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Ghanaian Business Mogul Richard Amarh-Quaye’s Accounts Frozen Amid Tax Probe
Richard Amarh-Quaye, founder of Bills Micro Credit and owner of multiple businesses, has had his bank accounts frozen as authorities investigate alleged tax discrepancies, sources have revealed.
Amarh-Quaye, who oversees a portfolio of 29 companies, is under scrutiny for inconsistencies between his tax filings and actual obligations.
The probe comes just days after his lavish 40th birthday celebration, which reportedly cost $2 million and was attended by 1,400 guests. The entrepreneur had also disclosed in an interview that he had recently acquired a private jet and a Bugatti Chiron, fuelling speculation about his wealth sources.
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In response to the controversy, Bills Micro Credit Limited has distanced itself from its founder’s financial dealings, stating:
“Bills Micro Credit Limited has not funded, sponsored, or facilitated any of Mr Amarh-Quaye’s personal events or acquisitions.”
The freezing of Amarh-Quaye’s accounts has intensified public debate over the introduction of lifestyle audits under President John Mahama’s administration.
The initiative, part of Ghana’s National Anti-Corruption Programme, seeks to assess whether individuals’ declared income aligns with their expenditure—a tool used in many jurisdictions to curb tax evasion and illicit wealth accumulation.
While lifestyle audits are not yet widely enforced in Ghana, pressure is mounting on the Ghana Revenue Authority (GRA) to strengthen tax enforcement and hold high-net-worth individuals accountable.
The case highlights broader concerns about financial transparency and accountability in Ghana’s economy. If implemented effectively, lifestyle audits could be a game-changer in tackling unexplained wealth—but their long-term success will depend on political will and enforcement strategies.
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