Richard Nii Armah-Quaye, founder of Bills Micro-Credit, can now access his bank accounts freely after the Financial Intelligence Centre (FIC) cleared him of any wrongdoing following months of detailed investigations into his financial transactions.
The FIC has unfrozen Quaye’s accounts after determining there was no evidence of criminality or financial misconduct, according to FIC Chief Executive Officer Kwadwo Twum Boafo during an interview with GHOne television on October 29, 2025. The development brings relief to the businessman whose microfinance operations serve numerous Ghanaian businesses.
Quaye’s accounts were initially frozen in March under Section 56(1) of the Anti-Money Laundering Act, 2020, as part of wider inter-agency probes into alleged financial irregularities. The restrictions sparked confusion when some reports incorrectly attributed the action to the Ghana Revenue Authority, which had separately issued a tax assessment against the businessman around the same time.
Throughout the investigation, Quaye cooperated fully with FIC officials, sitting down with them to provide thorough explanations of his business and financial activities. This transparency proved crucial in helping investigators assess the legitimacy of his operations, which include Bills Micro-Credit and numerous other business ventures across Ghana.
“The accounts of Richard Nii Armah-Quaye were frozen, but they have been unfrozen now because there was a determination that there was no need for it to go forward,” Ing. Twum Boafo explained. He emphasized that Quaye’s cooperation made it easier for the FIC and its partner agencies to complete their assessment.
The FIC boss stressed that the investigation wasn’t a personal vendetta but rather part of Ghana’s commitment to protecting its financial system from abuse. He noted that such probes are guided strictly by evidence and due process, not by political motivation or targeting of specific individuals.
“He came here, sat down with us and gave us a thorough explanation of what he does and there was no problem. Like I said, we deal with people fairly and I don’t have a personal vendetta against anyone,” Twum Boafo added.
For Quaye, who celebrated his 40th birthday earlier this year with a grand event at Black Star Square featuring performances from Davido, Sarkodie, and Stonebwoy, the clearance removes a significant cloud that had hung over his business operations. His Bills Micro-Credit has reportedly disbursed over GH₵7.5 billion in loans to Ghanaians, making the account freeze particularly challenging for his operations.
The resolution demonstrates that Ghana’s financial regulators will unfreeze accounts when investigations confirm no wrongdoing. However, it also highlights the operational challenges that account freezes can create for legitimate businesses, even when they’re ultimately cleared of any misconduct.
Twum Boafo urged Ghanaians to have confidence in state institutions, assuring that regulatory decisions are always based on facts rather than public speculation or media reports. He explained that such investigations form part of Ghana’s ongoing commitment to strengthening its anti-money laundering framework and promoting transparency within the financial sector.
The FIC’s decision to clear Quaye after thorough investigation underscores the agency’s commitment to evidence-based conclusions rather than rushing to judgment. It may provide reassurance to other business leaders facing similar scrutiny that cooperation and transparency can lead to favorable outcomes.
With his accounts now fully restored, Quaye can resume normal financial operations and focus on expanding his microfinance business without regulatory restrictions. The case serves as a reminder that while Ghana’s financial regulators maintain vigilant oversight, they also operate fairly and will clear individuals when evidence supports it.
