Richard Nii Armah Quaye featured on Forbes for investing in people, building Ghana's future

From the vibrant stalls of Makola Market to the modern storefronts of Accra Mall, Ghana’s capital reflects a country balancing tradition with innovation.

At the center of this transformation is Richard Nii Armah Quaye, founder of RNAQ Holdings, whose story has earned him recognition in Forbes for his mission to invest in people as the foundation for national development.

According to Forbes' report, Quaye, who started his entrepreneurial journey in 2009 at just 24 years old, established Bills Microcredit to provide financial support for small and mid-sized businesses. Since then, the company has disbursed over 7.5 billion cedis in loans to more than 300,000 enterprises, making it Ghana’s largest non-bank financial institution. “Eighty percent of the citizens trade. If that segment is neglected, our economy will come crashing down,” he explained.

In 2019, Quaye launched Quick Angels Limited, Ghana’s first institutionalized angel investor firm, to expand support beyond loans into equity financing. The company has since backed ventures across multiple sectors. One of its notable successes, Chickenman-Pizzaman, has grown into the country’s largest fast-food chain with more than 100 branches and 2,000 employees. Other investments, such as Sankofa Natural Spices and Ridge Medical Centre, are helping to put Ghanaian products on the international market and expand access to healthcare.

“When you invest in an individual in the business space, you are investing in the nation,” Quaye said, noting that his companies collectively employ thousands while also providing benefits like housing, transport and healthcare.

His latest initiative, the RNAQ Food Banks, reflects his personal journey. Opened in August 2025, the food banks have already served over 17,000 Ghanaians across five locations, offering free meals daily. “I know how it feels to be hungry. I’ve been hungry before,” Quaye said. He describes the project not as charity but as “infrastructure for dignity.”

Quaye also challenges misconceptions about African businesses, stressing that Ghanaian entrepreneurs can build companies capable of competing on both national and global stages. Unlike many business leaders who channel their wealth abroad, he reinvests locally. “Nation building depends on all of us. Your success has to impact the life of so many people in your country. Until you successfully do that, then you are not truly successful,” he said.

Looking ahead, Quaye is focused on legacy, with a vision of raising the next generation of leaders. “I must create and replicate people like me so that they can also replicate themselves... and that’s how we build a country,” he said.

For him, true legacy lies not in wealth or recognition but in the ripple effect of empowered Ghanaians shaping industries, feeding communities and telling their own stories to the world.