The Ghana Revenue Authority (GRA) has assessed the personal income tax liability of Bills Micro-Credit Founder, Richard Nii Armah Quaye, at a minimum of GH₵30 million.
However, this figure remains provisional and may rise as the GRA continues its investigation.
In addition, an import duty of GH₵11.4 million was levied on a vehicle purchased by Mr. Quaye, which has already been paid.
Meanwhile, the Financial Intelligence Centre (FIC) has frozen all corporate accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit.
The personal accounts of Richard Nii Armah Quaye and the companies’ CEO, Romeo-Richlove Kweku Seshie, have also been affected by the freeze.
This action was taken in compliance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
The directive, issued on March 21, 2025, was enforced immediately and remains in effect pending further directives and investigations.
The tax review pertains to outstanding personal income tax obligations that remain unsettled.
Authorities initiated the assessment as part of routine regulatory measures to ensure compliance with tax obligations.
The development comes shortly after Mr. Quaye’s lavish 40th birthday celebration, which gained significant attention on social media.
However, it is unclear whether the decision to investigate him was made before or after the widely publicized event.
In response to public discussions linking Bills Micro-Credit Limited to Mr. Quaye’s personal affairs, the company has issued a statement clarifying its position.
The company asserted that it operates independently and has no financial ties to the personal transactions of its Board Chairman, Richard Nii Armah Quaye.
Additionally, the statement emphasized that Mr. Quaye is not the CEO of Bills Micro-Credit Limited.
While acknowledging him as its founder, chairman, and majority shareholder, the company firmly denied any involvement in financing his personal expenses or events.
