By The bank accounts of Richard Amarh-Quaye have allegedly been frozen. He is the founder of Bills Micro Credit and owner of several other companies. Sources close to the matter have told The High Street Journal. The freeze is reportedly linked to discrepancies in his tax filings.
According to the sources, Amarh-Quaye owns 29 different companies. He has had issues with taxes filed that do not align with the amounts he is expected to pay. The authorities froze his accounts just days after a lavish 40th birthday celebration. This event gained widespread attention on social media. Some reports estimate the cost of the party at a staggering $2 million.
Before the extravagant event, Amarh-Quaye disclosed in an interview that he had recently acquired a custom-branded private jet. The event attracted around 1,400 guests. He also mentioned acquiring a Bugatti Chiron. This revelation raised concerns about the source of his wealth and sparked discussions in both social and traditional media.
In the wake of these developments, Bills Micro Credit has publicly distanced itself from Amarh-Quaye’s personal lifestyle. The company emphasizes its separation from his private financial affairs. The company stated, “We categorically affirm that Bills Micro Credit Limited has not funded. It has not sponsored any of his personal events or acquisitions. It has also not facilitated any of them.” The financial sector in which Bills Micro Credit operates is heavily regulated. The company is keen to avoid any reputational damage. It also wants to sidestep regulatory scrutiny that might arise from its founder’s displays of wealth.
It remains unclear whether the freezing of Amarh-Quaye’s bank accounts occurred before or after the birthday celebration. The Ghana Revenue Authority (GRA) regularly conducts checks on high-net-worth individuals. This is done to ensure they are paying the correct amount of taxes. Individuals found to have underpaid taxes are often invited to settle the differences. These activities are typically kept private. This is due to their sensitive nature and to protect those involved from potential criminal targeting.
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At this point, there is no information on when Amarh-Quaye’s accounts will be unfrozen. It is also unclear what steps the tax authorities will take next. However, the case has emerged amid increasing discussions. People are talking about the potential introduction of lifestyle audits under President John Dramani Mahama‘s administration. These audits are expected to be a key component of the government‘s National Anti-Corruption Programme, targeting individuals with unexplained wealth.
Lifestyle audits involve a thorough investigation of an individual’s standard of living to determine whether it matches their declared income. Authorities may suspect illegal activities if there is a significant gap between a person’s reported earnings and their lifestyle. Such activities include tax evasion, money laundering, or embezzlement.
In many countries, ostentatious displays of wealth often lead to legal scrutiny and, in some cases, criminal consequences, including imprisonment. Lifestyle audits have not yet been widely implemented in Ghana. However, President Mahama‘s administration appears poised to make them a cornerstone. This initiative is part of its efforts to promote transparency and accountability. The GRA is reportedly facing mounting pressure to recover unpaid taxes from individuals whose financial practices raise red flags.
Last week, The High Street Journal reported that many wealthy individuals in Ghana underreport their income. They may also undervalue their assets to avoid paying taxes. The introduction of lifestyle audits could bring such practices under closer scrutiny. This could potentially lead to legal action against those unable to justify their wealth.
This new measure may signal a broader initiative to address the growing issue of unexplained wealth in Ghana. The question is whether lifestyle audits will be adopted. They could become a lasting tool in the country’s fight against corruption and tax evasion.
