Venture Capital Trust Fund gets new CEO
President Nana Akufo-Addo has appointed Yaw Owusu-Brempong, a seasoned financial industry professional, as the new CEO of the Venture Capital Trust Fund (VCTF).
He takes over from Osman Sulemana, who was asked to step aside on Wednesday, May 3, 2017, within 24 hours. Mr. Owusu-Brempong began work on Friday, May 5, 2017.
Mr. Owusu-Brempong was the Chief Financial Controller of Vanguard Assurance Company from March 2005 till about four years ago when he left to pursue other interests. He then set up companies that provide catering and accommodation to players in the mining sector.
During his time at Vanguard, he was in charge of the management of all the finance, accounting and investment functions of the company.
Prior to his appointment with Vanguard, he was the General Manager in charge of Finance and Administration with Multi-Tech Services Ltd.
He also worked in three different positions with British American Tobacco (BAT) Ghana Ltd for a period of three years and four months. He joined BAT in June 2001 as Management Accountant and later became the Financial Accountant of the company.
He was later promoted to the position of Finance Manager before leaving the company in October 2004.
Mr. Owusu-Brempong is an Associate Member of the Chartered Institute of Management Accountants (CIMA) UK and holds an MBA in Finance from the University of Leicester, UK. He also holds a degree in Economics (BA Hons) from the University of Ghana.
Revival of Venture Capital Trust Fund
The fund, for the first time in four years, has been allocated GH¢219million in the 2017 budget to support Small and Medium Enterprises (SMEs) and drive up economic growth via equity investments.
The allocation is expected to offer alternative and cheaper source of capital for hundreds of small businesses across the country.
The last time the fund had budgetary allocation was in the 2012 budget which was implemented by former Finance Minister Dr. Kwabena Duffuor, with an amount of GH¢5million. This followed a 2011 allocation of GH¢10million.
No allocation was made in the 2013, 2014, 2015 and 2016 budgets, as a result of which managers kept calling for government support.
The VCTF was established by the Venture Capital Trust Fund Act, 2004, Act 680, with the objective of not only providing financial resources to SMEs but to also initiate relevant activities for the development and promotion of the venture capital industry in the country.
Since its establishment in 2003, the VCTF was funded from the National Reconstruction Levy which came to an end in 2006, and it has been funded from budgetary allocations until that also stopped in 2013.