Ghanaian businessman Richard Nii Armah Quaye has criticised the size of seed funding typically offered to young entrepreneurs, arguing that the amounts are far too small to support the creation of sustainable, job-creating businesses.

Speaking at the 2025 Entrepreneurs Forum in Accra, the founder of RNAQ Holdings and Quick Angels Limited acknowledged that government has increased cash awards for entrepreneurship competitions—from GH¢15,000 and GH¢20,000 in previous years to between GH¢100,000 and GH¢200,000 today. However, he maintained that even these improved amounts remain inadequate.

“Let’s be honest with ourselves. What serious business in Ghana can be built with GH¢100,000 or GH¢200,000?” he questioned. “Unless the intention is to fund hawking, encourage people to buy iPhones, or set up kiosks and small container businesses that add little value, these sums cannot establish a proper, well-structured business.”

Quaye stressed that truly innovative enterprises capable of solving societal problems, creating jobs, and contributing meaningfully to the national economy require significantly larger capital investments. He added that, given the high operational costs in Ghana, young entrepreneurs cannot realistically build scalable ventures with such limited funding.

Drawing from his own experiences of financial hardship and setbacks during his early entrepreneurial journey, he explained that these challenges motivated him to establish Quick Angels Limited—an angel investment company designed to support talented and innovative young people who lack the financial means to pursue their ideas.

He emphasized that his goal is to ensure the next generation of entrepreneurs does not endure the same financial struggles he faced.