On March 24, multiple news outlets reported that the accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit Founder, Richard Nii Armah Quaye, had been frozen.
However, on March 27, the Ghana Revenue Authority (GRA) issued a disclaimer, stating that it had not taken any action to freeze Quaye’s accounts.
Despite this clarification, Citi News sources indicate that the freeze was allegedly initiated by the Financial Intelligence Centre (FIC), not the GRA.
This raises further questions, as the GRA’s statement does not directly address whether Quaye’s accounts were frozen by another entity.
According to a confidential letter seen by Citi News the directive to freeze the accounts was issued on March 21, 2025, and took immediate effect in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
This misunderstanding can be traced to a Pulse Ghana article dated 24th March headlined “GRA reportedly freezes billionaire Richard Armah’s bank accounts hours after lavish party” this report was based on a story by the High Street Journal that reported that his accounts were frozen but did not indicate who had initiated the process.
Pulse reported this fact and erroneously attributed this action to the GRA therefore creating the confusion.
The GRA rightly moved to clear the air as they were not involved in the freeze of the accounts, however, the question remains unresolved per the publicly available information.