GH¢100,000 can only buy an iPhone or set up a kiosk – Armah Quaye opines

Ghanaian businessman, Richard Nii Armah Quaye, has argued that the amount of money often given to young entrepreneurs as seed capital are far too small to establish sustainable businesses capable of creating jobs and driving economic growth.

Speaking at the 2025 Entrepreneurs Forum in Accra, the founder of RNAQ Holdings and Quick Angels Limited stated that while government has increased cash prizes for winners of entrepreneurship competitions from GH¢20,000 and GH¢15,000 in the past to GH¢100,000 and GH¢200,000 today, the amount remains inadequate.

"Let's ask ourselves this question. Which business or serious business in this country can a GH¢100,000 or GH¢200,000 build?. Unless they are giving people money to go and do hawking or they are giving people money to buy an iPhone for themselves, or you are giving people money to set up container or kiosk somewhere and continue all these nuisance businesses that most Africans are doing," he stated.

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He added, "But to set up a proper business, well-structured business, businesses that can bring innovative products, services that will solve problems in our society, that will create jobs and hold Ghana's economy, you cannot do it with 100,000 cedis or 20,000 or 15,000."

Quaye stressed that innovative businesses and services that solve societal problems and create jobs require far larger capital bases.

He noted that with the high cost of operations in Ghana, young entrepreneurs cannot realistically build scalable enterprises with such limited funds.

Drawing from his own experience of setbacks and financial constraints, he explained that these challenges inspired him to establish Quick Angels Limited, an angel investment company that supports young people with talent, skills, and ideas to overcome financial barriers.

He stated that he does not want the next generation of entrepreneurs to go through the same financial struggles he faced.

SA/EB

Millionaire Richard Nii Armah Quaye has stated that 100,000 cedis is too small to start serious business in Ghana .#BerryPulseNews pic.twitter.com/zpDoe58TO8

— Berry Pulse Media Inc (@BerryPulseM_Inc) December 6, 2025