The Financial Intelligence Centre (FIC) has cleared Ghanaian businessman Richard Nii Armah-Quaye of any wrongdoing following months of investigations into his financial transactions.
Mr. Armah-Quaye’s accounts were earlier frozen as part of a broader inter-agency investigation into alleged financial irregularities. However, after an extensive review, the FIC has lifted the freeze, restoring his full access to funds.
The development was confirmed by the Chief Executive Officer of the FIC, Kwadwo Twum Boafo, in an interview with Accra-based GHOne Television on October 29, 2025.
He explained that the decision followed a conclusive determination that 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 stated.
He added that Mr. Armah-Quaye had fully cooperated with investigators, providing detailed explanations of his business operations, which helped clarify the legitimacy of his financial dealings.
“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,” the FIC boss noted.
Mr. Twum Boafo stressed that the Centre’s actions are guided strictly by due process and evidence, not political influence or personal interests. He emphasized that the FIC’s core mandate is to safeguard Ghana’s financial system against abuse rather than target individuals or businesses.
He further noted that such investigations form part of Ghana’s continuous efforts to strengthen its anti-money laundering regime and enhance transparency within the financial sector.
The FIC chief urged Ghanaians to maintain confidence in state institutions, assuring that decisions are always based on facts and the rule of law — not public speculation or political pressure.
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