Complementing the efforts of entrepreneurs and for that matter SMEs through the establishment of the trust fund and putting measures to sustain the scheme is a step in a right direction. The problem is on the role of government in venture capital investment in Ghana. The responses from beneficiaries of the fund scheme and other respondents showed that the government played different roles. The government was seen as playing an agency and complementary role. This was revealed by granting them low cost investment capital and also instituting measures for making the low cost capital available to SMEs. Mechanisms were put in place to ensure a continuous flow of funds into the Venture Capital Trust Fund (VCTF) scheme. Also, measures were put in place to attract potential investors by trying to reduce the risk associated with venture capital investment. It again showed that the startup stage of a business operation was the stage that received the most attention. However, the seed stage never had any investment. This stage is an important stage in entrepreneurs’ business operation.The priority sectors of economy were identified as agriculture, information technology, education and health.