African businesses must place young people at the heart of their strategies if the continent is to secure sustainable economic growth, Ghanaian entrepreneur Richard Nii Armah Quaye said on Thursday.
Speaking at the Youth Summit held alongside the Africa Prosperity Dialogues 2026 in Accra, Quaye said Africa’s future workforce and consumer base is already present and overwhelmingly young, making youth empowerment a business imperative rather than a social obligation.
“The future workforce of African businesses is already here. The future customer base of African companies is already here. And that future is young,” he said. “If we get youth right, African businesses will thrive for generations. If we get it wrong, no amount of capital, policy reform or trade agreements will save us.”
The summit brought together young leaders, entrepreneurs and policymakers from across the continent to explore how Africa’s growing youth population can harness economic opportunities under initiatives such as the African Continental Free Trade Area (AfCFTA).
Quaye, who started his business career in his early twenties with just £1,000 in personal savings, criticised the disconnect between education systems and labour market needs. He called for stronger collaboration between industry and educational institutions, proposing a “new covenant” that integrates apprenticeships, internships and industry-led training.
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“This is not a future ambition for me,” he said, pointing to investments made through his company, IRAQ Holdings, which has put more than $100 million into angel and early-stage ventures across seven African markets. He also announced a US$20 million fund to support African businesses expanding across borders.
Quaye said Africa does not lack ideas but suffers from a shortage of “good capital” and structured growth pathways. “Capital matters, but capital without discipline fails,” he said. “Talent matters, but talent without the hard work required to acquire skills will not deliver results.”
The Youth Summit repeatedly highlighted the need to invest in human capital to support trade integration, industrialisation and digital transformation across Africa. Quaye described the continent’s youth as its greatest asset and urged governments, businesses and investors to act decisively.
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“The question before us is whether we are willing to meet young Africans where they are and build the future with them,” he said.
Background to Richard Nii Armah Quaye
Richard Nii Armah Quaye (born March 21, 1985) is a prominent Ghanaian entrepreneur, investor and business leader known for his work in financing and supporting small and medium‑sized enterprises (SMEs) and startups in Ghana and across Africa. He hails from Jamestown in the Greater Accra Region of Ghana, and began his business career with modest beginnings before building a diversified business portfolio.
Quaye founded Bills Micro Credit (formerly Quick Credit & Investment Micro‑Credit Limited) in 2009, a non‑banking financial institution licensed by the Bank of Ghana that provides microloans to traders, entrepreneurs and SMEs. Over the years the company has grown significantly and built a large client base.
In 2019, he launched Quick Angels Limited, Ghana’s first institutionalised angel investment firm, aimed at providing equity financing, mentorship and support to startups and growing businesses. Quick Angels has backed numerous local ventures across sectors including food services, healthcare, tech and manufacturing, helping brands such as Pizzaman‑Chickenman, Ridge Medical Center, Doughman Foods, Sankofa Natural Spices and others to scale.
Quaye has received multiple awards and recognitions for his work in business and investment, including honours at the 40 Under 40 Awards, European CEO Entrepreneur of the Year and accolades for outstanding financial services leadership. He has also been invited to speak on entrepreneurship, including at events linked to Harvard Business School.
In April 2025, Quaye stepped down from frontline executive roles as CEO and board chairman of Quick Angels and Bills Micro Credit to focus on a broader investment and impact strategy through RNAQ Holdings, the parent holding company for his ventures. The move marked a shift toward strategic leadership and youth‑focused economic development.
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Under the RNAQ umbrella, Quaye continues to champion business growth and development, including initiatives such as a dedicated Scale Up Fund to support expanding enterprises and philanthropic efforts like food‑bank projects aimed at social impact and community support.
Quaye’s work has made him one of Ghana’s most high‑profile business figures, with a reputation for promoting entrepreneurship as a pathway to economic empowerment and job creation.
