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Venture Capital Managers urged to
ensure viability of beneficiaries of loans
Koforidua, July 29, Ghanadot - Speaking at the launch
of the Venture Capital Trust Fund (VCTF) in the
Eastern Region at Koforidua, Madam Suzzy Mensah, out-going
Deputy Eastern Regional Minister and Nana Akwasi Adjei
Boateng, New Juaben Municipal Chief Executive, expressed
concern about the fate that befell the Poverty Alleviation
Fund and urged the VCTF mangers to strive to avoid following
the same path.
The Chief Executive Officer of
the VCTF, Nana Osei Bonsu, gave the assurance that, the Fund
would endeavour to be successful in breeding successful
small and medium scale entities.
While lauding the establishment of the trust, which among
other things was to support small and medium scale
enterprises to expand, Nana Adjei Boateng also reminded the
mangers that similar schemes folded up after a few years of
operation "mainly due to non-recovery of loans granted to
beneficiaries".
He said with that experience managers of the VCTF should
only deal with businessmen and women who were "willing to
use the money to do legitimate business".
The VCTF, he said "should demonstrate their commitment
to make the trust a sustainable one while at the same time
ensuring to be faithful, transparent and prudent management
of the fund for the benefit of the people."
Madam Mensah corroborated the concerns shared by the MCE and
said the government would keep an eye on the VCTF to ensure
that it did not fail.
Nana Bonsu said as a way of forestalling what occurred in
the past, the trust would be part of the management of
companies it supported to give the best technical advice
aimed at ensuring that loans were not misapplied.
He said also that the management
of the trust had established an investigative panel to
examine the track record of businesses before the granting
of loans and that all entities granted loans would
have demonstrated the capacity to be viable and to repay the
loans.
Source GNA
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