FIC Freezes the Accounts of Businessman Richard Nii Armah Quaye

Business magnate Richard Nii Armah Quaye, the founder of Bills Micro-Credit, Quick Credit, and Investment Micro-Credit, has recently become the subject of a significant financial investigation. The Financial Intelligence Centre (FIC) has taken the step of freezing the financial accounts of both his businesses and his personal accounts, citing compliance with the Anti-Money Laundering Act of 2020. This move is part of an ongoing probe, with the FIC directing various financial institutions to freeze all accounts associated with Quaye and his enterprises until further notice. A confidential letter from the FIC, which has been seen by Joy Business, was issued to several banks and financial institutions. It instructed them to immediately freeze all related accounts and provide specific details about the transactions and connections to Quaye’s businesses.

In addition to the actions taken by the FIC, Quaye is also under scrutiny by the Ghana Revenue Authority (GRA). The GRA has initiated an Income Tax Assessment process for the businessman, which is designed to evaluate his tax compliance. This audit is part of a broader effort by the GRA to ensure that individuals and businesses are meeting their tax obligations. Despite reports suggesting that the GRA had frozen Quaye’s accounts, the authority has firmly denied such claims. According to GRA sources, the income tax assessment is simply an audit to determine whether Quaye has been fulfilling his tax responsibilities as a businessman. The GRA has also clarified that discussions are underway with Quaye to settle any outstanding tax obligations.

In addition to the tax assessment, the GRA has also focused on Quaye’s imported Bugatti Chiron, a luxury vehicle that has attracted attention due to its high value. As part of the tax assessment process, the GRA issued an import duty assessment for the vehicle, and Quaye has already made the necessary payments for the import duties on the car. The GRA has emphasized that this process is routine, particularly for high-profile individuals with significant financial activity. The authority described the collaboration between Quaye and the GRA as positive, with the aim of ensuring compliance and contributing to the country’s efforts to boost tax revenue. Despite the freeze on Quaye’s financial accounts by the FIC, the GRA clarified that it was not involved in such actions and that its focus remained on tax assessment rather than account freezing.

These developments have come to light following a lavish 40th birthday celebration hosted by Richard Quaye, which attracted considerable attention from both the local and international business communities. The birthday party, dubbed #RNAQ40, was a grand affair held at the Black Star Square in Accra, one of the most prestigious venues in the country. The event was attended by some of Ghana’s most influential business figures, as well as top government officials and dignitaries. Among the high-profile personalities present at the celebration were prominent business tycoons Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong, whose participation highlighted Quaye’s close ties to the business elite. The event was also graced by notable international guests and industry leaders, further emphasizing Quaye’s wide-reaching influence.

In terms of entertainment, the celebration was equally extravagant, featuring performances from some of the biggest names in music. Nigerian superstar Davido and Ghanaian rap icon Sarkodie took to the stage, providing electrifying performances that kept guests entertained. Additionally, the energetic performance of Afro-dancehall artist Stonebwoy added to the high-energy atmosphere of the night. The celebration was a clear demonstration of Quaye’s prominent status within Ghana’s business and social circles, further reinforcing his image as a successful and influential entrepreneur.

While the ongoing investigations into Quaye’s businesses and financial activities may suggest deeper scrutiny into his affairs, they also highlight a broader effort by the FIC and GRA to ensure financial transparency and adherence to tax regulations in Ghana. Quaye’s case underscores the increasing vigilance of regulatory bodies in monitoring high-profile business figures, especially those with substantial wealth and significant financial dealings. These events are unfolding in the context of a country striving to enhance its tax collection system and strengthen compliance with anti-money laundering regulations.