Bernard Antwi-Boasiako, widely known as Chairman Wontumi, has pleaded not guilty to charges of defrauding by false pretenses, forgery, and money laundering. These charges relate to an alleged financial loss of over GHS 30 million to the Ghana Export-Import Bank (Exim Bank).
The Ashanti Regional Chairman of the New Patriotic Party faces four counts at the High Court in Accra. Prosecutors allege that he, with Thomas Antwi-Boasiako, a director of Wontumi Farms Limited, obtained GHS 14,302,000 from Exim Bank. They purportedly used false pretenses for a farming venture that was never undertaken.
This case arrives as Ghana grapples with fiscal challenges and public debt, making scrutiny of public financial institutions like Exim Bank crucial. The alleged misuse of funds from a state-owned development bank affects its capacity to support legitimate export and import growth. Such events can also undermine investor confidence in financial governance within Ghana.
Deputy Attorney-General Dr. Justice Srem-Sai filed the charge sheet outlining the allegations. Dr. Srem-Sai stated that Wontumi Farms Limited applied for a GHS 19 million grant in January 2018. This grant was intended to finance a farming project, but investigations revealed no actual farming activities occurred.
The legal proceedings will determine accountability and potentially influence future oversight mechanisms for state-backed financial disbursements. If convicted, the case could set a precedent for enforcing stricter due diligence in public sector lending. It may also lead to a public re-evaluation of how state funds are allocated and monitored across the Ghanaian economy.
Chairman Wontumi signed an acceptance for a GHS 18,734,260 mixed loan and grant facility in January 2018. Exim Bank disbursed GHS 14,302,000 to Wontumi Farms Limited by March 2018. Prosecutors also claim Bernard Antwi-Boasiako presented a forged receipt for GHS 4,000,000 for agricultural plant and machinery.
Investigations reportedly found this document was a pro-forma invoice changed to a receipt. KAS-SAMA Enterprise, the original issuer, never completed any purchase with Bernard Antwi-Boasiako. The prosecution asserts that no agricultural machinery was bought and no workers were employed for the farm project.
Furthermore, the land represented to Exim Bank as secured for the project was not owned by the accused persons. Chairman Wontumi is accused of withdrawing large sums from Wontumi Farms’ accounts for personal use and other business investments. Thomas Antwi-Boasiako, the director of Wontumi Farms Limited, is currently at large.
The prosecution contends the board resolution letter submitted with the application was dated January 23, 2018. However, the resolution itself was purportedly passed on December 9, 2017. This date was four days before Wontumi Farms Limited was even incorporated on December 14, 2017. This discrepancy raises significant questions about the legitimacy of the initial loan application. The court's decision will be closely watched by those concerned with financial probity and the rule of law in Ghana.