The Venture Capital Trust Fund (VCTF) has signed a Memorandum of Understanding (MoU) with the 24-Hour Economy Secretariat to provide specialized funding for Ghanaian SMEs, enabling them to operate continuously and drive job creation. The agreement, signed on March 3, 2026, establishes a dedicated SME fund to support businesses expanding into 24/7 operations.
VCTF CEO, Michael Abbey, highlighted the importance of patient capital in building resilient businesses, noting that the initiative will integrate sectors such as solar energy to ensure reliable power supply. He emphasized that the fund will help Ghanaian SMEs compete with foreign investors while sustaining livelihoods.
During a portfolio review at Riosap Farms Limited, Abbey praised the agribusiness’s growth, attributing its success to VCTF’s financing. Riosap CEO, Richard Osei Appiah, shared that VCTF support expanded the company’s workforce, boosted rice yields, and enabled the construction of a million-dollar warehouse and rice mill. He expressed optimism that the 24-hour economy initiative will further enhance production and youth employment.
The partnership underscores VCTF’s mission to combine financial support with governance and monitoring, ensuring investments contribute to long-term economic resilience and SME sustainability.
Source: citinews
