Bills Micro-Credit founder’s income tax assessment exceeds GH₵30M

The Ghana Revenue Authority (GRA) has initiated a personal income tax assessment of Richard Nii Armah Quaye, Founder of Bills Micro-Credit, valuing his unpaid taxes at no less than GH₵30 million.

However, this figure remains provisional and could increase as investigations continue.

In a related development, the Financial Intelligence Centre (FIC) has frozen all company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, along with the personal accounts of Richard Nii Armah Quaye and CEO Romeo-Richlove Kweku Seshie.

The FIC’s action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), took effect on March 21, 2025, as authorities conduct further inquiries.

The probe follows standard regulatory checks to ensure compliance with tax obligations.

However, the timing of the assessment—shortly after Mr. Quaye’s widely publicized 40th birthday celebration—has raised speculation, though it remains unclear whether the review was triggered before or after the event.

Meanwhile, Bills Micro-Credit Limited has distanced itself from Mr. Quaye’s personal finances, affirming that it operates independently and does not fund his private expenditures. The company also clarified that he does not hold the position of CEO.