An Accra High Court has adjourned the GHS 30 million EXIM Bank fraud case involving Bernard Antwi-Boasiako, also known as Chairman Wontumi, to July 27, 2026. This adjournment allows for ongoing plea bargain negotiations.
Prosecutors informed the court that discussions regarding a plea bargain are still at a preliminary stage. Senior State Attorney Joshua Sackey requested more time for these negotiations to proceed. Chairman Wontumi’s lawyer, Andy Appiah-Kubi, confirmed that discussions with the Attorney-General's Office are indeed still underway.
This case highlights concerns about financial malfeasance in Ghana's public sector and its impact on state institutions like the Ghana Export-Import Bank. Large-scale fraud cases can undermine public trust in financial systems and potentially affect foreign investment inflows. The case also reflects the government's efforts to recover state funds lost through alleged criminal activities, aligning with broader anti-corruption initiatives. Such cases are crucial as Ghana aims to improve its ease of doing business rankings and attract more international capital for development projects.
The Attorney-General’s Office stated that Chairman Wontumi initiated steps toward a plea bargain under Section 162C of the Criminal and Other Offences (Procedure) (Amendment) Act, 2022 (Act 1079). This legal provision allows for out-of-court settlements in criminal cases. Chairman Wontumi has pleaded not guilty to four charges, including defrauding by false pretenses and money laundering. He is accused of fraudulently obtaining over GHS 14.3 million from EXIM Bank between 2018 and 2022.
The allegations state that Wontumi Farms Limited, Chairman Wontumi's company, used allegedly false documents. These documents reportedly included claims of securing a 100,000-acre land parcel for an agricultural project. Prosecutors also claim that forged receipts supported an additional GHS 4 million facility. Portions of the funds were allegedly diverted for personal use and unrelated business investments. The total alleged financial loss across all charges exceeds GHS 30 million. The outcome of these negotiations will indicate the future direction of the case, either toward a settlement or a full trial.
When the case resumes on July 27, both the prosecution and the defense must update the court. They will report on the progress of the plea agreement or confirm whether the trial will proceed. The resolution of this case will be closely watched by the public and financial stakeholders. It could set a precedent for how high-profile financial fraud cases are handled in Ghana. This case involves significant public funds and a prominent political figure. Therefore, its conclusion could influence public perception of accountability in Ghana's economic landscape.