GRA Assesses GH₵30 Million Tax Liability for Bills Micro-Credit Founder Amidst Account Freezes

Bills Micro-Credit Founder, Richard Nii Armah Quaye, is currently facing a personal income tax review, with initial assessments indicating an outstanding tax liability of at least GH₵30 million. Officials at the Ghana Revenue Authority (GRA) have noted that this figure is provisional and may be revised upward as the investigation continues.

In addition, Mr. Quaye recently settled an import duty of GH₵11.4 million for a vehicle he purchased. Meanwhile, the Financial Intelligence Centre (FIC) has frozen the bank accounts of Bills Micro-Credit, along with those of Quick Credit and Investment Micro-Credit. The personal accounts belonging to Mr. Quaye and CEO Romeo-Richlove Kweku Seshie have also been frozen. This measure, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was implemented on March 21, 2025, and remains in effect pending further investigation.

The tax review targets unresolved personal income tax liabilities and is part of routine regulatory checks to ensure that Mr. Quaye fulfills his fiscal responsibilities. Notably, this evaluation comes on the heels of Mr. Quaye’s lavish 40th birthday celebration, an event that attracted widespread attention on social media. It remains unclear whether the scrutiny was initiated before or after this high-profile occasion.

In response to growing speculation linking the company to Mr. Quaye’s personal finances, Bills Micro-Credit Limited issued a statement clarifying that its business operations are independent of the personal financial affairs of its founder and board chairman. The company emphasized that it does not underwrite Mr. Quaye’s private expenses or events, and reiterated that while he is recognized as the founder, chairman, and majority shareholder, he is not the company’s CEO.

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