Tax evasion allegations have long been a contentious issue in Ghana, with several high-profile businessmen coming under the scrutiny of the Ghana Revenue Authority (GRA).
Over the years, the GRA has pursued various individuals, some of whom have faced investigations, court cases, and asset freezes.
Below, we explore four top Ghanaian businessmen who have been targeted by the GRA over suspected tax evasion.
1. Richard Nii-Armah Quaye
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Richard Nii-Armah Quaye, founder of Bills Micro-Credit, is currently under investigation by the GRA for alleged tax evasion—an inquiry that surfaced just days after his extravagant birthday celebration made headlines.
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A preliminary income tax assessment has valued his tax liability at over GH₵30 million, though this figure remains provisional and could increase as investigations continue.
Reports indicate that he has already settled an import duty charge of GH₵11.4 million for a vehicle.
In a related development, the Financial Intelligence Centre (FIC) has reportedly frozen all company accounts belonging to Bills Micro-Credit and Quick Credit & Investment Micro-Credit.
Additionally, the personal accounts of Richard Nii-Armah Quaye and his company’s CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
Outcome: Ongoing investigation
2. K. Ofori and Three Others
In May 2021, state prosecutors arraigned the CEO of K. Ofori Limited, Frank Kwadwo Ofori, alongside three officials of United Steel Company—Hani Mikati, Marwam Hamwi, and Sallam Mohammed Gharib—over allegations of tax evasion amounting to GH₵1.6 billion since 2013.
The accused were charged with conspiracy to commit fraudulent tax evasion. However, after two years of legal proceedings, they were exonerated of any wrongdoing.
Outcome: Cleared of all charges
3. Nana Kwame Bediako (Cheddar)
In January 2024, just days after announcing his bid for the presidency, Ghanaian business magnate Nana Kwame Bediako, popularly known as Cheddar, was accused of evading over GH₵7 million in taxes between 2013 and 2016.
Leaked documents revealed that he incurred penalties for failing to file personal income tax returns, with tax liabilities totaling GH₵2,088,228 for 2021 and GH₵5,096,536 for 2022.
In response, Cheddar denied the allegations and dared the GRA to formally invite him for questioning.
Outcome: Denied allegations
4. Kennedy Agyapong
While not formally accused of tax evasion, businessman and former Assin Central MP, Kennedy Ohene Agyapong, has publicly accused GRA officials of harassing him through repeated and unwarranted audits of his companies.
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In response, the GRA denied his claims, stating that such audits are standard regulatory procedures designed to assess compliance and verify the value and intended use of imported goods.
Outcome: Allegations of harassment, no formal charges
Conclusion
Tax compliance remains a significant concern in Ghana, particularly among high-net-worth individuals and business moguls. While some cases have been dismissed, others are still under investigation, with the GRA intensifying its efforts to ensure tax accountability.
