Two prominent Ghanaian businessmen can breathe easier now. The Financial Intelligence Centre (FIC) has cleared Daniel McKorley, popularly known as McDan, and Richard Nii Armah-Quaye of any wrongdoing following detailed investigations into their financial transactions.
The move signals an end to months of uncertainty that began when both entrepreneurs had their accounts frozen as part of wider inter-agency probes. After months of scrutiny, the FIC has unfrozen the accounts, restoring their full access to funds, according to FIC Chief Executive Officer Kwadwo Twum Boafo during an interview with GHOne television on October 29, 2025.
For McDan, whose conglomerate spans aviation, shipping, logistics, and agriculture, the investigation represented one of several financial scrutiny episodes in recent months. His McDan Group had been under FIC review since April when the Centre requested detailed records of electronic fund transfers and cheque payments spanning January 2020 to December 2024. The businessman had instructed his legal and accounting teams to cooperate fully, promising transparency throughout the process.
Richard Nii Armah-Quaye, founder of Bills Micro-Credit and proprietor of numerous businesses across Ghana, faced similar scrutiny. His accounts were initially frozen in March following investigations that some reports incorrectly attributed to the Ghana Revenue Authority. The confusion arose after the GRA separately issued a tax assessment against Quaye, but it was actually the FIC that placed restrictions on his accounts under Section 56(1) of the Anti-Money Laundering Act, 2020.
The FIC boss explained that both men cooperated fully with investigators, which helped expedite the clearance process. Twum Boafo emphasized that the investigations weren’t personal attacks but rather part of Ghana’s commitment to maintaining financial system integrity.
“McDan’s issue has been resolved. That is why I keep saying we don’t do personal vendettas. You can speak with him. His accounts are unfrozen,” Ing. Twum Boafo stated. He added that Quaye’s accounts, which had also been frozen, were now accessible again because there was no basis to proceed further.
The FIC chief stressed that his agency operates strictly on evidence, not speculation or political motivation. He explained that the Centre’s mandate focuses on protecting Ghana’s financial ecosystem from abuse rather than targeting specific individuals or businesses. Both businessmen sat down with FIC officials, provided thorough explanations of their financial activities, and demonstrated the legitimacy of their business operations.
Twum Boafo’s comments come at a time when the FIC has intensified its anti-money laundering operations across Ghana’s business sector. Since his appointment, the Centre has investigated multiple high-profile individuals and companies, sometimes freezing accounts while examinations proceed. This heightened vigilance forms part of Ghana’s broader strategy to strengthen its anti-money laundering framework and meet international financial transparency standards.
The investigations into both McDan and Nii Armah-Quaye highlight the delicate balance financial regulators must strike between protecting the system and avoiding unnecessary disruption to legitimate business activities. While account freezes can cause significant operational challenges for businesses, they remain an essential tool when suspicious transactions require investigation.
For McDan, who recently faced separate scrutiny over alleged loan defaults to the Microfinance and Small Loans Centre, the FIC clearance provides some relief. His business empire, which includes the controversial Electrochem Ghana Limited subsidiary, has weathered various regulatory storms over the years. The entrepreneur’s ability to navigate these challenges while maintaining his business operations demonstrates resilience in Ghana’s complex regulatory environment.
Similarly, Nii Armah-Quaye, who celebrated his 40th birthday in grand style at Black Star Square earlier this year with performances from Davido, Sarkodie, and Stonebwoy, can now focus on his microfinance operations without the cloud of frozen accounts hanging overhead. His Bills Micro-Credit serves numerous Ghanaian businesses and has reportedly disbursed over GH₵7.5 billion in loans to Ghanaians.
The FIC boss urged Ghanaians to trust state institutions and understand that regulatory actions are based on facts and due process rather than public perception or media speculation. He noted that such investigations, while sometimes uncomfortable for those involved, are necessary to maintain confidence in Ghana’s financial sector and ensure compliance with anti-money laundering standards.
Both businessmen can now resume normal financial operations with their accounts fully restored. The FIC’s decision to clear them after thorough investigation underscores the agency’s commitment to evidence-based conclusions rather than rushing to judgment. It also demonstrates that cooperating with regulators and providing transparent explanations of business activities can lead to favorable outcomes even when accounts are initially frozen.
The resolution of these cases may provide reassurance to other business leaders facing similar scrutiny that the FIC operates fairly and will unfreeze accounts when investigations confirm no wrongdoing. However, it also serves as a reminder that Ghana’s financial regulators are watching closely and won’t hesitate to investigate suspicious transactions, regardless of an individual’s prominence or business success.
