Percival Kojo Ofori Ampomah, General Manager, Venture Capital Trust Fund, has ignited hope in Ghanaian Small and Medium-sized Enterprises (SMEs), promising long-term.
At a breakfast meeting in Accra on Wednesday, November 13, as part of activities marking its 20th anniversary, Ampomah stated that they had circulated about US$7 billion in the market and was poised to do more.
“We hope that in the next 20 years, we can remove all the impediments that will stand in the way, including revising the Act to get a sustainable funding source for us to be able to do the job that we are expected to do,” he said.
Mr Ampomah said the move was to enable SMEs to expand their productivity, grow sustainably, and create jobs for the youth, including providing alternative sources of livelihood for people engaged in illegal mining (galamsey).
He said that the Fund would increase investment in their traditional areas of education, health, agric and agro-processing, and hospitality while venturing into climate-related areas, as well as digital innovations.
Particularly on digitalization, he stated that Venture Capital was supporting the implementation of the Ghana Digital Acceleration Project with funding assistance to Financial Technology Companies (Fintechs).
This aims to remove the barriers associated with broadband and digital service access for the country’s lowest-income people and increase business growth through innovative digital solutions.
“We’re also building a new generation of industry experts and analysts who work in the management of venture capital companies to help their asset class to grow,” the General Manager of Venture Capital said.
When the Ghana News Agency asked about how SMEs get to know about funds, he said they periodically hold roundtable discussions to make small businesses know about available funds and how to access them from their 14 fund managers.
Mr Abraham Mensah-Belley, an Investment Manager with Venture Capital, reiterated the company’s commitment to supporting innovations to grow and sustain SMEs and other businesses in the country.
“After 20 years, we’ve made a lot of impact, but more can be done. At least for every dollar we have deployed, four more of that money has been disbursed to many companies that everyday interact with you and I,” he said.
“Venture capital has the capacity to develop this economy, and more money will be deployed in the coming years to make the next stream apart,” Mr Mensah-Belley said.