GRA Reveals Truth About Freezing Richard Armah Quaye’s Accounts

The Ghana Revenue Authority (GRA) has denied reports claiming it has frozen the bank accounts of Richard Nii Armah Quaye, founder of Bills Micro Credit Ltd.

This follows circulating reports suggesting that the tax authority had taken enforcement action against Quaye.

GRA’s Official Response

In a statement issued on Thursday, March 27, 2025, the GRA clarified that while it has issued a GH₵30 million tax assessment against Quaye, no enforcement measures—including account freezes—have been taken.

“The Authority has issued an assessment on him relating to his income taxes, but we have not commenced any enforcement action such as freezing his bank accounts,” the statement read.

The GRA urged the public to disregard the false reports, emphasizing that it follows due process in tax matters. The authority explained that enforcement actions are only taken if a taxpayer fails to cooperate after an assessment is issued.

Call for Voluntary Compliance

The GRA also encouraged taxpayers to voluntarily disclose their income and meet their obligations to avoid penalties or legal action.

The statement reaffirmed the GRA’s commitment to fairness, transparency, and proper procedures in tax administration.

Background: Quaye’s Lavish 40th Birthday Celebration

Quaye recently gained public attention for his extravagant 40th birthday celebration at Accra’s Black Star Square. The high-profile event, tagged #RNAQ40, attracted business leaders, government officials, and international guests.

Notable attendees included business moguls Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong, reinforcing Quaye’s connections within Ghana’s elite business circles.

The night featured electrifying performances from Nigeria’s Davido, Ghana’s Sarkodie, and Stonebwoy, keeping the crowd entertained with Afrobeats and Afro-dancehall hits.

The GRA’s statement comes amid heightened public interest in Quaye’s financial affairs, following speculation about his tax obligations.