President John Dramani Mahama has reaffirmed his commitment to revitalize Ghana’s economy by leveraging strategic investments to support private sector growth.
At the core of this transformative vision is the 24-Hour Economy Policy, a major initiative aimed at boosting productivity, creating employment, and fostering economic inclusion. Central to the success of this policy is the role of the Venture Capital Trust Fund (VCTF), which has been tasked with financing Small and Medium-sized Enterprises (SMEs) operating within this new economic model.
Set to be launched on July 1st, the 24-Hour Economy Policy is designed to stimulate economic activity by encouraging businesses to operate beyond the conventional workday—either around the clock or in multiple shifts. This extended economic cycle is expected to generate employment opportunities, boost productivity across various sectors, and harness Ghana’s full economic potential.
The policy marks a significant departure from traditional economic practices and signals a proactive approach to addressing youth unemployment, underutilized infrastructure, and stagnant growth in key sectors. The overarching goal is to create an enabling environment where businesses can thrive, jobs can be created, and economic value can be maximized at all times.
VCTF as a Strategic Financial Anchor
During a multi-sectoral stakeholder engagement held at the Presidency in Accra, President Mahama stressed the pivotal role the Venture Capital Trust Fund will play in actualizing the goals of the 24-Hour Economy Policy. The VCTF will serve as a financial anchor, offering capital and investment support to SMEs, cooperatives, and entrepreneurs in sectors crucial to national development.
President Mahama highlighted that the Fund would collaborate closely with the Development Bank of Ghana (DBG) to provide tailored financial products aimed at enhancing innovation, scalability, and competitiveness within the SME sector. “The success of the 24-Hour Economy hinges on access to capital,” he remarked, “and the Venture Capital Trust Fund will be central to delivering this financial lifeline.”
Ghana’s SME sector has long been recognized as a critical engine of economic growth, accounting for a significant share of employment and GDP. However, access to finance remains one of the major constraints faced by small businesses. The renewed focus on VCTF and its role in this policy demonstrates the government’s intention to bridge the financing gap through public-private partnerships and innovative investment strategies.
The partnership with the Development Bank of Ghana is expected to enhance the availability of long-term, affordable capital to SMEs. This synergy will empower local enterprises to scale up operations, invest in new technologies, and operate sustainably within the extended working hours envisaged under the policy.
Fulfilling a Campaign Promise
The 24-Hour Economy Policy also fulfills a major campaign pledge made by President Mahama ahead of the 2024 general elections. By rolling out this initiative, the Mahama administration is not only delivering on its electoral promise but also laying the foundation for a more dynamic and resilient economy. The policy reinforces the government’s broader economic agenda of industrialization, job creation, and inclusive growth.
In his remarks, President Mahama reaffirmed his administration’s unwavering support for local businesses. He underscored the importance of SMEs in driving Ghana’s economic transformation and reiterated his commitment to supporting the sector through targeted policies and strategic investments. “Our private sector must be empowered if we are to achieve lasting economic progress,” he said.
With the 24-Hour Economy Policy and the active involvement of the VCTF, the government is poised to unlock new opportunities for businesses and entrepreneurs. This bold step not only signals a new era of economic management but also sets the stage for Ghana to position itself as a competitive investment destination in the sub-region.
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