14th July 2024

The Auditor-General’s Report for 2020, which audited the financial statements of the Venture Capital Trust Fund (VCTF) for the years ending 31 December 2019 and 31 December 2020, has reported that the Fund recorded a total income of GHC3,996,518.00 in 2020, from an amount of GHC1,578,375.00 recorded in 2019.

The 153.2 per cent increase was attributed to a 611.2 per cent increase in other incomes.

The total expenditure decreased marginally by 0.3 per cent, from GHC4,567,622.00 in 2019 to GHC4,555,688.00 in 2020.

The non-current assets of the Trust Fund increased from GHC46, 336,407.00 in 2019 to GHC47, 197,645.00 in 2020, an increase of GHC861,238.00 or 1.9 percent.

The increment was as a result of additions to the financial assets during the year.

Current assets decreased by GHC1,188,831.00, from GHC12,507,325.00 in 2019, to GHC11,318,494.00 in 2020, representing 9.5 per cent.

The decrease was as a result of 14.2 per cent decrease in cash and cash equivalent.

Current liabilities went up by 71.2 per cent, from GHC325, 342.00 in 2019 to GHC556, 919.00 in 2020.

Current ratio measuring the liquidity position for 2020 showed a healthy position of 20.32: 1, (38.44: 1 in 2019).

This means the Trust Fund could meet its short-term obligations as and when they fall due.

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