Ghana: FBNbank Managing Director Appointed to Venture Capital Trust Fund Board

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The Managing Director of FBNBank, Mr. Victor Yaw Asante, has been appointed as a member of the board of the Venture Capital Trust Fund (VCTF).

Mr. Asante, who was sworn in as the ninth member of the VCTF Board, represents the Ghana Bankers Association (GAB).

Other board members who were sworn in earlier include Mr. Kofi S. Yamoah as Chairman of the Board, VCTF Chief Executive Officer, Mr. YawOwusu-Brempong, Deputy Minister of Finance, Dr. John Ampontuah Kumah, Managing Director of the Ghana Enterprise Agency. (GEA), Ms. KosiYankey-Ayeh and Ms. EfuaAppenteng as members.

The others are Mr. Kisseih Antonio, Ms. Mabel Nana Nyarkoah Porbley and Mr. Brian Frimpong.

The VCTF was established by the Venture Capital Trust Fund Act 2004 (Act 680) to provide financing to small and medium enterprises. Since its inception, the VCTF has had a tremendous impact on venture capital financing in Ghana.

It is about creating a dynamic and well-structured venture capital industry, benefiting from investments in various sectors, leading to the reduction of poverty through the creation of jobs and wealth with a collateral growth of public revenues.

The VCTF has been able to undertake this mandate through joint ventures with partners from various sectors with an interest in Ghana’s venture capital/private equity ecosystem, mobilizing over $77 million in investments .

These partners include banks, insurance companies, financing institutions and public institutions.

Since its inception in 2004, the VCTF has created seven funds with investments in more than 60 companies, raising US$89.7 million out of invested capital of US$29 million. Most recently, the Government of Ghana secured $40 million from the World Bank Group for the VCTF to revitalize the Fund and strengthen its position to be able to support the transformation of SMEs, especially viable start-ups in the country.

Commenting on his appointment, Mr. Asante said, “Banks in Ghana have a key role to play in ensuring that the VCTF fulfills its mandate. Banks already support the Small and Medium Enterprises (SME) program as part of their day-to-day operations. daily contribution to the development of Ghana’s economy. Through their partnership with the VCTF, there will certainly be a more focused delivery on supporting the SME agenda.

He said his appointment “places him in a unique position, as a representative of the Ghana Bankers Association, to help drive this program religiously, together with my fellow members, ensuring that the VCTF gradually increases its support for SMEs, thus creating jobs and reducing poverty.It is a responsibility that I fully assume and that I am passionate about.

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