Ghana stands at a defining moment in its economic trajectory. In the wake of recent macroeconomic challenges, the urgency to accelerate private sector development, inclusive job creation, and foster economic resilience has never been clearer. With the new administration prioritizing economic recovery and industrial transformation, the role of private equity (PE) and venture capital (VC) is not just
complementary—it is essential.
Chief Executive Officer of GVCA, Amma Gyampo, emphasised the industry association’s commitment to policy and regulatory reform and professional development services designed to enable more women to participate fully in finance, business, and economic development.
Private Capital: A Catalyst for Economic Transformation
Globally, PE and VC have proven to be transformative levers for economic growth. These asset classes provide long-term, patient capital to growth-driven businesses with the potential to scale, create jobs, and increase GDP contribution. Beyond financing, PE and VC investors deliver strategic expertise, strengthen governance, and open access to regional and global markets.
In Ghana, where SMEs constitute over 80% of businesses and are a primary engine for employment, PE and VC are pivotal. These asset classes provide the risk-tolerant, patient capital that traditional financial
institutions often cannot, empowering local entrepreneurs to build scalable enterprises, promote industrialization, and attract foreign direct investment (FDI). Regional peers such as Kenya and South Africa demonstrate how a robust PE and VC ecosystem accelerates economic diversification and job creation.
The Ghana Venture Capital and Private Equity Association (GVCA): Advancing the Industry
The Ghana Venture Capital and Private Equity Association (GVCA) plays a critical ecosystem building role in shaping a thriving private capital ecosystem. As the industry body, GVCA drives initiatives that foster a conducive environment for private capital to power national development. Our core pillars include:
- Policy Advocacy: Engaging the NPRA, SEC, Ministry of Finance, Venture Capital Trust Fund, Chamber of Corporate Trustees and other stakeholders to review regulatory and legal frameworks required to attract and retain domestic capital investment in VC/PE.
- Investor Engagement: Working closely with pioneering pension funds like SIMS, Enterprise, Axis, other local and regional institutional investors to back local VC/PE funds.
- Investment Data and Research: together with our partners, Impact Investing Ghana, the VC/PE industry now has baseline data and research to assist industry practitioners including pension funds and trustees
- Capacity Building: Strengthening industry expertise through knowledge sharing and continuous professional development opportunities for investment professionals
Ecosystem Development: Promoting transparency, best practices, and collaborative partnerships to enhance market confidence.
GVCA has been instrumental in restoring trust in the asset class through these initiatives. By facilitating dialogue between public and private stakeholders, we are positioning Ghana as a competitive destination for private capital in Africa. GVCA was set up as a private-sector industry body by the Venture Capital Trust Fund, a government-back fund of funds established 20 years ago.
The Venture Capital Trust Fund (VCTF): Unlocking SME Growth
The Venture Capital Trust Fund (VCTF), established by an Act of Parliament, serves as a key instrument for channeling capital into Ghanaian businesses. Its mandate extends beyond funding—it is designed
to bridge the financing gap for SMEs and catalyze sustainable economic development.
Key functions of the VCTF include:
- Capital Mobilization: Investing in and alongside private sector funds to scale high-growth SMEs.
- Enterprise Support: Providing patient capital to businesses with the potential to drive job creation and industrial innovation.
- Attracting Investment: Acting as a conduit for local and international investors seeking opportunities in Ghana.
- Strengthening the Ecosystem: Facilitating the establishment of 14 venture funds, working and, in partnership with GVCA, working towards a Limited Partnerships Act to improve the legal infrastructure required to grow the asset class in Ghana as a regional investment hub
Recent reforms and recapitalization through the World Bank’s Ghana Economic Transformation Program (GETP) have revitalized VCTF’s capacity to deliver on its mandate. However, the Fund’s long-term success hinges on appointing leadership with deep technical expertise, industry relationships, and a strategic vision.
The Imperative for Technical Leadership For Domestic Capital Mobilization
The leadership of VCTF is pivotal to the future of Ghana’s private capital ecosystem. Appointing a CEO with the requisite experience in investment management, SME financing, and stakeholder engagement is not merely an administrative decision—it is a strategic necessity.
As an industry, there are growing concerns about the risk of undermining the progress achieved over the past decade. A well-governed and expertly managed VCTF can unlock capital flows, support thousands of jobs, and elevate Ghana’s position as a preferred investment destination.
A Call to Action: Securing Ghana’s Economic Future
To realize the full potential of private equity and venture capital in driving sustainable economic growth, Ghana must prioritize strong, competent leadership at VCTF. This appointment is more than an
institutional decision—it is a commitment to fostering innovation, creating jobs, and securing a prosperous future for all Ghanaians.
GVCA remains steadfast in supporting the government to ensure the right leadership choices that will advance the PE and VC agenda. We are ready to engage and collaborate with policymakers to drive an ecosystem where private capital fuels Ghana’s economic transformation and 24 hour economy for sustainable economic development.
Now is the time to act decisively to continue building a robust equity financing ecosystem that empowers businesses, creates jobs, and ensures long-term prosperity.
#AtoForson #AmmaGyampo #EconomicGrowth #PrivateEquity #VentureCapital
For more information on GVCA and its 4th Annual Conference, visit:
Ghana Venture Capital and Private Equity Association
[https://gvca-ghana.org/event/2025-gvca-annual-conference/]