The Venture Capital Trust Fund (VCTF) has partnered with the 24-Hour Economy Secretariat to establish a dedicated funding initiative aimed at supporting Ghanaian small and medium enterprises (SMEs) that operate around the clock, the Fund announced.
The collaboration, formalized through a Memorandum of Understanding (MoU) signed on Monday, March 3, seeks to provide specialised financial support and incentives for businesses to expand operations, create jobs, and strengthen the country’s economic resilience.
Speaking during a field visit to portfolio companies supported by VCTF, including Riosap Farms Limited in Accra and the Eastern Region, VCTF CEO Mr Michael Abbey highlighted the fund’s role in driving sustainable business growth. He said the 24-hour economy SME fund would be fully structured and accessible by the end of the year, with criteria and processes to be publicly shared.
“The Fund is designed to support businesses that intend to operate 24/7, providing patient capital to help SMEs compete, grow, and sustain livelihoods in a market historically dominated by foreign investors,” Mr Abbey explained.
The initiative is expected to integrate with other sectors, such as solar energy, to provide reliable power for around-the-clock operations, enhancing productivity and operational efficiency.
At Riosap Farms, Mr Richard Osei Appiah, CEO of the company, praised VCTF support for transforming the business. With the Fund’s assistance, Riosap expanded its workforce from under ten to nearly forty employees, increased rice yields from 1.8 to over three tons per hectare, and constructed a $1 million warehouse. The company also established a rice mill capable of producing 20 tonnes per day.
“The 24-hour economy initiative aligns perfectly with our goals to expand operations, employ more youth in agribusiness, and boost production,” Mr Appiah said, urging other entrepreneurs to tap into VCTF’s transformative funding opportunities.
Mr Abbey noted that the field visits allow VCTF to monitor progress, identify challenges, and support governance and accountability measures in its portfolio companies. He emphasized that the Fund’s mission goes beyond financial returns, aiming to foster SMEs that form the backbone of Ghana’s economy.
The new fund marks a major step in Ghana’s 24-hour economy strategy, promising to unlock investment, spur economic activity, and create sustainable jobs across the country.
