Ghanaian Small and Medium Enterprises (SMEs) seeking to scale up and expand are set for a major boost as the Ghana Venture Capital Trust Fund has announced plans to create a special fund under the 24-Hour Economy initiative to support such businesses.
Chief Executive Officer (CEO) of the Venture Capital Trust Fund, Michael Abbey says the initiative is aimed at scaling up existing businesses and driving higher productivity.
Michael Abbey, who was speaking at the Ghana Venture Capital Conference, further revealed that discussions are already underway with the 24-Hour Economy Secretariat at the Presidency to bring the initiative to life.
“We’re looking at establishing the 24-hour economy SME fund. And this is to support businesses that are already in existence, but we want to scale up and of course, increase productivity,” Abbey said.
He stressed that the move would complement the Fund’s ongoing commitments with its fund managers, while positioning it to play a central role in building a vibrant venture capital and private equity ecosystem in Ghana.
“We hope that with these initiatives, particularly on the investment side, and the other initiatives we are doing in terms of the ecosystem development work, we should be able to, in a couple of years’ time, help build Ghana’s venture capital and private equity system,” he added.
The 24-Hour Economy Policy, a flagship initiative championed by the government, seeks to create an environment where businesses can operate seamlessly around the clock, boosting employment, enhancing productivity, and driving economic resilience.
By tapping into this policy, the new SME fund aims to equip businesses with the financial muscle needed to expand operations, meet growing demand, and stimulate job creation across critical sectors.
The Ghana Venture Capital Trust Fund was established in 2004 with the mandate to provide financing to SMEs through venture capital and private equity investments. The Fund serves as a catalyst for private sector growth by bridging financing gaps, facilitating entrepreneurial success, and strengthening Ghana’s investment ecosystem.
Over the years, it has worked through partnerships with fund managers and financial institutions to unlock capital for innovative businesses that traditionally face difficulties accessing finance.
The VCTF is positioning itself as a critical catalyst of Ghana’s next phase of economic transformation, where productivity, innovation, and private sector growth are set to thrive around the clock.
