a diagnostic review of what has taken place. We will take the lessons learnt and find out where the loopholes have been to make sure that those are not repeated.”
Sekyere added, “we are looking for committed entrepreneurs, people who are ready to work and are honest so that together we can move the economy forward. We are not going to deal with people who are just there to dupe the Fund.”
He also revealed that the fund will strategically align its investments to the implementation of the One-District-One Factory, (1D1F) policy.
“Will provide the necessary training and credit support for the implementation of the 1D1F, so we will look at every region and map out its strength into the 1D1F policy.”
The new Board is chaired by Mr Kofi Owusu Sekyere. Members include, Mr Yaw Owusu-Brempong, Mr. Fuseini Issah, Madam Efua Asabea Asare and Mr. Peterson Ekow Afedzie, as members.
Others are, Dr. John Kofi Mensah, Mr. Franklin Owusu Asafo Adjei, Mr. Brian Frimpong and Mrs. Efua Apenteng.
By Nana Oye Ankrah