Ghana's entrepreneurship prizes doubled—but are they still too low?

The government has raised cash prizes for entrepreneurship competition winners to GH¢100,000 and GH¢200,000. However, business leader Richard Nii Armah Quaye argues these amounts remain too low for young entrepreneurs to succeed. He shared his concerns at the 2025 Entrepreneurs Forum in Accra this week. Richard Nii Armah Quaye, founder of RNAQ Holdings and Quick Angels Limited, spoke about the financial hurdles facing young entrepreneurs in Ghana. His own company, Quick Angels Limited, helps talented individuals overcome funding gaps by providing support beyond just money.

At the forum, he explained that high operational costs in Ghana make it nearly impossible to build scalable businesses with such limited seed capital. He questioned whether GH¢100,000 or GH¢200,000 could realistically launch a serious enterprise in today’s economy. Quaye stressed that innovative businesses and services need far larger capital bases to grow sustainably. His goal is to ensure the next generation of entrepreneurs avoids the financial struggles he once faced.

The government’s increased prizes aim to encourage entrepreneurship, but Quaye’s comments highlight ongoing concerns about funding adequacy. His own initiatives continue to provide additional resources for young business owners. The debate over seed capital requirements is likely to persist as Ghana’s business landscape evolves.