
Qatar set to secure food exports from Ghana with $1.5bn investment
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25th March 2025 10:00:03 AM
2 mins readBy: Phoebe Martekie Doku
The Financial Intelligence Centre (FIC) has frozen all company accounts belonging to Bills Micro-Credit and Quick Credit & Investment Micro-Credit, as per reports.
Additionally, the personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
This action, taken in line with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was outlined in a confidential letter dated March 21, 2025, and took effect immediately. The freeze remains in place as authorities continue gathering information.
The move comes as the Ghana Revenue Authority (GRA) confirmed on March 24 that Richard Nii Armah Quaye is currently undergoing a personal income tax assessment.
Officials are reviewing an outstanding tax liability exceeding GHS 30 million, which has yet to be settled.
In addition to the tax probe, reports suggest that one of Mr. Quaye’s vehicles was previously subject to an import duty of GHS 11.4 million a matter that has since been resolved.
The investigation into Mr. Quaye’s finances gained attention shortly after his lavish 40th birthday celebration, which was widely shared on social media.
It remains unclear whether regulatory authorities had initiated the probe before or after the high-profile event.
Amid ongoing scrutiny, Bills Micro-Credit Limited recently issued a statement distancing itself from its founder’s personal finances.
The company emphasized that it operates as a separate legal entity and does not finance or support Mr. Quaye’s private expenses or events.
Furthermore, the company clarified that while Mr. Quaye is its founder, chairman, and majority shareholder, he does not hold the position of CEO.
The statement sought to dispel public speculation linking the company’s financial activities to Mr. Quaye’s personal affairs.
Authorities have yet to provide further details on the next steps regarding the frozen accounts.
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