In spearheading Ghana s growth into middle income status, the need for a vibrant

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1 THE VENTURE CAPITAL TRUST FUND, (ACT 680) In spearheading Ghana s growth into middle income status, the need for a vibrant venture capital and private equity industry to provide investment capital in support of the private sector cannot be over emphasized. Provision of low cost funding has been a major constraint in the development of Small and Medium Enterprises (SMEs) which constitute in excess of 80 per cent of all economic activities in the country. In an effort to resolve this trend, the Government of Ghana provided additional leverage with the establishment of the Venture Capital Trust Fund (). The objective is to offer funds through equity investments to the SMEs, for their development and expansion. REGISTERED ADDRESS: Venture Capital Trust Fund 12 th Floor, Premier Towers Ministries Accra P. O. Box CT 449, Accra Tel: , Fax: Website: Info@venturecapitalghana.com.gh 1

2 OBJECTIVE OF THE VENTURE CAPITAL TRUST FUND The Venture Capital Trust Fund () was established by an Act of Parliament, Venture Capital Trust Fund Act, 2004, Act 680. The objective of the Trust Fund is not only to provide financial resources to the Small and Medium Enterprises but also to initiate relevant activities for the development and promotion of the venture capital industry in the country. VENTURE CAPITAL FINANCE COMPANIES The following venture capital finance partnerships have been established: Activity Venture Finance Company Limited 5 th Norla Link Labone P.O. Box 134 Accra. Tel: Fax: Fidelity Equity Fund II 18 Aviation Road, Airport Residential Area, PMB CT 255, Cantonments, Accra. Tel: Fax: Bedrock Venture Capital Finance Company 10 th Floor, Premier Towers, P. O. Box GP 3726, Ministries - Accra. Tel: Fax: Gold Venture Capital Limited 1 st Floor 1 st National Savings and Loans Building Kwame Nkrumah Circle Tel: Fax:

3 CHAIRMAN S STATEMENT Another successful year of the operations of the Venture Capital Trust Fund has ended and I am pleased to present the Annual Report and Accounts for the year ended December 31, Macroeconomic Environment The macroeconomic environment in which Venture Capital Trust Fund operated in, during the year 2008 was marked by inflationary pressures that were very high, occasioned by high crude oil prices and global food price increases. On the domestic front, inflationary pressures were compounded through increased government spending during the election year. Year-on-Year inflation stood at 17.1% at the end of the year. Much as oil prices declined sharply due to the global economic meltdown, its impact on domestic inflation was 18.1%. The Monetary Policy Committee of Bank of Ghana raised the Prime Rate by a cumulative 350 basis points from 13.5% to 17.0% during the year. The ripple effect was increases in interest rates of various credit facilities by the banks. The Financial Performance Much as the year 2007 was quite an achievement, 2008 was an improvement. GH 1,967,760 was recorded as profit for the year under review as compared to GH 1,660,547 in Profitability performance was good as recorded a growth of 1.18% in Profit. Our Interest Income was GH 3,187,066 3

4 Strategic Plan A five year Strategic Plan was developed to give further direction and focus for the operations of the. This strategic initiative deepens our quest in promoting a vibrant venture capital industry in Ghana. The drive to spearhead the development of the industry is enshrined in the strategic plan which gives the impetus to attain our mandate. More strategic partners will be sought to complement existing Venture Finance Companies whilst efforts are pursed to establish more Specific Purpose Vehicles. The total capitalization of the venture industry stood at GH 56.9 million from an initial seed capital of GH 22.4 million to the Trust Fund from the National Reconstruction Levy, which was abolished by the Parliament of Ghana in Consultations with the Ministry of Finance and Economic Planning were initiated to seek alternative sources of funding for the Trust Fund. Our Investment Portfolio Our investment portfolio ranges from the cultivation of Sorghum as an import substitution in replacement of imported barley in the production of beer and beverages by Guinness Ghana Breweries Limited to other areas that contribute to poverty alleviation and jobs creation. Line of investments by the partnership VCFCs are in the areas of ICT, Education, Finance, Pharmaceutical and Waste Management, etc. In the coming year, as we intensify and deepen our interests in these existing areas, we shall broaden our scope into other equally profitable opportunities to give our investments a high level of diversity. 4

5 Our drive to have more Special Purpose Vehicle (SPV) projects will be vigorously pursued. The determination to provide more funding to the SMEs for the development and expansion will be moved into next level and intensified. Technical Assistance through the various forms identified will continue to be the hallmark of our quest to equip the SMEs with the relevant technical skills and training to drive their operations. Conclusion The Board and Management of the Venture Capital Trust Fund will continue to focus their activities on improving operations of the VCFCs. The Venture Capital industry terrain is in its infant stage in Ghana and like most infant industries comes, with unique challenges and opportunities. In this regard, more vigorous educational campaigns will be undertaken and opportunities harnessed. will ensure prudent management and best practices for the Venture Financing Companies and its investee companies to advance on the growth path of the venture capital industry. I like to express much heartfelt gratitude to the CEO and Management for a good year. My appreciation goes to fellow Members of the Board of Trustees for helping in deepening the venture capital industry in Ghana. We hope to achieve more in the coming years. Thank you all. Dr. Samuel NIi-Noi Ashong, Chairman 5

6 CHIEF EXECUTIVE OFFICER S REPORT Introduction In the year 2008, the continued its operations as mandated by Act 680 with a renewed commitment in strengthening the Venture Capital industry through growth, training and collaboration with our private sector partners. Year 2008 marked the third year of operations which moved us into the mainstream of venture financing. During the year under review, a change was made in the composition of the Board of Trustees, Mr. Mark A. Made replaced Mr. Eddie Safo Kwakye as the representative of the Ministry of Finance and Economic Planning. This Annual Report for the Year 2008 will highlight the operations of the undertaken during the year. Management of the Secretariat In accordance with the Trust Fund s mandate to expand and grow the venture capital industry, the Secretariat recruited an Investment Monitoring Specialist, Investment Analysts and an Investment Coordinator. As a result, the total staff strength of the Trust Fund now stands at fourteen with eleven professionals and three support staff. Information and Communications Technology The Secretariat is currently equipped with the state-of-the-art technology, ICT resources and platforms required to achieve the objects of the Trust Fund. During the year the following were implemented: Disaster Recovery System (DRS) and Backup equipments were acquired to prevent absolute downtime. A corporate website was redesigned. 6

7 A new system, an internal communication and collaboration tool were established. The existing Business Application system has been enhanced with the introduction of the Human Resources Module for personnel administration. Sources of Funding As previously reported, the s main source of funding was the National Reconstruction Levy (NRL), a levy on the financial sector, reached extinction on its repeal in December For that reason, the Trust Fund has received no additional funding to enhance its operations. Efficient management of the Trust Fund s resources over the period has yielded an accumulated total of GH 1,967,760 for the year. Prudent management of the Trust Fund s resources is essential in ensuring that the committed capital of the Trust Fund are nonetheless protected from loss in value and at the same time stay fairly liquid. A more stable and permanent source of funding is required to warrant the full realization of the Trust Fund s mandate. The Secretariat is currently working with the Government to secure alternative sources of funding to replace the NRL. Operations of the Trust Fund In accordance with the Act 2004, (Act 680) the Trust Fund was established to achieve the following: 1. Provide financial resources for the development and promotion of venture capital financing for Small and Medium Enterprises (SMEs); 2. For purposes of achieving the above, funds would be applied to such relevant activities as the Board of the Fund may determine including: i. Provision of equity and quasi-equity to eligible VCFCs; and 7

8 ii. Provision of monies to support other activities and programs for the promotion of venture capital financing. In achieving these objectives, the Trust Fund operates through Venture Capital Finance Companies (VCFCs). These VCFCs are private limited liability companies, established by partnership arrangements between the Trust Fund and some private sector institutions. Funds Mobilization The Trust Fund, as a consequence of leveraging its seed funding of GH 22.4 million, created a larger venture capital pool of funds by partnering with the private sector. By means of this approach, the Trust Fund has over the years attracted an additional GH 34.5 million, thus increasing the total funds available to GH 56.9 million. The capital commitments with other partners have increased by 154%. Efforts are being made to mobilize additional funds through this strategy. Supervision and Monitoring of VCFCs During the year, the Fund Manager of Activity Venture Finance (AVFC) Company was terminated by the Board of Directors of AVFC in July Black Star Advisors was subsequently appointed the Fund Manager by the Board on August 1, In another development, the Fund Manager of Gold Venture Capital, Gold Coast Securities Company resigned and a replacement has been identified to be approved upon agreement with the Board of Directors of the Finance Company.. A stakeholder s forum was organized by the Secretariat to discuss various issues with the Fund Managers regarding supervision of the VCFCs. 8

9 Discussions were held with representatives on VCFCs Boards to review pertinent issues relating to the administration and disbursement of funds in accordance with the provisions of the Venture Capital Trust Fund Act, Act 680. Operations of VCFCs The activities and operations of investee companies are monitored by each investing VCFC that holds the investment. VCFCs report on the operations of their investee companies to the Secretariat. Eight additional business proposals were approved for funding by the VCFCs for the year under review. These investments are mostly spread across the major sectors of the Ghanaian economy including; Agriculture and Allied sectors, Manufacturing and ICT. Out of the total number of applications received, 40.4% covered the Agriculture and Allied sectors with Manufacturing and ICT accounting for 14.8% and 12.44% respectively. Special Purpose Investing Since 2006, the Trust Fund through its Special Purpose Vehicle (SPV) has been investing in the sorghum industry through the West African Sorghum Value Chain Project. This is an import substitution project in which sorghum is produced locally for Guinness Ghana Breweries Limited (GGBL) to replace imported barley. By means of s intervention in the project, a total of GH 2.4 million has been made available to sorghum farmers in the Upper East, Northern, Upper West, and northern parts of the Brong Ahafo regions. Each year, this project provides about 3,500 direct jobs to the farming communities. For the 2008 farming season, a total of GH 1.0 million was advanced to the farmers. This represented s third round of funding of which GH 161,000 was used to purchase tractors and other farm machinery to mechanize the farming process. 9

10 During this year s farming season, a total of 3,000 hectares (ha) of land were cultivated with an expected harvest of 3,100 metric tonnes of sorghum to be sold to GGBL. The farmers were also taught basic bookkeeping and cost saving measures to reduce their cost of production. Capacity Building/Technical Assistance (TA) Program The Trust Fund as part of its capacity building initiative, organized various training programs for its Fund Managers and Professional staff on private equity and venture capital operations. A 3-day program facilitated by a renowned investment advisor from Barnellan Equity was organized during the first quarter of the year. Key Managers and Directors of Investee companies were also taken through several training programs including: Basic Accounting Skills; Financial Reporting; Management and Entrepreneurship Skills and Good Corporate Governance Stakeholder Public Awareness Campaign The Trust Fund embarked on an aggressive print and electronic media campaign to inform and educate the public on its activities. Dissemination of information to the public involved live appearance on Talking Point, Morning Breakfast shows, Apata Kese Ase and Business Advocate programs. Presentations were also made at radio stations such as Oman FM, Asempa FM, Unique FM and Sena Radio. These programs have contributed to the public awareness activities. of the Trust Fund and its 10

11 In the 3 rd quarter of the year, had its turn on the MEET-The-Press series where the operations and achievements of the Venture Capital Trust Fund and the industry were communicated to the Ghanaian populace. The theme of the Meetthe -Press series orgainsed in collaboration with the Ministry of Information and Communication was Celebrating Public-Private Partnership in Venture Financing Additionally, a comprehensive documentary The Sorghum Story - on the Trust Fund s involvement in the West African Sorghum Value Chain Project was produced and screened during fourth quarter of OUTLOOK 2009 In accordance with its mandate, the will pursue the underlisted programmes during the year 2009: 1. Secure permanent sources of funding for its operations. 2. Create an Angel Investor Fund to meet the needs of greenfield and early stages of SME businesses. 3. Setup an Entrepreneur Fund for the lowly capitalized SMEs. 4. Establish a Real Estate Fund to finance real estate development and its related industries 5. More Special Purpose Vehicles to be created eg. Soyabean cultivation 6. Intensify public education of Venture activities and procedures In conclusion, much as the year was challenging, an appreciable level of achievements were chalked. However, in our determination to establish a more vibrant venture industry and advance the development of the SME sector of the Ghanaian economy, more impetus and vigorous projects will be undertaken to fulfill our mandate. Thank you Nana Osei-Bonsu CEO 11

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