A venture capital financing company qualifies to apply for funding from the VCTF if that venture capital financing company:

• is incorporated in Ghana as a limited liability company under the Companies Code, 1963 (Act 179);
• has a name that includes 'Venture Capital', or any similar abbreviation;
• has as its sole authorized business, the business of assisting the development of small businesses by making equity and quasi equity investments and providing business and managerial expertise to small businesses'in which it has made or proposes to make an eligible investment;
• is managed by an investment adviser licensed by the Security and Exchange Commission who is in good standing;
• has met the minimum equity capital requirements prescribed by regulations made under Act 680;
• has in place adequate government, internal control and monitoring procedures for selection of investment projects and for monitoring and management of these projects;
• undertakes to enter into an agreement on broad terms and conditions approved by the Board with any SME it provides funding for; and
• meets other conditions prescribed by the Board.

Thus VCTF may invest in venture capital financing companies (VCFCs) set under the laws of Ghana and are owned by private individual and institutional investors. The role of the VCFC will be to identify likely investment opportunities and investigate all aspects of their businesses and their potential for growth. Each VCFC is expected to appoint a fund manager who is licensed as an investment adviser by the Securities and Exchange Commission under the Security Industry Law 1993 (PNDCL 333) as variously amended.

The structure of a VCFC may comprise of a Board of Directors, an Investment Committee of the Board of Directors, and a Fund Manager who may act as CEO of the VCFC to run the day to day administration of the VCFC. This CEO may be assisted by a Chief Investment Officer, Senior Investment Officer and Investment Analysts. While the Board of VCTF generally may have no rights to make investment decisions for any participating VCFCs, the Board may refuse investment of its matching funds when it deems the investment to be overly risky beyond the normal venture risks.

A successful VCFC applicant may include some management groups new to the Ghanaian venture capital market. While management team of the foreign successful applicant is expected to include experienced venture capitalists, it is expectation of the Board that the foreign applicants will be committed to training and developing the skills of the Ghanaian based staff in all aspects of venture capital investment activities in SMEs. The VCFC formed jointly with the Ghana Commercial Bank (GCB) and the Agricultural Development Bank (ADB) is about to start operations.