Bernard Antwi Boasiako, widely known as Chairman Wontumi, has pleaded not guilty to five charges in connection with the alleged fraudulent procurement of a GHS 30 million loan from the Ghana Export-Import Bank (Exim Bank). He entered his plea in court, denying all accusations related to the 2018 transaction.
The charges against Wontumi include defrauding by false pretence, two counts of uttering forged documents, money laundering, and intentionally causing financial loss of GHS 30 million to a public body. The prosecution alleges Wontumi presented forged documents to Exim Bank in January 2018 to secure funding for a proposed farming project. This legal action underscores the serious nature of financial misconduct allegations involving public funds.
This case fits into a broader narrative of scrutiny over loan disbursements and accountability within Ghana's state-owned financial institutions. Exim Bank, established to support Ghana's export and import sectors, plays a crucial role in economic development. Allegations of fraudulent loan acquisition, especially involving such a significant sum as GHS 30 million, raise questions about due diligence processes and the protection of public resources. Previous instances of alleged financial impropriety in state institutions have often led to public outcry and calls for stronger governance.
According to the prosecution, Wontumi and two co-accused did not carry out the proposed farming activities, purchase agricultural plant and machinery, or employ workers for the farm as promised. The prosecution further contends that they neither owned nor secured the land represented to the bank for the project. Additionally, it is alleged that Wontumi withdrew substantial sums from the bank accounts of Wontumi Farms Limited, the third accused, and used the funds for personal purposes, including investments in other businesses. These claims form the core of the state's case against the accused.
The case has been adjourned to Tuesday, October 27, 2026, at 11 a.m. for a case management conference, where the court will set timelines for the trial. The prosecution has received 14 days to file all relevant disclosures, providing the defence with the evidence against them. Following the proceedings, Wontumi was returned to Nsawam Maximum Security Prison, where he is currently serving a 20-year sentence imposed by a different High Court in Accra. This ongoing legal battle will likely draw significant public and media attention, given the high profile of the accused and the substantial amount of public funds involved.
The outcome of this trial could set an important precedent for how financial institutions manage risk and how public funds are protected from alleged fraudulent activities. It will also test the resolve of the judicial system in prosecuting high-profile individuals accused of economic crimes. Observers will watch closely for details emerging from the case management conference and subsequent trial proceedings. The implications extend to investor confidence in Ghana's financial sector and the government's commitment to fighting corruption. This case reinforces the need for robust oversight mechanisms within state-backed financial entities like Exim Bank to prevent future occurrences of alleged fraud and ensure judicious use of public resources for national development.