The Ghana Revenue Authority (GRA) has dismissed rumours that they have frozen the bank accounts of Richard Nii Armah Quaye founder of Bills Micro Credit Ltd.
The reports claimed Richard Nii-Armah Quaye, founder of Bills Micro-Credit, was facing a provisional income tax assessment of over GH₵30 million from the Ghana Revenue Authority (GRA). This figure is subject to change as investigations continue.
The GRA’s assessment follows recent scrutiny of Richard Quaye’s financial activities. Notably, he has already paid GH₵11.4 million in import duties for a vehicle.
In a related development, the Financial Intelligence Centre (FIC) has frozen all company accounts belonging to Bills Micro-Credit and Quick Credit & Investment Micro-Credit. The personal accounts of Quaye and the companies’ CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
This action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), took effect on March 21, 2025, and will remain in place pending further directives and investigations.
The tax assessment focuses on Quaye’s outstanding personal income tax, which authorities are reviewing as part of standard regulatory procedures.
The GRA however dismissed these rumours, according to them, they engage all taxpayers to assess their incomes earned and follow a standard procedure in communicating with them.
They boldly stated they have not commenced any enforcement action against Richard Nii Armah Quaye including freezing his bank accounts.
“We also urge all eligible taxpayers to voluntarily disclose incomes earned and pay the taxes due to GRA to avoid the payment of penalties and interests as well as facing other sanctions.
“GRA uses this opportunity to reassure its taxpayers and the general public of its commitment and adherence to its values of fairness, integrity, responsiveness, service and teamwork,” a statement issued on Thursday, March 27 said.
The GRA further urged the public to dismiss the publications on social media and other platforms.
See the statement below:
