VCTF exposes business operators to equity financing

Kumasi, Sept. 30, GNA - Mr Daniel Kofi Duku, Chief Executive Officer of Venture Capital Trust Fund (VCTF), has asked members of the business community to change their mindset and embrace the concept of equity financing to promote growth and expansion of their businesses.

He said the unwillingness of entrepreneurs to float shares in their businesses has been a major drawback on growth.

Speaking at a meeting with business executives in Kumasi on Thursday, Mr Duku expressed worry that businesses particularly those in Kumasi Metropolis remain the least in applying for funds from the VCTF to boost their operations.

The meeting was aimed at introducing the Ghana Angel Investor Network (GAIN) to members of the business community in the Metropolis and encourage them to sign-up to the programme.

GAIN is a network of business entrepreneurs with a passion for investing in early-staged businesses with significant growth prospects and potential to generate more returns.

It is an initiative of the VCTF to create opportunities for wealthy entrepreneurs to provide funding to assist the up and coming ones. Mr Duku said GAIN aims at providing easy access to capital and mentoring of young entrepreneurs.

He said investors increase the potential of a company to generate higher returns on their investments.

Mr Samuel Sarpong, Metropolitan Chief Executive, identified access to long term capital as the number one challenge to businesses in Ghana. He appealed to big time operators in the Region to embrace the programme to help nurture new generation of businesses to create jobs and wealth for the people.

Mr Latse Agbeyafia, Member of Parliament for Keta, and member of the Board of Trustee of VCTF, said GAIN would not only provide good returns for investors but enhance development of businesses to anchor socio-economic progress. The Akyempimhene, Oheneba Adusei Poku, who chaired the function, lauded the GAIN initiative and called for effective collaboration between the Network secretariat and the Universities to support young graduates desirous of setting up their own businesses. He said the nation could develop only when business people show ingenuity and the vision to create jobs.