The Presidential Advisor on Ghana’s 24-Hour Economy programme, Augustus Goosie Tanoh, has disclosed that more than 5,000 applications have already been received under the government’s 24H+ loan initiative, which is targeted at young entrepreneurs and small businesses.
Speaking at the Pension Strategy Conference 2026 in Accra on Wednesday, Goosie Tanoh said the overwhelming response demonstrated the huge financing gap facing small and medium enterprises (SMEs) in the country.
“In the last few days, about 5,000 applications,” he told participants at the conference attended by pension fund managers and financial sector stakeholders.
The applications follow public interest generated by news reports that Ghanaians between the ages of 18 and 35 can apply for start-up financing ranging from GH¢5,000 to GH¢500,000 through the 24 hour economy secretariat Expression of Interest portal.
Mr. Tanoh explained that the loan scheme forms part of a broader financing structure under the 24-Hour Economy programme aimed at supporting SMEs across multiple sectors and value chains.
According to him, the government is working to channel pension fund investments into SMEs through a Special Purpose Vehicle (SPV) that will provide growth-stage financing for businesses linked to major productive sectors of the economy.
He noted that although SMEs contribute nearly 90 per cent of Ghana’s economic activity and employment, many remain excluded from formal banking support due to strict collateral requirements.
“Small and medium enterprises generate ninety per cent of this country’s economy, and they also account for the same equivalent in employment.
About 90 per cent of these same SMEs remain unbanked. Most banks will not look at them,” he stated.
Mr. Tanoh criticized the continued reliance on landed property as collateral for loans and argued that the practice prevents many young entrepreneurs and small businesses from accessing credit.
“We cannot insist and persist in asking for property as a basis for lending. How many SMEs and Ghanaians own any form of property to give to a bank to finance against it?” he asked.
To address the challenge, he disclosed that the 24-Hour Economy Secretariat is engaging the Bank of Ghana on the introduction of a credit insurance guarantee system that would allow banks to lend based on cash flow and business governance structures instead of physical assets.
Under the arrangement, enterprise support organisations would assist SMEs with governance and financial management before and after funds are disbursed.
The 24 hour economy SME loan facility would be administered through the Development Bank Ghana, while equity financing support will be available through the Venture Capital Trust Fund.
Interested applicants can register through the official 24H+ portal, www.24hplus.gov.gh
