Coming hot on the heels of recent proliferated angel activity in Africa, another angel group has launched in the Ghanaian capital of Accra.
Joining Accra Angel Network, which is believed to have launched this year, Quick Angels has been established as a solely owned financial institution in a move to provide financial solutions for Ghanaian startups and entrepreneurs.
Reported to be a timely intervention to bolster venture activity in the West African country, the initiative was brought on by Richard Nii Armah Quaye, a chartered accountant who now occupies the CEO seat of the angel group.
Established under Section 24 of the Companies Code 1963, Quick Angels aims to become a leading angel investment platform in Ghana, with intentions to broaden its horizon to accommodate other African countries. The company saddles itself with the responsibility of driving innovative commercial angel investments to hurl startups and restore promising businesses through strategic partnerships.
At the launch of the initiative’s head office at the Kwame Nkrumah Circle in Accra, Richard Quaye recalled the ordeals he encountered during the initial years as an entrepreneur.
Recounting the financial hurdles he had to surmount in a journey which he said “appeared far,” the young angel revealed how he was disappointed by financial institutions, friends, and family due to certain drawbacks. Understanding the various challenges, Richard is trying to eliminate the tumbling blocks sending Ghana-based startups down the trench.
According to him, he had met many potential and existing entrepreneurs with great ideas who decried the lack of investors, unavailability of easy capital and the general scarceness of support for young business owners.
“For how long will we allow young entrepreneurs to go through these challenges? How long will we allow what will otherwise be next generation of champion entrepreneurs and businesses die at their early stages without intervening?” he asked.
In as much as the government of Ghana does its best to provide seed capital for its Small and Medium Scale Enterprises (SMEs), Quick Angels believes that angel investment opportunities are rare in Ghana, and looks to bridge the gap between investors and entrepreneurs in need of funding.
Also at the launch, Richard said: Through angel investing the world gave birth to amazing entrepreneurs that are celebrated worldwide today and businesses that have changed our world today. Few examples are Facebook, Google, Uber, AirBnB, WhatsApp, etc. I believe in the ingenuity of the Ghanaian and firmly believe that with the necessary and right support we as a nation can also produce the likes of these great companies”.