Ghana Revenue Authority Places Interim Tax Assessment on Richard Nii Armah Quaye for Unpaid Income Tax
The Ghana Revenue Authority (GRA) has issued an interim tax assessment of at least GH₵30 million on Richard Nii Armah Quaye, the founder of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, for unpaid personal income tax. Officials have indicated that this amount could increase as investigations progress.
In a related move, the Financial Intelligence Centre (FIC) has frozen all company accounts of Bills Micro-Credit and Quick Credit, as well as the personal accounts of Quaye and the firm’s CEO, Romeo-Richlove Kweku Seshie. This action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was implemented on March 21, 2025, and remains in effect until further notice.
The GRA’s assessment follows Quaye’s lavish 40th birthday celebration, which recently made headlines for its extravagance on social media. While authorities have not confirmed if the investigation was sparked by the event, sources suggest that the tax review is part of regular compliance checks.
In a notable development, Quaye recently settled an import duty of GH₵11.4 million for a luxury vehicle, raising questions about his financial dealings amid the ongoing tax probe.
In response to public scrutiny, Bills Micro-Credit Limited issued a statement clarifying that the company’s operations are separate from Quaye’s personal financial matters. The statement emphasized that while Quaye is the founder, board chairman, and majority shareholder, he does not serve as the CEO of the company.
“Bills Micro-Credit is a legally independent entity and has no involvement in the personal finances of its chairman,” the company stated. This clarification came in response to public speculation linking Quaye’s personal spending to the firm.
The GRA is expected to finalize its assessment soon, which could result in further penalties if liabilities are confirmed. Meanwhile, the FIC’s freeze on accounts remains in effect as investigations continue.
Quaye has not yet publicly commented on the situation. Observers speculate that this case could set a precedent for increased tax enforcement on high-net-worth individuals within Ghana’s financial sector.
