The talk of town in recent days has been the 40th birthday celebration of the founder of Bills Micro-Credit, Richard Nii Quaye. The extravagant and star-studded birthday held at the Black Star Square in Accra was a spectacle to behold. The A-list artists, movie actors in Ghana and Nigeria, and business moguls from the continent, among others, made the celebration undoubtedly a display of opulence and wealth.
However, what is appearing to mar the event that trended on social media for days is the recent debacle of the celebrant with financial authorities including the Ghana Revenue Authority (GRA) and the Financial Intelligence Centre (FIC).
Richard Nii Quaye, after capturing the airwaves and social media with his celebration, had his financial dealings and taxes come under the prying eyes of the GRA and the FIC. This led to a freeze of all his personal accounts, while the GRA’s assessment revealed a tax obligation of over GH₵30 million aside from an import duty charge also running into millions of cedis. This emanates from a recent purchase of a highly luxurious car.
Currently, the young businessman is under investigation for issues relating to money laundering and corruption.
This unfolding drama has reignited the age-old debate: Is it wrong to flaunt wealth? Is living a life of opulence and flamboyance a crime? In an exclusive interview with The High Street Journal, private legal practitioner Lawyer Randall Sakyi-Obeng weighed in on the matter, offering critical advice to individuals who aspire to live or are living a life of affluence and luxury.
Display of Opulence is a Choice, Not a Crime
For the start, no law bans living your life lavishly in the full glare of the public. Lawyer Obeng-Sakyi says it is a matter of choice, and there is nothing inherently wrong in that.
“There’s nothing wrong with flaunting your money and your wealth if you have it because that’s a personal choice,” Lawyer Obeng Sakyi emphasized.
However, there are a number of things involved. Such a life either attracts admiration, condemnation, or investigation, especially in areas of tax compliance and legal financial practices.
Live Lavishly, But Be at Peace with GRA and the Law
Having established that living lavishly is not a crime, one must also ensure that he/she is tax compliant and the source of his income is genuine. Lawyer Obeng-Sakyi indicates that display of opulence often attracts the eagle eyes of the GRA, who may want to reconcile your expenditure with your stated income for tax assessment purposes.
In addition, the law enforcement agencies, such as the Ghana Police Service, the Economic and Organised Crime Organization (EOCO), the Financial Intelligence Center (FIC), the Office of the Special Prosecutor (OSP) among others, due to display of wealth may want to verify the source of the income. This is part of their mandate to check corruption and money laundering.
The legal practitioner says a person displaying his or her wealth must ensure that he is on the good side of the law in these areas.
“It is better that you file your tax returns and pay the correct taxes from your income at all times so that you can have a flash without any wahala from anyone. So long as you are compliant with your tax obligations, so long as you are not involved in corruption and any criminal acts, there’s nothing wrong with flaunting your money and wealth,” he told The High Street Journal.
Tax Compliance: A National Obligation for All
Beyond the implications of publicly living lavishly, Lawyer Obeng-Sakyi emphasized that payment of taxes is a national duty for all whether irrespective of status. The nation’s socio-economic development is heavily dependent on that.
He, therefore, calls on all individuals to declare the right incomes and pay the right taxes to support the country’s development. He also advises that incomes must be generated from legal sources to avoid issues with the law.
“At the end of the day, we trying to build a nation. In trying to build the nation, we need each and every one of us to support that effort regardless of our circumstances. The main way each and every one can support that effort is by declaring our correct income and paying appropriate taxes,” he explained.
For Lawyer Obeng-Sakyi, the message is simple. How you want to live your life with respect to your wealth is a choice. However, he says, “Pay your taxes, don’t engage in criminality, and live the life that you want.”
The lawyer’s advice is a key lesson for business magnates, celebrities, and high-income earners in Ghana. He believes financial discipline and legal compliance must accompany prosperity. With increasing digital surveillance and regulatory oversight, tax evasion and financial mismanagement are more likely than ever to trigger scrutiny from government agencies.
The wealthy must ensure their financial records are clean and as white as snow.
