The Financial Intelligence Centre (FIC) of Ghana has officially exonerated prominent businessmen Daniel McKorley, widely known as McDan, and Richard Nii Armah-Quaye, clearing them of any financial wrongdoing. This decision follows months of detailed investigations into their financial transactions and comes after their bank accounts were initially frozen as part of a broader inter-agency probe into alleged financial irregularities. The FIC has now lifted all restrictions, restoring full access to their funds.

Kwadwo Twum Boafo, the Chief Executive Officer of the FIC, confirmed this development during an interview with Accra-based GHOne television on October 29, 2025. He explicitly stated that the determination was conclusive, finding no evidence of criminality or financial misconduct against either entrepreneur. Ing. Boafo explained, “McDan’s issue has been resolved... His accounts are unfrozen. 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.”

Both Daniel McKorley and Richard Nii Armah-Quaye demonstrated full cooperation throughout the investigative process. According to Mr. Twum Boafo, they engaged openly with investigators, providing thorough and detailed explanations of their business operations and financial activities. This transparency greatly assisted the FIC and its partner agencies in assessing the legitimacy of their dealings, ultimately proving satisfactory to the authorities.

The FIC boss also took the opportunity to reiterate the Centre’s operational principles, emphasizing that its actions are strictly guided by evidence and due process, not by political motivations, personal vendettas, or public speculation. He stressed that the agency’s core mandate is to safeguard Ghana’s financial system from abuse and to prevent money laundering and other financial crimes, rather than to persecute individuals or businesses unfairly. This commitment aligns with Ghana’s ongoing efforts to strengthen its anti-money laundering framework and promote transparency within its financial sector. Mr. Twum Boafo urged Ghanaians to have confidence in the integrity of state institutions, assuring that decisions are always based on verifiable facts.