Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, has pleaded not guilty to four new charges. These charges include intentionally misapplying over GHS 30 million from the Ghana Export-Import Bank.
Chairman Wontumi, representing Wontumi Farms Limited, denied all four charges on Monday, May 18, 2026. Thomas Antwi-Boasiako, the second accused, is currently at large. The charges stem from allegations of irregularities surrounding a GHS 18.7 million facility for a farming project.
This case highlights ongoing concerns about financial accountability within public institutions and the management of funds intended for economic development. The alleged misapplication of GHS 30 million at the Ghana Export-Import Bank (EXIM Bank) could impact the bank's operational integrity. EXIM Bank is crucial for supporting Ghanaian businesses in export and import activities, aiming to boost the national economy.
Chairman Wontumi faces charges of defrauding by false pretence, uttering forged documents, and money laundering. He is also charged with intentionally causing financial loss to a public body, along with Thomas Antwi-Boasiako and Wontumi Farms Limited. These charges are contrary to various sections of Ghana's Criminal Offences Act and the Anti-Money Laundering Act.
His lawyers, led by Andy Appiah-Kubi, requested a continuation of previous bail conditions. Deputy Attorney General Dr. Justice Srem-Sai did not oppose this request. Justice Halimah El-Alawa Abdul-Baasit directed that the accused persons should remain on their previously granted bail. Wontumi had previously secured bail of GHS 15 million for the Samreboi case and GHS 10 million in the Tano Nimire Forest case. The court confirmed these existing bail conditions remain in effect for the current charges.
The brief facts of the case state that Wontumi Farms Limited was incorporated on December 14, 2017. Chairman Wontumi, as sole shareholder and director, approached EXIM Bank in January 2018 for a GHS 19 million facility. He declared a 100,000-acre land parcel for the proposed farming project. Documents accompanying the application included a 'Board Resolution Letter' dated January 23, 2018, signed by Thomas Antwi-Boasiako as Board Chairman. This resolution was purportedly passed on December 9, 2017, four days before the company's incorporation. Another document, 'Proposed Project for Wontumi Farms,' claimed the project would employ about 6,000 families.
EXIM Bank offered a GHS 18,734,260 facility on January 16, 2018. The funds were for agricultural plant and machinery, working capital, staff costs, and consultancy fees. Chairman Wontumi signed the acceptance in Kumasi on January 23, 2018. By March 2018, the bank began disbursing the facility, with GHS 14,302,000 eventually disbursed. Investigations show the accused persons allegedly did not undertake the proposed farming activity. They reportedly purchased no agricultural plant and machinery and employed no one. They also allegedly did not own or secure the land represented to the Bank for the farm.
The prosecution also alleges that in March 2018, Chairman Wontumi presented a document purporting to be a receipt. This document claimed GHS 4 million worth of agricultural plant and machinery had been purchased for the farm. The Bank allegedly relied on this document to advance more funds. However, investigations suggest this document was not a genuine purchase receipt. It was originally a pro-forma invoice issued by KAS-SAMA ENTERPRISE to Wontumi after price inquiries. These developments have market implications, particularly for public trust in financial institutions and government-backed initiatives. The case provides a significant test of Ghana's legal framework against financial misconduct.
The outcome of this trial will be closely watched by investors and the public. It will set a precedent for how allegations of financial malfeasance involving public funds are handled. Decision-makers in Ghana's financial sector will be observing the legal process and its implications for corporate governance. The case has been adjourned to June 18, 2026, for a Case Management Conference.