More interaction needed between business support groups and government agencies-NBSSI

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Ho, Oct. 23, GNA – Mr Ransford Kani, Projects Officer National Board for Small-Scale industries (NBSSI), Volta Region, has called for more interaction between business development support interventions and business support bureaucracies, such as the NBSSI.

     He said that linkage was crucial for the achievement of targets of the intervention support groups, because data necessitating the interventions were provided largely by the bureaucracies.

     Mr Kani was speaking to the Ghana News Agency (GNA) on the sidelines of a Venture Capital Regional Round Table Forum, held under the auspices of the Venture Capital Trust Fund, in Ho on Tuesday.

     He said by the continual association with business people over the years, the NBSSI could be of enormous help to the various business support groups in the country.

     Mr Kani said without collaboration with these organizations, the business support groups could easily miss their targets.

     Business people mainly from the small-scale sector, officials of state institutions in areas of business support and advice, members of business associations and service providers attended the Roundtable.

     Participants were taken through lectures on Venture Capital, Challenges of Venture Funding and Investment Challenges.

     Mr Emmanuel Osei Akuamoah, Head of Administration and Finance said what Venture Capital Trust Fund had to offer was equity and not loans.

     He said the Fund was established by an act of parliament in 2004 to “provide financial resources for the development and promotion of venture capital financing for the Small and Medium Enterprises (SMEs), in priority sectors of the economy as shall be specified from time to time.”

     Mr Akuamoah said the Fund had since been available to grow businesses but needed to project itself to get more clients.

     He observed that business people in the Volta Region for example had not benefited from activities of the Fund, when the Fund was perhaps, what they needed to start, expand or revive their businesses.

     Mr Akuamoah explained that equity financing, was hassle-free than bank loans.

     Representatives of Fund Management Companies associated with the Fund took participants through processes to follow to qualify for the partnerships, duration of such partnerships and exit arrangements.

     Besides a seed capital of Ghc22.4 million, the Fund had additional capitalization from local banks.

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