Richard Nii Armah Quaye, a Ghanaian businessman, has said GH¢100,000 or GH¢200,000 cannot build a serious business in Ghana.
The founder of RNAQ Holdings asserted that the money given to young entrepreneurs as seed capital is far too small to establish sustainable businesses that can grow Ghana’s economy.
He revealed that the government has increased cash prizes for winners of entrepreneurship competitions from GH¢20,000 and GH¢15,000 to GH¢100,000 and GH¢200,000, but the amount is still not enough to build a serious business in Ghana.
Speaking at the 2025 Entrepreneurs Forum in Accra, Richard Nii Armah Quaye stated, “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 a container or kiosk somewhere and continue all these nuisance businesses that most Africans are doing,” he stated.
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.”
I went through that, I experienced it myself as a young entrepreneur growing up, that is why I established Quick Angels and positioned myself as an angel investor who does not want young people of this country with amazing talent to go through what I went through”.
Some netizens reacted to the comments made by Richard Nii Armah Quaye, saying, “Before you diss him, you have to realise that RNAQ through Quick Angels has funded over 30 startups, including Pizzaman, Pinkberry, Sankies Natural Spices, Ridge Medical Center etc.
When he says “business” he’s not talking about small-scale, small-corner businesses”.
Another X user added, “Thanks for sharing, but this video may lack some context. Looks like someone from the audience had asked him a specific question, and he was answering that question. I’d actually like to know the specific question he was asked that triggered this response”.
“Business is business, you don’t need to start a “serious business” before you can be called a businessman, you can operate a mobile money business with 100k, you can buy and sell accessories with 100k, small small, then you expand. Unless he’s talking about opening a factory”, a netizen added.
Additionally, one more Ghanaian wrote, “These guys should sometimes keep quiet when they don’t actually understand the other side of businesses that amount can start. 100,000 is way too much to start even two businesses when it comes to a food business. Their too much money blinding them off late. Sigh”
“For the sake of context, I get him. However, whatever business you want to do has to start small; you should learn to grow with or in your line of business. Always start small, no matter your capital. After a few years, when you know the ins and outs, then you can go big”, a netizen added.
“He is right. Well-structured and functional business won’t be possible with 100k unless a local startup that will take a long time to grow and become well structured”, he added.
A netizen added, “Yet some rich men we know always says they started their business with ridiculous amounts, like 50 cedis”
Watch the video below:
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