FIC clears McDan and Richard Nii Armah-Quaye of financial misconduct
31st October 2025
The Financial Intelligence Centre (FIC) has officially cleared prominent Ghanaian businessmen Daniel McKorley, popularly known as McDan, and Richard Nii Armah-Quaye of any wrongdoing after comprehensive investigations found no evidence of financial misconduct.
Both men were previously under investigation as part of an inter-agency probe into alleged financial irregularities, during which their bank accounts were frozen. Following months of scrutiny and analysis, the FIC has now lifted all restrictions, restoring their full access to funds.
Speaking to GHOne TV on October 29, 2025, FIC Chief Executive Officer Kwadwo Twum Boafo confirmed the decision, emphasising that the findings showed neither businessman was engaged in illicit activity.
“McDan’s issue has been resolved. You can speak to him — his accounts have been unfrozen. The accounts of Richard Nii Armah-Quaye were also frozen but have now been released after it was determined there was no reason to proceed further,” Mr. Twum Boafo said.
He noted that both businessmen fully cooperated during the investigation, providing detailed explanations of their operations that satisfied the authorities.
“He came to the office, sat down with us, and gave a detailed explanation of his operations — there was absolutely no problem,” he added, stressing that the FIC operates with fairness and without bias.
Mr. Twum Boafo reaffirmed that the Centre’s actions are guided strictly by evidence and due process, not political influence or public opinion, and urged Ghanaians to maintain trust in national institutions.
“Our job is not to persecute individuals or businesses, but to protect the integrity of the financial system,” he stated.
The clearance of McKorley and Armah-Quaye underscores Ghana’s commitment to upholding transparency and strengthening its anti-money laundering framework.