The Ghana Revenue Authority (GRA) has denied widespread claims on social and traditional media suggesting that it has frozen the bank accounts of Richard Nii Armah Quaye, the founder of Bills Micro Credit Ltd, and imposed a personal income tax assessment of GHC30 million on him.

In an official statement released by its Communications & Public Affairs Department, the Authority dismissed the reports, stating that no enforcement actions, including account freezing, have been taken against Mr. Quaye.

“GRA wishes to inform its cherished taxpayers and the general public that: GRA engages all taxpayers to assess their incomes earned and follows a standard procedure in communicating with them.
“These processes include writing to request taxpayers to voluntarily declare their income; raising assessments when they fail to declare their income by the due date, and following due processes to request the payment of the tax due.”
Ghana Revenue Authority (GRA)

In the case of Mr. Quaye, the Authority confirmed that an income tax assessment has been issued but emphasized that no freezing of his accounts has occurred.

“The Ghana Revenue Authority has not commenced any enforcement action against him, including freezing his bank accounts,” the statement read.

The agency urged the public to disregard the reports circulating on various media platforms, cautioning against misinformation that could undermine public confidence in tax administration.

Addressing Misinformation and Public Perception

The emergence of these claims on social media raised concerns regarding the transparency and due process of the GRA in handling tax-related matters.

Some industry analysts suggested that such reports could damage investor confidence and create an impression of arbitrary enforcement actions against private sector players.

To counteract this, the GRA reaffirmed its commitment to fairness, integrity, and adherence to proper procedures.

The Authority reassured taxpayers that it does not engage in arbitrary actions but rather follows legally established protocols in tax collection and enforcement.

Furthermore, the GRA urged all eligible taxpayers to comply with tax regulations, warning that failure to do so could attract penalties, interest, or other sanctions.

“We also urge all eligible taxpayers to voluntarily disclose incomes earned and pay the taxes due to GRA to avoid the payment of penalties and interests as well as facing other sanctions”.
Ghana Revenue Authority (GRA)

The GRA’s response serves multiple purposes, primarily aiming to correct misinformation while reinforcing the importance of tax compliance.

In the wake of recent crackdowns on tax evasion, the Authority has been under increasing scrutiny, with calls for greater transparency in tax administration.

This clarification also highlights the importance of factual reporting in financial matters, as false or misleading information can have dire consequences, including public panic, reputational damage to individuals and businesses, and potential disruption in the financial sector.

The GRA’s emphasis on voluntary compliance aligns with its broader strategy to boost revenue generation in Ghana.

In recent years, the Authority has intensified its efforts to widen the tax net, targeting high-net-worth individuals and businesses that underreport their earnings.

The Ghana Revenue Authority’s swift response to the misinformation regarding Richard Quaye’s tax assessment and alleged account freezing reflects its commitment to transparency and due process.

While reinforcing its stance on voluntary compliance and lawful enforcement, the Authority has also sent a clear message about the dangers of misinformation in financial matters.