FIC clears McDan, Nii Armah-Quaye of wrongdoing, unfreezes accounts after probe

The Financial Intelligence Centre (FIC) has cleared prominent Ghanaian businessmen Daniel McKorley (McDan) and Richard Nii Armah-Quaye of any financial wrongdoing after months of investigation into alleged irregular transactions.

The two entrepreneurs had their bank accounts frozen earlier this year as part of a multi-agency financial probe. The freeze was implemented under Ghana’s anti-money laundering framework to allow for a thorough review of their financial activities.

Following a detailed assessment, the FIC has now lifted the restrictions, granting both individuals full access to their funds.

In an interview with GHOne TV on October 29, 2025, FIC Chief Executive Officer, Ing. Kwadwo Twum Boafo, confirmed the development, stating that the Centre’s investigations found no evidence of criminality or financial impropriety.

He further praised the two businessmen for their cooperation and transparency during the investigation, which, he said, made the process swift and conclusive.

Ing. Boafo stressed that the FIC’s operations are evidence-driven and non-partisan, rejecting public perceptions of political targeting or selective enforcement.

He reiterated that the agency’s mandate is to protect Ghana’s financial system from illicit use, not to persecute citizens or businesses.

The FIC’s clearance of the two businessmen underscores Ghana’s commitment to due process and the strengthening of its anti-money laundering regime in line with international financial transparency standards.

Ing. Boafo encouraged the public to trust the impartiality of state institutions, assuring that decisions are based on facts and evidence rather than conjecture or political influence.