Wontumi’s Troubles Deepen as State Alleges GH¢24m Exim Bank Fraud

Even as his alleged illegal mining case awaits determination at the High Court, the state has revealed fresh allegations against the Ashanti Regional NPP Chairman, Bernard Antwi Boasiako, accusing him of defrauding the state of GH¢24 million through the Ghana Exim Bank.

The Attorney-General of the Republic, Dr. Dominic Ayine, has announced that the state will prosecute Wuntumi Farms Limited and its Chief Executive Officer, Bernard Antwi Boasiako, popularly known as Chairman Wontumi, over an alleged Ghana Exim Bank loan fraud involving GH¢24,265,735.

Dr. Ayine made the disclosures on Tuesday at the Government Accountability Series in Accra, where he outlined findings from investigations conducted by the Economic and Organised Crime Office (EOCO).

According to the Attorney-General, the loan was approved to support the purchase of agricultural machinery, working capital, staff costs and consultancy services, subject to strict pre-disbursement conditions. These included the execution of an equitable mortgage over land earmarked for the project, submission of valuation reports, lease agreements over equipment, and proof of supply contracts with the National Buffer Stock Company.

However, investigations revealed that Wuntumi Farms Limited failed to meet these conditions but still accessed the funds.

Dr. Ayine disclosed that GH¢400,000 allocated for staff salaries was transferred to Wuntumi Farms Limited in cash, despite the absence of any farm workers. Investigators found that no farmhands were ever employed at the project site.

The Attorney-General further revealed that Chairman Wontumi allegedly submitted forged receipts to Exim Bank to support claims that farm equipment worth GH¢4 million had been purchased. Investigations established that the receipts were altered from a pro forma invoice issued by Kasama Enterprise, an industrial equipment supplier, and that the equipment was never bought.

Field investigations showed that the few machines found on the farm were obsolete, non-functional equipment manufactured in the 1970s, which did not correspond to items listed in the loan documents and were never registered under the joint ownership arrangement required by Exim Bank.

Dr. Ayine described the actions as a deliberate scheme to defraud the state, noting that the farming enterprise never took off and that the promised youth employment in the Ashanti Region did not materialise.

As a result, the state intends to charge Wuntumi Farms Limited and its director with defrauding by false pretence, forgery, and causing financial loss to the state.

The Attorney-General disclosed that the GH¢24,265,735 represents the principal loan plus accrued interest and warned that the figure could increase due to compounded interest before charges are formally filed.

“This is not a mere contractual breach,” Dr. Ayine stressed. “These are acts of criminality.”

 

 

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