Multiple reports emerged on Monday, March 24, 2025, that the accounts of Ghanaian business mogul Richard Nii-Armah Quaye have been frozen by the Ghana Revenue Authority (GRA) following investigations into his tax compliance.

The reports indicated that the alleged freezing of the accounts was due to inconsistencies in his tax payment records.

GhanaWeb, however, has learned that the freezing of the accounts was not ordered by the Ghana Revenue Authority but rather by the state’s leading anti-money laundering institution, the Financial Intelligence Centre (FIC).

Sources at the FIC told GhanaWeb that the directive to freeze the bank accounts of the Chief Executive Officer (CEO) of Bills Micro-Credit was issued on Friday, March 22, 2025.

On Monday, March 24, 2025, Richard Nii-Armah, in the presence of his legal team and other officials was extensively interrogated by officials of the FIC and the Bank of Ghana.

GhanaWeb sources indicate that the freezing of the accounts of the man, who has interests in over 29 companies, does not imply any wrongdoing on his part but forms part of the FIC’s investigation of him which has been ongoing for months.

Richard Nii-Armah Quaye was the focus of a massive birthday party on Saturday, March 22, 2025.

Richard Quaye, whose microfinance institution serves numerous Ghanaian businesses, has not publicly commented on the ongoing investigation.



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