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VCTF Reaches Municipal


2007-07-25 20:08:46
This article has been read 723 times.


Northern Regional Minister
Alhaji Mustapha Ali Idris, Northern Regional Minister, has urged small and medium scale enterprises (SMEs) in the region to take advantage of the Venture Capital Trust Fund (VCTF) to expand their businesses.

He noted that financing businesses was critical for the development of SMEs and explained that it was to address this problem that the VCTF was instituted to provide funding to the private sector.

Alhaji Idris made the call at the launch of the VCTF in Tamale , which was well attended by businessmen, traders, farmers, traditional rulers and a cross-section of the public.

He said although the Fund was available to all sectors of the economy, the pharmaceutical, information and communication technology (ICT), agro-processing and tourism industries had been identified as the key priority sectors, which could benefit from about 55 per cent of the funds available.

The Regional Minister however appealed to the VCTF to relax some of its charges and also reduce the processing period of documents for the SMEs to encourage them to access the services of the Fund without any impediment.

Nana Osei-Bonsu, Chief Executive Officer of the VCTF, said the Fund depended on a 25 per cent allocation from the national reconstruction levy to undertake its activities, adding that as at now, the fund had about GH¢400 million available to the SMEs.

He explained that the VCTF "does not give loans but rather goes into equity partnership with SMEs to provide services and technical assistance.

"The VCTF does not support businesses that import to sell", he said, adding: "Temporarily, we also do not provide funding for hotel and real estate development".

Nana Osei-Bonsu urged SMEs and farmers to take advantage of the potential of the region in the cultivation of sorghum and invest in that area to feed the breweries to reap huge profits.

source: ghanadistricts.com

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