Celebrating 20 years of empowering SMEs:  the journey and impact of the Venture Capital Trust Fund

As VCTF marks its 20th anniversary, we look back at two decades of empowering small and medium-sized enterprises (SMEs) and advancing Ghana’s venture capital ecosystem.

A legacy of growth and partnership

With a clear mandate to drive economic growth by providing venture capital to Ghanaian SMEs, the Venture Capital Trust Fund (VCTF) established itself in 2004. T

his mission stemmed from a powerful vision—a belief that small businesses are the backbone of Ghana’s economy and that venture capital investment would unlock opportunities for growth, innovation and long-term sustainability.

Since its inception, VCTF has championed Ghanaian SMEs, catalysing economic transformation in industries spanning agriculture, manufacturing and technology. Working through a unique “fund of funds” model, VCTF invests in local venture capital funds which, in turn, provide essential financing to SMEs across the nation.

This approach not only supports local businesses, but also fosters the development of a robust venture capital industry, creating jobs, building partnerships and stimulating economic progress. Over the past 20 years, VCTF has supported more than 70 SMEs and has played a pivotal role in generating thousands of jobs in communities across Ghana.

From milestones to impact

Significant milestones in VCTF’s journey have shaped Ghana’s venture capital landscape. In 2006, VCTF took a bold step forward, launching five local venture capital funds and ushering in a new era of Ghanaian participation in the private equity space. Today, thanks to VCTF’s pioneering efforts, the country’s venture capital ecosystem is thriving, with more funds and investment opportunities supporting Ghanaian entrepreneurs.

Beyond direct investments, VCTF has worked tirelessly to create a conducive environment for venture capital in Ghana. By creating and supporting the Ghana Venture Capital and Private Equity Association and collaborating with government bodies, regulatory agencies and private investors, VCTF has elevated venture capital awareness and built strong networks that bolster Ghanaian businesses.

Real stories of transformation

The stories of the businesses VCTF has supported reveal the true impact of its support. From agribusiness ventures that have expanded food production to tech start-ups driving digital transformation, VCTF-backed companies have become engines of innovation and resilience in Ghana’s economy. Each investment has helped create sustainable businesses, driving employment, and contributing to a more diversified economic landscape.

Looking forward: the next 20 years

As VCTF celebrates this anniversary, it is also looking forward. Recognising the evolving needs of Ghanaian SMEs and the dynamic global economy, VCTF is committed to expanding its impact.

The launch of new funds, such as the Women-Led SME Fund, reflects VCTF’s dedication to inclusivity and its commitment to empowering underrepresented groups. Furthermore, VCTF is exploring investments in high-growth sectors like digital technology and green energy, where Ghanaian SMEs have the potential to make significant strides.

“We are proud of what we have achieved over the last 20 years,” says Yaw Owusu-Brempong, CEO of VCTF. “But we know that there is much more to do. Partnerships underpin our future, reinforcing our dedication to the entrepreneurial spirit and propelling Ghana’s progress. Together, we will continue to transform Ghana’s economy by supporting the businesses that sustain it.”

Join us on the journey

As VCTF embarks on the next phase of its journey, we invite all stakeholders—investors, fund managers, government partners and communities—to continue supporting this vision for a prosperous and sustainable Ghana. Together, we can build on 20 years of impact, creating new opportunities and advancing the entrepreneurial landscape in Ghana for generations to come.

A future built on innovation, trust and impact

Over the past 20 years, VCTF has grown beyond a financial supporter for SMEs to become a trusted force in Ghana’s economic landscape. As we look ahead, VCTF is steadfast in its mission to empower SMEs, drive economic growth and shape a prosperous future for Ghana through responsible and impactful venture capital.

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