Adnan Adams Mohammed
Ghana’s Venture Capital Trust Fund (VCTF) is set to play a pivotal role in financing small and medium-sized enterprises (SMEs) as part of the government’s upcoming 24-hour economy policy, set to launch in July.
President John Dramani Mahama has emphasized the importance of the VCTF in supporting businesses, cooperatives, and entrepreneurs operating in key sectors of the economy as he announced the ambitious 24-hour economy plan. He noted that the Fund will work alongside the Development Bank of Ghana to provide critical financial support aimed at stimulating growth, innovation, and job creation.
The 24-Hour Economy initiative is a cornerstone of President Mahama’s broader 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 are central to the country’s economic development.
Also, plans to turn the Volta Lake and its basin into a key industrial hub under the government’s 24-hour economy policy was announced. According to President Mahama, while the Volta Lake has long played a critical role in powering Ghana through hydroelectricity, its broader economic value remains largely untapped.
“Volta Economic Corridor” is to serve as the anchor of the transformative 24-hour Economy Programme”, he said while speaking at a multi-sectoral stakeholder engagement held at Jubilee House last week. “The time has come to move beyond hydropower and position the Volta system as the backbone of a new industrial Ghana.”
“For decades, the Lake has powered our grid thanks to the foresight of Osagyefo Dr. Kwame Nkrumah and the dedication of the VRA. But beyond electricity, it has been underutilised,” he added.
Under the 24- hour Economy Programme, the government plans to reposition the Volta Basin as a national production zone and logistics artery.
President Mahama explained that the Volta Lake Economic Corridor will see the cultivation of over 2 million hectares of arable lakeside land, revitalisation of the Lake’s fisheries potential for both local and export markets and the establishment of industrial parks along the Corridor to process agricultural goods and manufacture key industrial products.
To make this vision a reality, the government will activate the Volta Lake as a fully functional transport highway — initially linking northern food production zones with southern markets and export terminals, dramatically reducing logistics costs.
“In the medium term, this will rebalance industrial geography, encouraging factories to locate beyond the congested coastal areas. To achieve this will require, investment in new floating transport assets, the construction of lake ports and the creation of long-term public-private concession frameworks in partnership with the VRA,” he said.
President Mahama also noted that the 24-hour Economy programme is set to commence in July as the government will release the Draft Programme Document on Tuesday for public consultation, “with the formal launch set for 1st July 2025, Ghana’s Republic Day”.
“I invite all of you — many of whom have helped shape this vision — to contribute to its finalisation,” Mahama urged investors, adding that the government will establish the 24-hour Economy Secretariat as an independent authority reporting directly to the Presidency to ensure effective delivery.
