In a bold move to bridge the financing gap for women-led businesses, the Zinari Women’s Enterprise Fund (Z-WEF) has announced its first close of GHS 35 million ($8 million) towards its GHS 120 million ($28 million) target. This marks a significant milestone for Ghana’s inaugural women-focused venture capital initiative, anchored by the state’s Venture Capital Trust Fund (VCTF).
The fund’s mission is clear: to support female entrepreneurs and businesses with strong female representation in ownership, leadership, or value chains. By doing so, it aims to stimulate economic growth and advance social equity, addressing longstanding disparities in access to finance for women in Ghana.
Z-WEF plans to deploy capital to Small and Growing Businesses (SGBs), writing cheques ranging from GHS 100,000 ($23,000) to GHS 12 million ($2.8 million) per enterprise. Over its 10-year lifespan, the closed-ended fund aims to back 20 businesses, prioritizing commercial sustainability alongside measurable social impact.
The fund’s impact metrics go beyond traditional financial returns. Portfolio performance will be assessed based on job creation, improved livelihoods, tax contributions, and the extent to which women and youth benefit from its investments.
Z-WEF’s investment strategy also targets a robust financial outcome, with an anticipated 20% internal rate of return (IRR) for investors. This dual focus reflects the growing trend of impact-driven investment funds combining economic viability with developmental objectives.
Z-WEF is led by Barbara Ghansah, an accomplished expert in agricultural finance, SME support, and impact investing with over 25 years of experience across West Africa. Her career spans roles in project analysis, business planning, strategy development, and financial analysis, focusing on facilitating access to finance for agribusinesses and women-led SMEs in Ghana, Sierra Leone, and Liberia.
Ghansah’s leadership reflects the fund’s strong foundation in local expertise and global best practices. Her extensive network of partnerships with government entities, private sector players, and international development organizations positions Z-WEF as a collaborative force in Ghana’s entrepreneurial ecosystem.
“Women entrepreneurs in Ghana face unique challenges accessing finance, which limits their ability to scale and contribute fully to the economy. Zinari seeks to change this narrative by providing tailored funding solutions that enable growth and sustainability,” Ghansah said.
The Venture Capital Trust Fund’s involvement underscores the Ghanaian government’s commitment to fostering entrepreneurship and driving gender inclusivity in economic development. Acting as an anchor investor, VCTF’s participation helps de-risk the fund for private investors and sets the stage for additional capital inflows from institutional and impact-driven investors.
“The Zinari Women’s Enterprise Fund is a flagship initiative that aligns with our broader mandate to catalyze private sector growth through strategic investments,” said Yaw Owusu-Brempong, CEO of VCTF. “By targeting women-owned businesses, we are addressing a critical gap in Ghana’s venture capital landscape.”
Ghana’s entrepreneurial ecosystem has seen significant growth over the past decade, yet female entrepreneurs often remain underserved. According to the Mastercard Index of Women Entrepreneurs, Ghana ranks among the top countries for women’s entrepreneurial activity, but access to funding remains a persistent barrier.
With Z-WEF’s first close, the fund is poised to channel much-needed capital to women-led enterprises, driving innovation, job creation, and economic inclusion. The initiative sets a precedent for future state-backed efforts to address systemic inequalities and foster inclusive growth.