$2M Birthday Bash Sparks Probe: Richard Amarh-Quaye's Wealth Under Scrutiny

Richard Amarh-Quaye, also known as Richard Nii-Armah Quaye, has caught the attention of the Ghana Revenue Authority (GRA) after his lavish 40th birthday celebration, which reportedly cost around $2 million

The businessman, who is linked to 29 separate companies, is under scrutiny for tax filings that don’t match his financial obligations.

The GRA probe comes as Ghana considers implementing lifestyle audits to curb unexplained wealth. Amarh-Quaye’s recent purchases, including a luxurious Bugatti Chiron priced between $3 million and $4 million and a customised private jet, have raised eyebrows.

Amarh-Quaye’s 40th birthday bash was a star-studded event held at the Independence Square, with guests including Dr. Osei Kwame Despite, Dr. Ofori Sarpong, and notable Nollywood stars. The celebration featured performances by top music acts like Diamond Platnumz, Sarkodie, and Davido.

The freezing of Amarh-Quaye’s accounts has sparked interest in his business dealings and wealth accumulation. As Ghana eyes lifestyle audits, Amarh-Quaye’s case may set a precedent for future investigations into unexplained 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.

Bills Micro Credit Limited has issued a public statement to clarify its stance on the controversy surrounding its founder, Richard Amarh-Quaye. The company asserts that it has not funded, sponsored, or facilitated any of Amarh-Quaye’s personal events or acquisitions, including his recent 40th birthday celebration and purchases of a custom-branded private jet and a Bugatti Chiron ¹ ².

This statement aims to distance the company from Amarh-Quaye’s personal finances, which have come under scrutiny due to alleged tax discrepancies. The company emphasizes its commitment to upholding the highest standards of corporate governance, transparency, independence, and financial integrity ².

It’s worth noting that Amarh-Quaye’s lavish lifestyle has sparked debate about the possible introduction of lifestyle audits in Ghana, which would assess whether individuals’ declared income aligns with their expenditures .

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. Bills Micro Credit Limited is taking proactive measures to safeguard its reputation and comply with regulatory requirements, amidst the controversy surrounding its founder, Richard Amarh-Quaye. As a financial services provider in Ghana’s heavily regulated sector, the company recognises the importance of maintaining a pristine reputation and adhering to stringent regulatory standards. By distancing itself from Amarh-Quaye’s personal finances and luxury lifestyle, Bills Micro Credit aims to prevent any potential reputational or regulatory fallout that could impact its operations or licenses.

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 timing of Richard Amarh-Quaye’s bank account freeze remains unclear, and it’s uncertain whether it occurred before or after his extravagant 40th birthday party ¹. Ghana’s Revenue Authority (GRA) typically investigates high-net-worth individuals to ensure their tax payments align with their earnings. If discrepancies are found, individuals are usually given the opportunity to resolve the issues discreetly to maintain privacy and prevent security risks.

In cases like Amarh-Quaye’s, the GRA’s next steps are often handled quietly, and there hasn’t been any official confirmation on when his accounts might be unfrozen. The account freeze is likely a temporary measure to prevent further transactions until the issue is resolved. To unfreeze his account, Amarh-Quaye will need to address the concerns raised by the GRA, which may involve paying outstanding debts, providing documentation, or clarifying suspicious transactions².

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.

Lifestyle audits are gaining attention in Ghana, particularly with the proposed introduction under former President John Dramani Mahama’s administration. These audits aim to detect individuals living beyond their declared means, which can indicate tax evasion, money laundering, or misuse of public funds.

The concept is straightforward: lifestyle audits evaluate a person’s standard of living to ensure it aligns with their reported income. This involves monitoring significant expenses, such as luxury purchases or extravagant events, to identify potential discrepancies.

In Ghana’s banking sector, lifestyle audits are already being used as a preventive measure against fraud. For instance, bank staff are monitored for lifestyle changes that may indicate illicit income sources. This approach helps maintain financial transparency and accountability among employees ¹.

The government’s National Anti-Corruption Programme is expected to leverage lifestyle audits to target individuals exhibiting unexplained wealth. By doing so, the programme aims to promote transparency and accountability in public life.