The founder of Bills Micro-Credit, Richard Nii Armah Quaye, is facing a personal income tax assessment valued at no less than GH₵30 million. This figure is considered interim, with the possibility of an increase as the Ghana Revenue Authority (GRA) continues its investigation into discrepancies over his tax filings.
Mr. Quaye is already reported to have settled an import duty of GH₵11.4 million on a car he recently acquired. However, the financial scrutiny does not end there, as his bank accounts have been frozen by authorities. The High Street Journal was the first to break the story concerning the probe.
According to our sources, Amarh-Quaye, who is reported to own 29 different companies, has had issues with taxes filed that do not align with the amounts he is expected to pay. The freezing of his accounts comes just days after a lavish 40th birthday celebration, which has gained widespread attention on social media. Some reports estimate the cost of the party at a staggering $2 million.
Before the extravagant event, which attracted around 1,400 guests, Amarh-Quaye disclosed in an interview that he had recently acquired a custom-branded private jet and a Bugatti Chiron. This revelation raised concerns about the source of his wealth and sparked discussions in both social and traditional media.
In the wake of these developments, Bills Micro Credit has publicly distanced itself from Amarh-Quaye’s personal lifestyle, emphasizing the company’s separation from his private financial affairs. The company stated, “We categorically affirm that Bills Micro Credit Limited has not funded, sponsored, or facilitated any of his personal events or acquisitions.” The financial sector in which Bills Micro Credit operates is heavily regulated, and the company is keen to avoid any reputational damage or regulatory scrutiny that might arise from its founder’s displays of wealth.
It remains unclear whether the freezing of Amarh-Quaye’s bank accounts occurred before or after the birthday celebration. The Ghana Revenue Authority (GRA) regularly conducts checks on high-net-worth individuals to ensure they are paying the correct amount of taxes. Individuals found to have underpaid taxes are often invited to settle the differences, though these activities are typically kept private due to their sensitive nature and to protect those involved from potential criminal targeting.
The case has emerged amid increasing discussions about the potential introduction of lifestyle audits under President John Dramani Mahama‘s administration. These audits are expected to be a key component of the government‘s National Anti-Corruption Programme, targeting individuals with unexplained wealth.
