Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has been charged in connection with an alleged multi-million cedi fraud and money laundering scheme linked to a loan facility obtained from the Ghana Export-Import Bank, according to court documents filed at the High Court in Accra.
The charge sheet, dated May 15, 2026, names Chairman Wontumi, Thomas Antwi Boasiako, who prosecutors say is at large, and Wontumi Farms Limited as accused persons in a case involving allegations of defrauding by false pretence, forgery, money laundering and causing financial loss to a state institution.
Prosecutors allege that Wontumi Farms Limited secured about GH¢14.3 million from Exim Bank in 2018 after applying for a GH¢19 million facility for a large-scale farming project.
According to investigators, the company submitted documents claiming it had acquired a 100,000-acre parcel of land for the venture, alongside a board resolution and project proposal. Some of the documents were allegedly dated before the official incorporation of the company, prosecutors said.
Although the bank approved a facility of GH¢18.7 million, investigators say GH¢14.3 million was eventually disbursed.
The prosecution alleges that the funds were not used for the intended agricultural project, claiming no land was acquired, no farming activities were undertaken and no agricultural machinery was purchased despite representations made in the loan application.
Court documents further allege that Chairman Wontumi later presented a document purporting to show the purchase of GH¢4 million worth of agricultural equipment to justify part of the expenditure.
Investigators contend the document was originally a pro-forma invoice that had been altered and falsely presented as proof of payment in order to secure additional disbursements from the bank.
Under one of the charges, prosecutors allege that Chairman Wontumi knowingly received part of the funds obtained through fraudulent means between 2018 and 2022.
The prosecution further alleges that the accused persons caused financial loss exceeding GH¢30 million to Exim Bank and diverted substantial portions of the funds into personal use and unrelated business investments.
The Attorney-General’s Department said investigations into the matter began in March 2025 and led to Chairman Wontumi’s arraignment on May 14, 2026.
Source: citinewsroom
