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Venture Capital Report.Cdr ANNUAL REPORT 2012 Table of Contents About Venture Capital Trust Fund 1 Chairman’s Statement 2 Chief Executive’s Operational Report 4 Trustees, Official and Registered Office 13 Report of the Trustees 14 Statement of Trustees' Responsibilities 15 Independent Auditor's Report 16 Statement of Comprehensive Income 18 Statement of Financial Position 19 Statement of changes in Net Assets attributable to Fund Investors 20 Statement of Cash Flows 21 Notes to the Financial Statements 22 - 39 ANNUAL REPORT 2012 About Venture Capital Trust Fund The Venture Capital Trust Fund (VCTF) was established by VISION Venture Capital Trust Fund ACT, 2004, an Act of Parliament, (ACT 680, as a Government of Ghana initiative to provide Our vision is to create a vibrant and well structured venture finance to Small and Medium Enterprises (SMEs). capital industry boasting of investments in various sectors, Operations of the Trust Fund begun in January 2006. leading to poverty reduction through job and wealth The Government's objective in establishing the VCTF is to creation with a collateral growth in government revenues. promote and support the private sector as an equal partner in achieving the country's developmental goals. FORMAT OF OPERATIONS OUR MANDATE Our financing are undertaken through Venture Capital Finance Companies (VCFCs), which are managed by Fund In accordance with the VCTF ACT 680, 2004 the VCTF is to: Managers, licensed as Investment Advisors by the “Provide financial resources for the development and Securities and Exchange Commission (SEC). VCFCs are the promotion of venture capital financing for SMEs in Ghana intermediaries between SMEs requiring funds for by; operations and the VCTF. The maximum funding limit in an i. Providing financing to eligible Venture Capital investee company is 15% of total capitalization of a VCFC. Finance Companies (VCFCs) to support SMEs; and The Trust Fund also invests in Value Chain Projects under our Special Purpose Vehicle Structure. These investments ii. The provision of monies to support other are undertaken with the primary objective to produce activities and programs for the promotion of critical raw materials locally, to feed our industries. venture capital financing” In 2010, the Trust Fund piloted a Soybean Value Chain Project in partnership with other stakeholders to provide MISSION for the edible oil industry, the paint industry and as a sustainable source of feed ingredient for the multimillion dollar poultry industry. To provide low cost alternative source of funding to SMEs that will lead to efficient and profitable operations to create jobs and wealth. Venture Capita Trust Fund 1 ANNUAL REPORT 2012 Chairman’s Statement I have the pleasure as Chairman of the Board to present the growth recorded in 2011. The Country's GDP expanded by Annual Report on the operations of the Venture Capital 7.9% during the year on the back of high prices for the Trust Fund on behalf of the Board of Trustees for the year Country's major export earners including cocoa and gold, ended December 2012. I wish to congratulate the Board of and steady support from international and bilateral Trustees, the Chief Executive Officer, the Management donors. A deeper look at this growth reveals that the and the Staff of the Trust Fund for a successful and fruitful Services Sector, which experienced a 10.2% expansion year in deepening the Venture Capital Industry in Ghana followed by the Industry Sector with 7% growth, largely and establishing a global presence. I would also like to drove the growth. The agricultural sector recorded the extend my deepest gratitude and felicitations to our major lowest growth rate of 1.3%. stakeholders the Government of Ghana through the Ministry of In the export sector, weak Finance and Economic Planning, export growth combined with investment partners and our rising imports and short-term fund managers. capital inflows delivered a huge impact on the Country's balance ECONOMIC OVERVIEW of payments, leading to a deficit of US$2.3 billion in the first nine months of the year as against a A fall in the value of the Ghana deficit of US$288 million for the Cedi against major foreign same period in 2011. currencies, particularly the US dollar, marked the opening of Ghana continues to enjoy a 2012. Within the first six months favourable preference as a of the year, the cedi lost about 20% of its value against the viable investment destination for foreign investors and in US Dollar in the foreign exchange markets. This resulted 2012, the Ghana Investment Promotion Centre (GIPC) from the combined pressures of large public expenditures recorded an amount of US$5.6 billion in investments from accrued from the previous year and investor repatriation various foreign sources. This was lower than the US$7.68 of capital due largely to an uncertain political future in the billion recorded in 2011 and is attributed mainly to run up to the December 7 general elections. The steep investor's reluctance to deploy funds into various drop in the value of the cedi translated into an appreciable investments due to apprehension about the anticipated rise in the Country's inflation rate, pushing it from 8.6% in outcome of the 2012 election and its associated uncertain January to 9.5% in April. However, in response to the political future. Government's fiscal measures to stem the tide of rising inflation and stabilize the cedi, inflation settled at 8.8% at For the domestic economy, businesses continued to the end December 2012, lower than it had been during the complain about interest rates and the stiff access to long- year. term capital to pursue business expansion. The AGI for example noted in its Business Barometer for the fourth Despite these domestic challenges, Ghana's GDP growth quarter of 2012 that access to credit remains the number remained strong when ranked among the fastest growing one impediment to business growth. This creates a economies in the world although not as high as the 14.4% Venture Capita Trust Fund 2 ANNUAL REPORT 2012 greater imperative for expansion of venture capital Corporate Governance investing to fill the gap in funding for SMEs. To ensure that the Board of Trustees operates at its maximum capacity, a new member Mr. Laud Baadoo, was The world economy in 2012 remained fragile and appointed. However, we had the unfortunate loss of Mr. precarious following four years of weak economic and Alex Tetteh, another member of the board, who was uneven recovery from the persistent Euro-zone debt representing the Ministry of Finance. Alex Asiedu also crises. As the pace of growth for Brazil, China, and India resigned from the board. slowed within the year, forecast for emerging economies were reduced in the face of declining global demand for goods. This decline also impacted several Sub Saharan SOURCE OF FUNDING economies forcing a similar downward revision in growth forecasts. The Government of Ghana continues to be our only source Ghana, although having a relatively weak integration into of funds through the national reconstruction levy and an the global economy, was not spared the brunt of the additional budgetary allocation of GHC10.0 million, which Eurozone Debt crises and its negative impact on was disbursed in 2012. As the Fund strives to implement economies round the world. As a result of the crises, new initiatives and expand the available pool of funds for Ghana's non-traditional exports and timber exports took a SMEs, it is impeded by the increasing dwindling of its funds. significant downward dip, which, as mentioned earlier Various approaches have been made to the Ministry of accounted for the deterioration in the Country's balance of Finance and Economic Planning (MOFEP) for a permanent payments in 2012. source of funding. It is hoped that we shall have a favourable response for the coming year. The Trust has also made significant progress in the sourcing of a $150 COLLABORATION million loan funding from the China Exim Bank. It is hoped that MOFEP will bring closure to this undertaken very soon. In our quest to establish stronger collaboration with regional and international bodies, The Trust Fund co- hosted a high level global African Venture Capital Fund NEW INITIATIVES Association (AVCA) Conference on Private Equity/Venture Capital at Movenpick Hotel in Accra. Over 350 industry In our quest for continued perfection we introduced the players attended the Conference, putting Ghana on the Ghana Angel Investment Network (GAIN) and have Global Private Equity/Venture Capital market. initiated the concept of Impact Investing in Ghana. These The Collaboration with the Rockefeller Foundation to initiatives will be given the needed push to have the establish Impact Investing in Ghana yielded good necessary social impact expected. dividends with the approval of a $150,000.00 grant for the project. On the local front we continued to engage our partners Thank you. and investors to tap into their resources and build a stronger and inclusive Venture Capital eco-system. Hon J. Owusu Acheampong, Venture Capita Trust Fund 3 ANNUAL REPORT 2012 Chief Executive's Operational Report Government endowment since inception to GH¢32.4 million. Additionally, the Trust Fund successfully negotiated a $150 million loan from the China EXIM Bank. The loan was fully approved by executives of China EXIM bank, however, the Ministry of Finance is yet to grant assent for the loan documentation to be completed and the funds disbursed to the Trust Fund via MoFEP. During the year, the Trust Fund disbursed a total of US$1,257,545 to VCFCs in response to capital calls bringing the total amount disbursed to US$10,110,408 as of the report date. This represents 59.5% of total committed capital.
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