The state has launched criminal proceedings against Bernard Antwi-Boasiako, known as Chairman Wontumi, for an alleged GHS 30 million financial loss to Ghana EXIM Bank. He faces four counts, including defrauding by false pretence and money laundering, alongside Thomas Antwi-Boasiako and Wontumi Farms Limited.
These charges stem from a GHS 19 million credit and grant facility sought from Ghana EXIM Bank in January 2018. The loan aimed to establish a large-scale commercial cultivation venture requiring 100,000 acres of land. Investigators allege the application included falsified documents and that the promised agricultural project never materialized.
This case highlights ongoing concerns about the oversight and management of public funds in development finance. Ghana EXIM Bank, a state-owned institution, provides significant funding to boost exports and agricultural development. The alleged misuse of such a substantial loan could impact its capacity to support legitimate enterprises and its overall financial health. The incident also adds to existing public scrutiny regarding corporate governance and the integrity of loan disbursement processes within public financial institutions.
According to the state's brief facts, signed by Deputy Attorney-General Dr. Justice Srem-Sai, the legal issues trace back to December 2017. A Board Resolution Letter, supposedly authorizing the loan application, was signed four days before Wontumi Farms Limited was legally incorporated on 14 December 2017. This chronological inconsistency was reportedly overlooked during the initial loan approval process.
The Ghana EXIM Bank offered a credit facility of GHS 18,734,260 to Wontumi Farms Limited on 16 January 2018. Chairman Wontumi signed the acceptance in Kumasi on 23 January 2018. Disbursements totalling GHS 14,302,000 commenced by March 2018. Investigators allege that a document presented as a receipt for GHS 4 million worth of agricultural machinery in March 2018 was a fabrication. They claim a pro-forma invoice from KAS-SAMA Enterprise was altered to appear as an official receipt, leading to further fund releases by the bank.
The Economic and Organised Crime Office (EOCO) established that no land was cleared, no machinery purchased, and no farm labourers employed. Instead, Chairman Wontumi allegedly withdrew state funds from Wontumi Farms Limited's corporate accounts. These funds were then supposedly moved into personal accounts to finance other luxury business ventures. This forms the basis for the money laundering charge, alleging these activities occurred between 2018 and 2022.
The total failure to execute the business transaction or service the debt caused Ghana EXIM Bank an institutional loss exceeding GHS 30 million, including principal and accumulated liabilities. After unsuccessful efforts by EXIM Bank officials to recover the funds, EOCO intervened in March 2025. Chairman Wontumi was arrested and charged on 14 May 2026, ahead of his arraignment. Thomas Antwi-Boasiako, the second accused director, remains at large.
This case, following existing charges against Chairman Wontumi related to alleged illegal mining by his Akonta Mining Limited, will likely be closely watched by the market. It could influence investor confidence in Ghana's financial sector and public expectations for accountability in public sector dealings. The outcome will set a precedent for enforcing legal and financial responsibility in high-profile cases involving state institutions and politically connected individuals. Decision-makers in both public and private sectors will be monitoring the legal process for its implications on corporate governance and financial oversight.