Venture Capital commits GH¢35 million to empower women-led businesses

The Venture Capital Trust Fund (VCTF) has committed GH¢35million to the Zinari Women’s Enterprise Fund (Z-WEF)—the nation’s first fund dedicated to supporting women-led enterprises.

Focused on empowering small and medium-sized businesses (SMEs) led by women, this fund will drive growth in vital sectors such as food and agriculture as well as manufacturing and consumer goods, reinforcing the country’s commitment to gender equity and economic development.

The signing ceremony, held at VCTF’s Accra offices, brought together a diverse group of stakeholders, including the Board Chairman of VCTF and the Director of the Ghana Enterprises Transformation Project (GETP). With VCTF’s GH¢35million commitment, the Z-WEF has successfully reached its first close and continues fundraising toward its GH¢120million target.

At the ceremony, VCTF’s General Manager, Percival Ofori Ampomah, expressed the organisation’s commitment to gender equity and economic inclusion, describing the investment as “a transformative step that not only promotes financial inclusion but also empowers women-led businesses to thrive, create jobs and drive economic growth”.

He added that the fund’s mission addresses gender-based financial disparities, with many women entrepreneurs in Ghana still struggling to secure the capital needed to grow their businesses.

Barbara Ghansah, Lead Partner at Zinari Capital, echoed these sentiments, saying: “This fund will change the narrative for Ghanaian women in business. Women-led SMEs in Ghana face immense challenges in securing funding. The Z-WEF will provide crucial capital, enabling women entrepreneurs to overcome these hurdles and succeed in various sectors”.

The financing gap for women entrepreneurs is a major issue in Ghana and across sub-Saharan Africa, where women comprise a significant portion of business owners; yet they face substantial underfunding. In Africa, the financing gap for women is estimated at US$42billion, underscoring the scale of the challenge. In Ghana, where women lead in entrepreneurial activity, Z-WEF’s focused approach aims to create meaningful opportunities by funding businesses where women serve as owners, senior managers or play critical roles in the value chain.

The Z-WEF operates as a 10-year closed-ended fund, targeting a 20 percent gross internal rate of return (IRR) for investors. It intends to finance up to 20 SMEs, with an expected impact of creating more direct and indirect jobs. Individual investment tickets will range from GH¢100,000 to 10 percent of the total fund size, with each investment meeting the fund’s goals of economic growth and gender equity.

Beyond job creation, the fund’s impact will be tracked by metrics such as improved cumulative livelihoods, tax contributions from supported businesses and the support provided to women and youth.

As Ghana’s first women-focused fund, Z-WEF represents a landmark in gender-centric investments within the country’s venture capital ecosystem. With VCTF’s support, this initiative is expected to attract further investments in women-led businesses, creating a ripple-effect that could reshape Ghana’s investment landscape.

VCTF Board Chair, Kofi S. Yamoah, added: “This fund has the potential to redefine investment in Ghana by positioning women as key drivers of economic growth and social progress”.

With its GH¢35million commitment, the VCTF is laying the groundwork for sustained economic and social advancements, ensuring that women-led businesses have the resources and support needed to succeed and drive lasting impact.

Watch as Ghanaians share their emotions on John Mahama's presidential win