GRA Probes Bills Micro-Credit Founder Over GH₵30 Million Tax Assessment
Accra, March 25, 2025 – The Ghana Revenue Authority (GRA) has launched an ongoing personal income tax assessment into Bills Micro-Credit Founder, Richard Nii Armah Quaye, estimating his unpaid tax liabilities at no less than GH₵30 million.
Officials warn that this is an interim figure, which could increase as the investigation progresses.
Frozen Accounts and Regulatory Actions
Further complicating matters, the Financial Intelligence Centre (FIC) has frozen all company accounts belonging to Bills Micro-Credit and Quick Credit and Investment Micro-Credit, along with the personal accounts of both Richard Nii Armah Quaye and the company’s CEO, Romeo-Richlove Kweku Seshie.
This move, in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was enforced on March 21, 2025, pending further directives and information gathering.
Background and Growing Scrutiny
The tax probe follows the settlement of an import duty charge of GH₵11.4 million on one of Mr. Quaye’s vehicles. The timing of the review, coming shortly after his high-profile 40th birthday celebration, has raised public speculation about its motivations. However, it remains unclear whether authorities initiated the probe before or after the widely publicized event.
Company Distances Itself
In response to public discourse linking the company’s finances to Mr. Quaye’s personal affairs, Bills Micro-Credit Limited issued a statement clarifying its independence:
“The company does not fund or support Mr. Quaye’s private purchases or events. Bills Micro-Credit operates as an independent legal entity.”
Additionally, the company emphasized that Mr. Quaye is not the CEO but serves as Founder, Chairman, and majority shareholder.
As regulatory scrutiny intensifies, industry observers will be watching how the case unfolds and its potential impact on the micro-credit sector in Ghana.
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