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Claim: Multiple reports claim that the Ghana Revenue Authority (GRA) froze the bank accounts of entrepreneur Richard Nii Armah Quaye due to tax issues and unexplained wealth.
Verdict: Misleading! DUBAWA’s checks showed that the GRA did not freeze the entrepreneur’s bank account over tax issues and unexplained wealth, as alleged. Reacting to the reports on Mar. 27, 2025, the GRA admitted it had issued an initial tax assessment on his income taxes but denied freezing his bank account. “…enforcement actions such as garnishment of accounts are resorted to only after taxpayers have refused to cooperate with the Authority following the tax assessments raised,” the GRA said.
Full Text
Multiple media reports and social media posts here, here, here, here, here, and here have alleged that the Ghana Revenue Authority (GRA) has frozen the bank account of Richard Nii Armah Quaye over tax issues and unexplained wealth.
Accra-based Metro TV wrote on X on Mar. 24, 2025, that “GRA reportedly freezes billionaire Richard Nii Armah Quaye’s bank account after extravagant birthday party.”
Also, the Pulse Ghana reported on Mar. 24, 2025, that:
“According to The High Street Journal, the bank accounts of Richard Amarh-Quaye, founder of Bills Micro Credit and proprietor of numerous other businesses, have allegedly been frozen due to concerns surrounding inconsistencies in his tax declarations”
“The news website reports sources close to the matter as having revealed that Amarh-Quaye, who is believed to be linked to 29 separate companies, has come under scrutiny for tax filings that do not correspond with the financial obligations he is expected to meet,” the online news portal reported.
Reports about freezing the entrepreneur’s account came less than 72 hours after his much-talked-about 40th birthday party in Accra.
Reacting to the report, an X user, @SonsOfZeus__, wrote:
“I hear say GRA freezes billionaire Richard Armah’s bank accounts your man make shi. Now the question is why don’t dey freeze Despite [businessman Osei Kwame Despite] ein accounts when he throws lavish party?”
Another X user, @DrKOlunloyo, wrote, “Be careful celebrating with people with unexplained wealth. Their ENEMIES are also watching you. Shocking story coming out of Ghana Richard Nii Armah Quaye’s bank accounts frozen by Ghana Revenue over tax issues and unexplained wealth.”
DUBAWA decided to probe the claim due to its virality in the West African country.
Verification
DUBAWA’s checks showed that the GRA had not frozen the businessman, Richard Nii Armah Quaye’s bank account over tax issues, as alleged.
Reacting to the reports on Mar. 27, 2025, the GRA clarified it had issued an initial tax assessment on his income taxes but denied freezing his bank account.
The GRA said, “…enforcement actions such as garnishing of accounts are resorted to only after taxpayers have refused to cooperate with the Authority following the tax assessments raised.”
The Authority said it had not taken any enforcement actions against Richard after its assessment of his income taxes.
“The GRA has not commenced any enforcement action against him [Richard Nii Armah Quaye], including freezing his bank accounts,” the Authority’s statement read.
However, the Financial Intelligence Centre (FIC) has frozen the bank accounts of businesses associated with the man, including Bills Micro-Credit, Quick Credit, and Investment Micro-Credit.
Also, DUBAWA’s research has revealed that the FIC has frozen the personal accounts of Richard and his friend and business partner, Romeo-Richlove Kweku Seshie, as part of investigations into suspected money laundering claims per Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
A confidential letter from the FIC on the freezing of the businessman’s accounts and others to address to some banks
Conclusion
The Ghana Revenue Authority (GRA) did not freeze Richard Nii Armah Quaye’s bank account over tax issues, as alleged.
