$2.5m Venture Capital Fund For Farmers

Farmers working on the field

Daniel Duku, the Chief Executive Officer of Capital Venture Trust Fund has announced that his outfit would this year support about 3,000 farmers to cultivate soya beans and yellow corn in selected regions in the country.

He said the soya bean cultivation would cover the Northern, Upper East, Upper West, and parts of Ashanti and Brong Ahafo Regions, while support for yellow corn farming would cover the Eastern, Ashanti, Brong Ahafo, Volta, Central and parts of Greater Accra, Northern, Upper East and Upper West Regions.

Mr Duku, who was speaking in an interview with the Ghana News Agency (GNA) on the Fund’s progress in agricultural support programme last week, said the engagement of the two crops would not only create jobs for Ghanaian farmers, but would also reduce the high cost of importing poultry feeds.

He said his outfit would spend $2.5 million on the two crops, expected to cover a total of 6,000 acres in its operational areas throughout the year.

The Venture Capital Trust Fund is a financing company incorporated under the company code 1963 (179) and is authorised to provide assistance to Small and Medium Enterprises by making equity and quasi-equity investments.

It also provides technical assistance, managerial expertise and partnerships to small businesses that it deals with.

Mr Duku said the engagement of farmers in soya and yellow corn production followed a successful support it had with farmers in the three Northern Regions during the sorghum cultivation project over the years.

He said under the sorghum project, Guinness Ghana Limited had a sustainable supply of the crop, which reduced the dependence on imported barely to brew the company’s beer and other alcoholic beverages.

Mr Duku said the Fund would in July launch a $100 million fund called the “Angel Fund” to create more opportunities for start-up companies throughout the country.

He explained that the Start-up companies with good track record, skills and other professional qualities would access the fund as part of moves to complement government’s efforts at fostering closer relations between the private and public sectors.

Joe Gyapong, Investment Coordinator of Venture Capital Trust Fund, told the GNA that nucleus farmers for this farming season had already been selected but was still carrying out due diligence to hook only credible farmers onto the project.

He said the success of the programme would consequently reduce the plight of poultry farmers who spent heavy sums of money on feeds every year.

Source: GNA

 

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