The Ghana Revenue Authority (GRA) has issued an interim tax assessment of at least GH₵30 million against Richard Nii Armah Quaye, founder of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, citing unpaid personal income tax.
GRA officials suggest the amount could go up as investigations progress.
In a parallel development, the Financial Intelligence Centre (FIC) has also frozen all corporate accounts belonging to Bills Micro-Credit and Quick Credit, along with the personal accounts of Quaye and the company’s CEO, Romeo-Richlove Kweku Seshie. The freeze, executed under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), took effect on March 21, 2025, pending further directives.
The GRA’s probe follows Quaye’s widely publicized 40th birthday celebration, which stirred social media discussions due to its extravagance. While officials have not explicitly linked the tax assessment to the event, sources indicate it is part of broader regulatory efforts to ensure tax compliance.
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Adding to the scrutiny, Quaye recently paid an import duty of GH₵11.4 million for a luxury vehicle, fueling public debate on his financial dealings amid the ongoing tax review.
Responding to growing speculation, Bills Micro-Credit Limited issued a statement clarifying that the company operates independently of Quaye’s personal finances. The firm emphasized that while Quaye serves as founder, board chairman, and majority shareholder, he is not the CEO and does not use company funds for personal expenditures.
“Bills Micro-Credit is a legally distinct entity and has no involvement in the personal financial matters of its chairman,” the statement read.
As the GRA continues its assessment, potential penalties could be imposed should additional liabilities be confirmed. Meanwhile, the FIC’s freeze on accounts remains in effect as authorities gather more information.
Quaye has yet to publicly address the matter. Analysts suggest this case could mark a turning point in tax enforcement targeting high-net-worth individuals in Ghana’s financial sector.