Segment: Do not Ignore Due Diligence - Investors Will Check Your Books, Be Ready Or Lose Out

Summary

---

Konnected Minds Podcast with Derrick Abaitey

Episode Segment: Do not Ignore Due Diligence — Investors Will Check Your Books, Be Ready Or Lose Out

Date: June 17, 2026
Host: Derrick Abaitey
Guest: Diane Ekufu (Business Consultant & Entrepreneur)

---

Episode Overview

This episode zeros in on the realities of raising investment in Ghana and the wider African market. Derrick Abaitey is joined by Diane Ekufu, a business consultant renowned for helping entrepreneurs secure more than $1.5 million in funding across the globe. The conversation focuses on what it genuinely takes to make your business investable, the necessity of compliance and diligence, and why so many great ideas fail to attract investment—especially in the West African context.

---

Key Discussion Points & Insights

1. Investors Don’t Fund Just Ideas

• Context in Ghana:
  Diane stresses that the ecosystem in Ghana is not set up to support funding of unproven ideas—investors want to see a tangible track record or prototype (MVP).

  • Quote (Diane, 00:29):

    "Most entrepreneurs would come to me with ideas, wanting to get funded. And unfortunately in our ecosystem, that's going to be a very difficult thing for you to do. Investors in Ghana don't really give money for ideas. They need to see something in hand."

• Unicorn vs Zebra Startups:
  The conversation highlights the pressure on entrepreneurs to become "unicorns" (billion-dollar companies) when a more realistic and sustainable goal (“zebra”—achievable, solid growth) might be more appropriate.

  • Quote (Diane, 00:29):

    "The problem is that we’re all trying to be unicorns... But maybe you just need to be a zebra. You need to be something that is reachable, achievable."

2. The Importance of Compliance

• Beyond Registration:
  Many think registering a business is enough to secure investment. Diane insists true compliance means registering with government authorities (GRA, SSNIT), keeping accurate records, and being transparent in filings.

  • Quote (Diane, 07:08):

    "Compliance means that first, are you even registered with GRA? Do you have SSNIT? You say on your pitch deck that you have three employees—are they registered with SSNIT? Are you paying for them? That is compliance."

  • Bookkeeping & Accountability:
    Proper records aren’t just your own spreadsheets; they must match what is reported to authorities. Investors will verify everything.

    • Quote (Derrick, 07:43):

      "So it's recorded on the spreadsheet that the small business owner is using. However, it actually also needs to be recorded with the government."

    • Quote (Diane, 07:54):

      "You need to be compliant because investors are going to give you their money. They need to make sure you actually obey the law. Or else you're going to put them in trouble as well."

• On Diligence & Transparency:
  If you dislike oversight or accountability, seeking investment may not be for you.

  • Quote (Diane, 08:34):

    "If you’re someone that doesn’t like a lot of pressure, don’t want anybody bothering you and looking into your business and holding you accountable, you probably would not do well trying to raise money."

3. Survival Mode Kills Bookkeeping

• Entrepreneur Challenges:
  Diane describes “survival entrepreneurship,” where owners lack time or structure to keep orderly records, leading to inaccurate financials and lost investment opportunities.
  • Quote (Diane, 09:02):

    "A business that is in survival mode... They don’t have time to keep records. They don’t have time to document their journey in terms of how much sales, this and that and that. Because at the end of the day they’re going to be taking money from the business and things will get crazy."

4. Why Diane’s Voice Matters

• Her Unique Perspective:
  Though Diane has never raised funds for her own businesses (she bootstraps), she’s successfully helped others secure significant investments by preparing them properly.
  • $1.5M+ raised for entrepreneurs globally, with a strong track record (80%+ success rate).
  • Quote (Derek, 03:48):

    "So then to really qualify you, why should anybody watch this conversation?"

  • Quote (Diane, 03:52):

    "Because I've helped other businesses raise money, and I've done roughly over $1.5 million for entrepreneurs across the globe."

  • Quote (Diane, 05:01):

    "Most of the people that I did it for actually did get their funding. Probably like 80%."

---

Notable Quotes & Memorable Moments

• "I can’t come and give you $100,000 and then you’re going to use 50K to sort out your personal issues."
  (Diane Ekufu, 00:29 & 09:02)

• "Registering a business or registering a sole proprietor is your ticket to getting an investor. It’s not, it’s just a registration."
  (Diane Ekufu, 06:47)

• "If you have something that you've been working on, it’s actually really easier to sell that to somebody because you’ve been working on it for a while. You probably did a pilot, you have an MVP, you have something in hand to show that you actually are serious."
  (Diane Ekufu, 05:54)

---

Timestamps to Key Segments

• 00:29 — Investors want results, not just ideas.
• 03:52 — Diane's credibility: $1.5M+ raised for other entrepreneurs.
• 05:10 — What investors look for: track record, MVPs, compliance.
• 07:08 — What real compliance means (registration, tax filings, SSNIT, etc.).
• 08:33 — Why fundraising isn’t for the non-diligent or unaccountable.
• 09:02 — Survival mode and how poor record-keeping kills credibility.

---

Summary

Derrick Abaitey and Diane Ekufu present a reality check for African entrepreneurs seeking investment. This episode dispels the myth that a good idea alone attracts investors—proving that compliance, diligent record-keeping, tax and regulatory adherence, and actual business activity are critical. Diane’s hands-on experience with successful funding applications brings listeners grounded, actionable advice: prepare your business like an open book, or risk losing out, no matter how great your pitch.

Essential Listening For:

• Entrepreneurs hoping to secure funding
• Business owners struggling with compliance
• Anyone wanting to understand the investment landscape in Ghana and similar markets

Core Takeaway:

If you ignore due diligence and compliance, you’ll lose out—because investors always check your books.

---

Transcript

[Grainger Narrator]

This is the story of the 1. As a maintenance engineer at a beverage manufacturing plant, he starts his day knowing every line is ready to run. Because Grainger delivers the industrial grade products he needs to keep mixers, conveyors and packaging equipment moving. With Grainger's vast selection of bearings, belts and motors, he keeps operations running smoothly so nothing grinds to a halt. Call 1-800-GRAINGER Click grainger.com or just stop by Granger for the ones who get it done.

[Diane Ekufu]

There's a certain type of person that you need to be to be able to unlock that money. I can't come and give you $100,000 and then you're going to use 50K to sort out your personal issues. Most entrepreneurs would come to me with ideas, wanting to get funded and unfortunately in our ecosystem, that's going to be a very difficult thing for you to do. Investors in Ghana don't really give money for ideas. They need to see something in hand. The problem is that we're all trying to be unicorns. And a unicorn is A unicorn is a company that is valued over $1 billion. But maybe you just need to be a zebra. You need to be something that is reachable, achievable. Importing ideas is not a bad thing. We just need to make sure that.

[Derek Abite]

Is this the same idea that you've been approached with funding for?

[Diane Ekufu]

Yes.

[Derek Abite]

How much was that?

[Diane Ekufu]

$3 million. I mean this conversation is very interesting because I actually turned down the money cuz I feel like where do I identify investors? When you ask anybody where do I look for investors, they'll tell you.

[Derek Abite]

You're welcome to Connected Minds Podcast. My name is Derek Abite. I think I've said my name so many times now, everybody knows it. Now if you're struggling to raise funds for your business, as many people tell me on the Internet, we don't have capital. It's all well and good the things you are discussing Derek, but we don't actually have the money to start this conversation is for you. So all the brilliant ideas you have in your notebooks, wherever you have it, stick with me because my guest today is a business consultant and an entrepreneur, Diane Ekufu. And she's going to take you through the steps from beginning to the end, how to make your business investable and if you have an idea how you can pitch that to investors and exactly where to find the investors. On the 9th of September, myself, Obeynda Akon, Diane herself and Eko Eshon were going to Kumasi, the Great Hall Connected Minds Live is coming To a sacral. So if you haven't gotten your seat yet in the description and the comments right now, click and purchase a ticket because they go really fast. Now, if you want to know where you can listen to Connected minds, apart from YouTube, go to Spotify and search Connected Minds podcast. You can also do that on Apple Podcast. Just search, subscribe, and become part of the family. Hi, Diane. How are you doing?

[Diane Ekufu]

I'm good. How are you?

[Derek Abite]

I'm doing fantastic. I'm happy you're here today.

[Diane Ekufu]

I'm glad to be here. Yeah. Yes.

[Derek Abite]

Connected Minds podcast.

[Diane Ekufu]

Yes.

[Derek Abite]

So today our conversation, as the intro said, is really for you to break it down.

[Diane Ekufu]

Yeah.

[Derek Abite]

To the simplest forms, for us to understand how we can, you know, model our business properly, to raise funds. And then also people can go from idea to get them funded. But for you yourself, have you raised fund for your business before?

[Diane Ekufu]

For me, no. I've never had the need to.

[Derek Abite]

Why?

[Diane Ekufu]

Because I always bootstrap. I use my funds to set up my businesses, so I've never had the need to.

[Derek Abite]

So then to really qualify you, why should anybody watch this conversation?

[Diane Ekufu]

Because I've helped other businesses raise money, and I've done roughly over $1.5 million for entrepreneurs across globe.

[Derek Abite]

Right here in Ghana.

[Diane Ekufu]

Across globe.

[Derek Abite]

Right. From investors here or across.

[Diane Ekufu]

I see, yeah.

[Derek Abite]

And these businesses are Ghanaian businesses, or

[Diane Ekufu]

some of them are.

[Derek Abite]

I see, yeah. And where did you learn that skill? How did you come by that?

[Diane Ekufu]

So very interesting story. Someone one day asked me if I could build them a business plan, and I said yes. And so that's where the journey started from. I started writing business plans for people. I was helping people write business plans that they could take to the banks. And so, I mean, I was already doing most of the work. They would send me the criteria, and I would try and do everything within that criteria. I was like, oh, I'm already doing the job. Why not position myself better in that space? Because I'm already doing it. And I was really good at it because most of the people that I did it for actually did get their funding.

[Derek Abite]

Most of the people. What percentage are we looking at?

[Diane Ekufu]

Oh, probably like 80%.

[Derek Abite]

I see.

[Diane Ekufu]

Yeah.

[Derek Abite]

And what have you seen as the reason why people get funded and the reason people don't?

[Diane Ekufu]

Okay. So usually I would say that it's depending on what you're doing. Right. The industry you're in and what you have available. So most entrepreneurs would come to me with ideas, wanting to get funded. And unfortunately, in our ecosystem, that's going to be a Very difficult thing for you to do. Right. Investors in Ghana don't really give money for ideas. They need to see something in hand. So depending on who you're talking to, it could be a very different conversation. If I don't know you and I'm trying to sell you a phone and I'm telling you the iPhone 17 cost 2000 series, you're probably going to say, well, maybe it's fake. You. Right, because you don't know me.

[Derek Abite]

Right.

[Diane Ekufu]

So you're going to have issues with that. It's the same way we're going approaching investors and we're asking them for their money. They don't know us, they don't know what you're doing. You're selling them an idea that doesn't exist yet. So, because that doesn't exist yet, I mean, what is your proof? You don't have any money, you don't have any traction, you don't have any products, nothing in hand that they can work with. So it makes it very hard. So that's where the trust comes in. So if you've built something in the past, you can use that as something like currency to negotiate for where you're going now. But if you have something that you've been working on, it's actually really easier to sell that to somebody because you've been working on it for a while. You probably did a pilot, you have an mvp, you have something in hand to show that you actually are serious. So what happens is that most people think that registering a business or registering a sole proprietor is your ticket to getting an investor. It's not, it's just a registration. What is you need to be compliant?

[Derek Abite]

Take me through the compliance process.

[Diane Ekufu]

Okay, so the compliance means that first, are you even registered with gre? Do you have snit?

[Grainger Narrator]

Right.

[Diane Ekufu]

You say on your, your pitch deck, in your team section, you're saying that you have three employees. Are they registered with snit? Are you paying for them? That is compliance. You need to also be filing. Right. So how much money are you making? You can just put some spreadsheet together and tell us that you make this amount of money. But what is recorded? If you don't have anything recorded, you are not compliant.

[Derek Abite]

So it's recorded on the spreadsheet that the small business owner is using. However, it actually also needs to be recorded with the government.

[Diane Ekufu]

Yes.

[Derek Abite]

Okay.

[Diane Ekufu]

You need to be compliant because investors are going to give you their money. They need to make sure you actually obey the law. Right. Or else you're going to put them in trouble as well. So if you come with an idea and nothing in hand, nothing has been done, it's going to be really hard. So you have to put all of these documentations together and things like your bank statements as well, you're going to check that. And if you're someone that doesn't like a lot of pressure, don't want anybody bothering you and looking into your business and holding you accountable, you probably would not do well trying to raise money.

[Derek Abite]

Why is that?

[Diane Ekufu]

Because you need to be compliant, right? And if compliance also means that there's some strict rules that you have to follow, right? Filing for your taxes and all of these things, if you're not doing them, I mean, who can invest in a business that doesn't pay taxes? And the reason is even with your bookkeeping, right, people have bookkeeping, but how accurate is that?

[Derek Abite]

Okay, explain that.

[Diane Ekufu]

A business that is in survival mode, right? I call it survival entrepreneurship. They don't have time to keep records. They don't have time to document their journey in terms of how much sales, this and that and that. Because at the end of the day they're going to be taking money from the business and things will get crazy. You won't see what is happening in your business again because you actually need the money. You have an emergency, you, you have to bring 3,000 CDs. Where are you going to get that money? It's going to come from the business. So even though you have probably some records, it probably isn't also accurate. Any investor that comes in and they do their due diligence, which means that they're going to look at the numbers in your business. What that means for them is that they're not going to be seeing, they will see the trend of how much money you've been taking for yourself. Personally, I can't come and give you a hundred thousand dollars and then you're going to use 50k to sort out your personal issues. Connected Minds Podcast

[Grainger Narrator]

when you're a maintenance engineer in a beverage manufacturing plant, you keep production lines moving and quality on track because there is no room for slowdowns. With Grainger's vast selection of high quality motors, sensors, belts and hard to find parts, you can get what you need fast and all in one place. So nothing gets in the way of getting the job done. Call 1-800-GRAINGER clickranger.com or just stop by Grainger for the ones who get it done.