Venture Capital Trust Fund to Drive SME Financing Under 24-Hour Economy Policy

Accra: President John Dramani Mahama announced that the Venture Capital Trust Fund (VCTF) will play a pivotal role in financing Small and Medium-sized Enterprises (SMEs) under the Government's 24-Hour Economy Policy. The policy aims to stimulate economic activity by encouraging businesses to operate around the clock, or at least in multiple shifts, to increase productivity and create jobs.According to Ghana News Agency, the 24-Hour Economy Policy is set to be launched on July 1st with the goal of transforming the local economy and creating jobs for citizens. During a multi-sectoral stakeholder engagement held at the Presidency in Accra, President Mahama emphasized the importance of the VCTF in supporting businesses, cooperatives, and entrepreneurs in key sectors of the economy.He noted that the Fund would work alongside the Development Bank of Ghana to provide essential financial support aimed at stimulating growth, innovation, and job creation. The initiative is a cornerstone of President Mahama's broade r economic agenda and fulfills a major campaign promise made ahead of the 2024 elections.By ensuring greater access to capital, the 24-hour economy policy is expected to unlock new opportunities for Ghana's private sector, particularly for SMEs, which play a central role in the country's economic development. President Mahama reaffirmed his administration's commitment to empowering local businesses and driving inclusive economic transformation through strategic investments and policy innovation.