Dr Ashong explained that due to lack of long-term loans for small and medium scale enterprises the government mooted the idea of the VCF to generate funds for such loans.
The LTS is also envisaged to provide an "attractive vehicle" for employees and employers to co-operate in establishing supplementary pension funds to augment the Social Security and National Insurance Trust (SSNIT) pension scheme.
Dr Ashong was opening a three-day workshop on the LTS and VCF for members of the Parliamentary Sub-committee on Finance and Economic Planning, at Elmina.
The workshop, which is being organised by the Ministry, aims among others goals at providing the opportunity to the participants to critically examine the bills, with the view to making inputs to enhance the achievement of the desired results.
According to the Minister, the bills had already been approved by Cabinet and were scheduled to be placed before Parliament for consideration and approval.
Mr Eugene Atta-Agyepong, Chairman of the Sub-committee, urged his colleagues to attach importance to the workshop to ensure that its objectives were attained.