How Chairman Wontumi Allegedly Defrauded Exim Bank of Over GH₵24 Million
- Chairman Wontumi has been cited in a corruption case involving a GH₵24 million loan obtained through alleged false documentation
- The Attorney General also disclosed that Wontumi Farms Limited applied for the loan before it was officially registered in December 2017
- He added that investigations by EOCO found no evidence of farming activity, prompting plans to prosecute for fraud, forgery, and causing financial loss to the state
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The Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has been cited in new corruption-related cases by the Attorney General.
According to the Attorney General, Dr Dominic Ayine, investigations conducted by the Economic and Organised Crime Office (EOCO) discovered sufficient evidence to support charges of defrauding by false pretences, forgery, and causing financial loss to the state.
Source: Facebook
Speaking at the Government Accountability Series on Monday, December 22, 2025, the Attorney General explained that in December 2017, a company allegedly belonging to Antwi Boasiako, Wontumi Farms Limited, submitted a loan application for GH₵18 million from the Ghana Exim Bank.
The loan was reportedly meant for cultivating maize on 100,000 acres of farmland and serve as a resource pool for employing youth who would serve on the project.
However, at the time the application was submitted, alongside a purported board resolution, Wontumi Farms Limited was not yet registered.
Dr Ayine claimed that the company was only incorporated on December 14, 2017, and issued a certificate to commence business on the same day.
Read the Facebook post below:
How Chairman Wontumi's loan was approved
On January 16, 2018, based on the application submitted by Antwi Boasiako, Exim Bank approved a medium-term loan facility of GH₵18,734,260.00, including a grant component of GH₵6,768,260.00, to Wontumi Farms Limited.
This offer was accepted through a letter dated January 23, 2018, signed by Chairman Wontumi, acting as Chief Executive Officer of Wontumi Farms Limited, and Thomas Antwi Boasiako as director.
The offer letter stated that approval of the loan was subject to the bank’s terms and conditions and was to be secured with 10,000 acres of farmland located at Asare Nkwanta.
Below is the breakdown of the approved GH₵18,734,260.00 loan:
- Purchase of agricultural plant and machinery – GH₵3,865,000.00
- Working capital – GH₵8,101,000.00
- Grant – staff costs and consultancy fees – GH₵6,768,260.00
The Attorney General claimed that EOCO investigations revealed the NPP Ashanti Regional Chairman and his company made fraudulent misrepresentations to Exim Bank to obtain the loan. It was further alleged that the equipment they claimed would be purchased was never procured.
Moreover, the farming project ostensibly never materialised, and no young people were employed in Asare Nkwatia as initially proposed.
Read another Facebook post below:
Attorney General to prosecute Chairman Wontumi
Based on the evidence from the EOCO investigation, the Attorney General confirmed a decision has been made to prosecute Wontumi Farms directors for defrauding by false pretences, forgery, and causing financial loss to the state in the sum of GH₵24,255,735 from 2026.
“In the face of the evidence we have gathered in this investigation, thoroughly conducted by EOCO, we have made the decision to prosecute Wontumi Farms and its directors with defrauding by false pretences, forgery, and causing financial loss to the state in the sum of GH₵24,255,735,” said the Attorney General.
He added that the figure represents the principal sum plus interest accrued so far.
“By the time we file charges, which will definitely be after the Christmas break, it might be that this figure would have increased because the interest on the principal keeps compounding,” he added.
Source: TikTok
Chairman Wontumi looks frail in court
Meanwhile, YEN.com.gh previously reported that a video of Chairman Wontumi looking frail and worn down during his December 8 appearance at the Accra High Court stirred widespread sympathy online.
The politician has been embroiled in legal challenges over his company, Akonta Mining, allegedly engaging in numerous illegal mining activities.
A video of his frail appearance sparked discussions, particularly due to his previous appearances before the same court when he appeared overconfident.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
