Chairman Wontumi Faces Charges Over Alleged GHS 30 Million Financial Loss

Bernard Antwi-Boasiako and associates are accused of causing significant financial loss to the Ghana Export-Import Bank through alleged false pretenses and money laundering.

The Office of the Attorney-General has filed new criminal charges against Bernard Antwi-Boasiako, also known as Chairman Wontumi, for allegedly causing over GHS 30 million in financial loss to the Ghana Export-Import Bank. Mr. Antwi-Boasiako, the Ashanti Regional Chairman of the New Patriotic Party (NPP), faces charges alongside his brother, Thomas Antwi-Boasiako, and Wontumi Farms Limited. These charges stem from alleged financial wrongdoings related to funds disbursed by the Ghana Export-Import Bank in 2018 for a large-scale farming project. This case highlights the government's continued efforts to combat financial irregularities involving public funds and institutions. It underscores the scrutiny placed on how state-backed facilities are utilized for their intended purposes. The Ghana Export-Import Bank (EXIM Bank) plays a crucial role in Ghana's economic development by supporting export-oriented businesses and strategic projects. Mismanagement or fraudulent activities related to its funds can severely impact its effectiveness and the broader economy. This prosecution aligns with calls for greater accountability in the public and private sectors, aiming to protect national assets. According to the charge sheet, dated May 15, 2026, the Attorney-General alleges Mr. Antwi-Boasiako and his co-accused obtained GHS 14.3 million from the EXIM Bank under false pretenses. The prosecution claims they misrepresented facts, including having secured 100,000 acres of land and planning to employ thousands for the Wontumi Farms Limited project. Investigators from the Economic and Organised Crime Office (EOCO) reportedly found no such land was acquired and no farming activity took place. Furthermore, Mr. Antwi-Boasiako is accused of presenting a forged receipt to the bank. This receipt, valued at GHS 4 million, was for agricultural machinery purchases that investigators say were fraudulent. The document was allegedly an altered pro-forma invoice from KAS-SAMA Enterprise, made to look like a valid receipt. The Attorney-General also alleges that between 2018 and 2022, the accused diverted significant portions of the disbursed funds for personal use and other business ventures, moving away from the agricultural project's original aim. The charges laid against the accused include defrauding by false pretence, uttering a forged document, money laundering, and intentionally causing financial loss to a public institution. The alleged actions caused a financial loss exceeding GHS 30 million to the Ghana Export-Import Bank. This substantial sum impacts the bank's ability to finance other legitimate projects that contribute to national development and job creation. The investigation by EOCO began in March 2025 after the bank failed to recover the funds. This ongoing legal process will be closely watched for its implications on due diligence standards for publicly financed projects in Ghana. It could also influence investor confidence in the integrity of financial transactions involving state institutions. The outcome may set important precedents for accountability in the use of development funds. Decision-makers and the financial markets will follow the proceedings for insights into the enforcement of financial regulations.

Chairman Wontumi Faces Charges Over Alleged GHS 30 Million Financial Loss

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