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According to The High Street Journal, the bank accounts of Richard Amarh-Quaye, founder of Bills Micro Credit and proprietor of numerous other businesses have allegedly been frozen due to concerns surrounding inconsistencies in his tax declarations.
The news website reports sources close to the matter as having revealed that Amarh-Quaye, who is believed to be linked to 29 separate companies, has come under scrutiny for tax filings that do not correspond with the financial obligations he is expected to meet. The freezing of his accounts comes shortly after he held a lavish 40th birthday celebration, which has drawn widespread attention online. Some sources have estimated the event's cost to be as high as $2 million.
Prior to the birthday party, attended by roughly 1,400 guests, Amarh-Quaye recently acquired a custom-branded private jet and a Bugatti Chiron. The announcement stirred debate across both traditional and social media platforms, prompting questions about the legitimacy of his wealth.
In response to the controversy, Bills Micro Credit issued a public statement clarifying its stance:
We categorically affirm that Bills Micro Credit Limited has not funded, sponsored, or facilitated any of his personal events or acquisitions.
The company operates within Ghana’s heavily regulated financial services sector and is working to protect itself from any reputational or regulatory fallout stemming from its founder’s public image.
It remains uncertain whether the bank account freeze took place before or after the extravagant party. Ghana’s Revenue Authority (GRA) routinely investigates high-net-worth individuals to verify that their tax payments reflect their true earnings. In cases of underpayment, individuals are typically given an opportunity to resolve discrepancies, although such actions are usually handled discreetly to maintain privacy and prevent security risks.
As of now, there has been no official confirmation regarding when Amarh-Quaye’s accounts might be unfrozen, or what the GRA’s next steps will be.
The development coincides with growing discourse around the introduction of lifestyle audits under former President John Dramani Mahama’s administration. The proposed audits are expected to play a central role in the government’s National Anti-Corruption Programme, targeting individuals exhibiting wealth beyond their declared means.
Lifestyle audits involve evaluating a person’s standard of living to determine whether it aligns with their reported income. A significant disparity between the two can raise suspicions of tax evasion, money laundering, or misuse of public funds.