Akufo-Addo appoints Kofi Yamoah as the new Board Chair of Venture Capital Trust Fund
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The President, Nana Addo Dankwa Akufo-Addo, has appointed the former Managing Director of the Ghana Stock Exchange, Kofi Yamoah as the Board Chair of the Venture Capital Trust Fund (VCTF). Kofi Yamoah has worked at the Ghana Stock Exchange for about 29 years. He was appointed Managing Director of the bourse in 2003. He is a Chartered Accountant and an Investment Banker by profession.
He has extensive executive training and study tours in many capital market institutions in Africa, Europe, the US, and Asia.
He will be leading the Fund to ensure the team plays a critical role in the government’s quest to enhance investments for SMEs.
Speaking during the swearing-in of the newly-inaugurated eight-member board of the Venture Capital Trust Fund, Minister of Finance, Ken Ofori-Atta tasked the new Board to introduce innovative ways and strategies to support private businesses and help increase the total value of investment attracted into the country from the current 22% to 35%.
“In the last decade, VCTF has created seven funds, with investments in over 60 companies, and has leveraged an additional US$89.7 million from invested capital of US$29 million. Sustainable direct jobs created from these investments are over 3,400 with additional 13,500 indirect ones. Yet, a lot more can be done. The ravaging effect that the emergence of COVID-19 has had on businesses in general and SMEs, in particular, has made it imperative for the need to provide the right kind of funding for MSMEs.”
To achieve this, the leveraging of private funding to supplement the effort of the Government is key, and the role of Private Equity and Venture Financing in achieving this aim cannot be downplayed. It is worthy to note that, Ghana is expected to attract more such investments, especially with the financial sector reforms carried out by Government, which we believe has contributed to making Ghana a business-friendly
destination to international investors. Mr. Chairman, the new Board is mandated to position VCTF to help increase the total value of investment attracted into the country from the current 22% to 35%,” he said.
Ken Ofori-Atta also revealed that the World Bank plans to invest some 40 million dollars to the Venture Capital Trust Fund through the National Development Bank for its operations and on-lending to the private sector.
This, according to him, will enhance the Fund’s commitment to supporting small and medium enterprises with long-term patient capital for growth, wealth, and job creation.
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 NanaNyarkoa Porbley, Brian Frimpong, and Efua Appenteng.