President John Dramani Mahama has declared a major economic offensive, tasking the Venture Capital Trust Fund (VCTF) with a pivotal role in financing Small and Medium-sized Enterprises (SMEs) under the groundbreaking 24-Hour Economy Policy.
The ambitious initiative, set to launch on July 1st, aims to supercharge Ghana’s productivity, create widespread employment, and usher in an era of unprecedented economic inclusion.
Speaking at a multi-sectoral stakeholder engagement at the Presidency, President Mahama underscored the VCTF’s crucial role as a “financial anchor,” providing essential capital and investment support to businesses vital for national development.
This move is a direct response to the long-standing challenge of financial access faced by Ghana’s robust SME sector, a cornerstone of the nation’s economy.
The 24-Hour Economy Policy, a key promise from President Mahama’s 2024 campaign, is designed to encourage businesses to operate beyond traditional hours, stimulating economic activity around the clock or in multiple shifts.
This extended operational cycle is projected to unlock Ghana’s full economic potential, tackle youth unemployment, and breathe new life into underutilized infrastructure and stagnant sectors.
The President emphasized the critical partnership between the VCTF and the Development Bank of Ghana (DBG), which will collaborate to offer tailored financial products.
“The success of the 24-Hour Economy hinges on access to capital,” President Mahama stated, “and the Venture Capital Trust Fund will be central to delivering this financial lifeline.”
This synergy is expected to provide SMEs with the long-term, affordable capital needed to scale operations, adopt new technologies, and thrive within the expanded economic framework.
This bold economic shift signals a proactive approach to national development, reinforcing the government’s broader agenda of industrialization, job creation, and inclusive growth.
With the VCTF at its helm, the 24-Hour Economy Policy is poised to unlock new opportunities, transform Ghana’s economic landscape, and solidify its position as a competitive investment destination in the sub-region.