Ghana’s Chairman Wontumi Faces Fraud Charges Over Alleged Misuse of $19 Million Bank Funds
The Office of the Attorney General in Ghana has formally charged Bernard Antwi-Boasiako, widely known as Chairman Wontumi, and two others for their alleged involvement in the fraudulent acquisition of funds from the Ghana Export-Import Bank (Exim Bank) for a farming project. The case, which has garnered significant attention, accuses Wontumi and his associates of misusing millions of Ghanaian cedis intended for agricultural development.
Wontumi, a prominent businessman and political figure, along with his brother Thomas Antwi-Boasiako—who remains at large—and their company, Wontumi Farms Limited, are facing charges of deception and financial misconduct. According to court documents released by the Attorney General’s office, the trio allegedly secured a GH¢19 million (approximately $19 million) facility from the Exim Bank in January 2018 under false pretenses.
The prosecution claims that Wontumi approached the bank, presenting Wontumi Farms Limited as the beneficiary of a large-scale farming project on a 100,000-acre parcel of land. However, investigations revealed that the documents submitted during the application process contained false information. One notable discrepancy was a board resolution letter dated January 23, 2018, referencing a decision made on December 9, 2017—four days before the company was even incorporated on December 14, 2017.
The project proposal reportedly promised significant benefits, including employment for 6,000 families, or nearly 38,000 individuals, across 2,500 hectares of farmland. The Ghana Exim Bank approved an GH¢18.7 million facility, consisting of loans and grants, to fund the purchase of agricultural machinery, working capital, staff costs, and consultancy services.
Between January and March 2018, the bank disbursed over GH¢14.3 million to Wontumi Farms Limited. However, the Economic and Organised Crime Office (EOCO) found that the proposed farming activities never materialized. Investigators allege that neither the agricultural machinery nor the land was secured, despite the substantial funds allocated for these purposes.
Further scrutiny revealed that Wontumi allegedly submitted altered documents to the bank, including a pro-forma invoice from KAS-SAMA Enterprise, which was fraudulently presented as a receipt for agricultural machinery worth GH¢4 million. Prosecutors claim the word “Pro-forma Invoice” was replaced with “Receipt” to mislead the bank.
The Attorney General’s office also alleges that Wontumi withdrew significant sums from the company’s accounts for personal expenses and investments in other businesses. Despite repeated attempts by the bank to recover the funds, these efforts have been unsuccessful.
Chairman Wontumi was arrested, cautioned, and officially charged on May 14, 2026, following EOCO’s investigation, which began in March 2025. The case has sparked widespread debate about accountability and transparency in Ghana’s financial sector, particularly concerning the misuse of public funds.
As the legal proceedings unfold, the spotlight remains firmly on Chairman Wontumi and his associates. The case serves as a stark reminder of the importance of rigorous oversight in the allocation of public resources and the need for accountability in high-profile business ventures.
— Reported by Nexio News
