The Ghana Revenue Authority (GRA) is reviewing the personal income tax compliance of Richard Nii Armah Quaye, founder and board chairman of Bills Micro-Credit, according to sources familiar with the matter.
The probe, confirmed by Citi Business News, aims to verify whether Quaye has met his tax obligations, though the specific amount under scrutiny remains undisclosed.
Rumors circulating online suggested Quaye’s bank accounts had been frozen amid the inquiry, but officials close to the investigation denied the claims, clarifying that no such action has been taken. A separate import duty dispute involving one of Quaye’s vehicles has already been resolved, sources added.
The tax assessment follows Quaye’s widely publicized 40th birthday celebration, which drew significant attention on social media platforms last week. It remains unclear whether the GRA’s review was initiated before or after the event.
In response to public speculation, Bills Micro-Credit Limited issued a statement stressing its operational independence from Quaye’s personal finances. The company clarified that it functions as a legally distinct entity and does not fund or manage Quaye’s private expenditures. While Quaye remains the majority shareholder and founder, he holds no executive role in the firm’s daily operations, the statement emphasized.
The GRA has not publicly commented on the investigation, which underscores ongoing efforts to enforce tax compliance among high-net-worth individuals and corporate leaders in Ghana. Analysts note that such probes reflect broader initiatives to strengthen fiscal accountability in the country’s financial sector.
Further updates are expected as the review progresses.
