Ghanaian businessman Richard Nii Armah-Quaye
The Financial Intelligence Centre (FIC) has cleared Ghanaian businessman Richard Nii Armah-Quaye of any wrongdoing following a thorough investigation into his financial transactions.
The decision follows the earlier freezing of his accounts as part of a broader inter-agency probe into alleged financial irregularities. After months of scrutiny, the FIC has unfrozen the accounts, restoring his full access to funds.
This was confirmed by the Chief Executive Officer of the FIC, Kwadwo Twum Boafo, during an interview with GHOne television on October 29, 2025.
He stated that the investigation found no evidence of criminality or financial misconduct.
“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 said.
He noted that Nii Armah-Quaye cooperated fully with investigators, providing a thorough explanation of his business and financial activities, which facilitated the assessment of their legitimacy.
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“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,” he added.
The FIC boss emphasised that the Centre’s operations are guided strictly by evidence and due process, with no political motivation or targeting of individuals.
He said the agency’s mandate is to protect Ghana’s financial system from abuse and not to persecute citizens or businesses.
Twum Boafo stressed that such investigations are part of Ghana’s commitment to strengthening its anti-money laundering framework and promoting transparency in the financial sector.
He urged Ghanaians to trust state institutions, assuring that decisions are based on facts rather than speculation.
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