The Attorney-General and Minister for Justice, Dr Dominic Ayine, has confirmed the indictment of Bernard Antwi Boasiako, popularly known as Chairman Wontumi, and his company, Wontumi Farms Limited, over a financial loss to the state amounting to GH¢24,255,735 arising from an EximBank loan facility.
Dr Ayine made the disclosure at the Government Accountability Series, where he outlined the findings of investigations into the circumstances under which the loan was obtained and utilised.
According to the Attorney-General, the case stems from a loan application submitted in December 2017 by Wontumi Farms Limited for GH¢18 million. The application stated that the funds were to be used to cultivate maize on 100,000 acres of land at Asare Nkwanta and to employ young people in the area.
However, Dr Ayine said investigations uncovered fundamental irregularities at the time the application was made. He explained that when the loan application and a purported board resolution were submitted to the Ghana Export–Import Bank, Wontumi Farms Limited was not yet a registered company.
“In short, the company did not exist at the time of the loan application by its sole shareholder and director,” the Attorney-General said. Records obtained during the investigation showed that Wontumi Farms Limited was incorporated on December 14, 2017, and issued a certificate to commence business on the same day, after the application had already been lodged.
Despite this, EximBank proceeded to process the application. Dr Ayine said that on January 16, 2018, based on the application submitted by Bernard Antwi Boasiako as chief promoter of the company, the bank approved a medium-term loan facility of GH¢18,734,260.00. The approved facility included a grant component of GH¢6,768,260.00.
The loan offer was accepted through a letter dated January 23, 2018. Chairman Wontumi signed the acceptance as Chief Executive Officer of Wontumi Farms Limited, together with Thomas Antwi Boasiako, who was listed as a director of the company.
According to the Attorney-General, the offer letter stated clearly that the facility was subject to the bank’s terms and conditions and was secured with 10,000 acres of farmland purportedly belonging to Wontumi Farms Limited at Asare Nkwanta.
Dr Ayine outlined the breakdown of the approved loan as contained in the offer letter. An amount of GH¢3,865,000.00 was allocated for the purchase of agricultural plant and machinery, GH¢8,101,000.00 was earmarked for working capital, while GH¢6,768,260.00 was designated as a grant for staff costs and consultancy fees.
Project Execution with Proforma Invoice
As part of the process to execute the project, Wontumi Farms Limited submitted a proforma invoice to EximBank on December 15, 2017. The invoice listed farm equipment such as tractors, combined harvesters, corn seeder machines, and Wellington boots.
The Attorney-General said the invoice was submitted to demonstrate preparedness to commence the farming project once the loan was disbursed. After the release of funds, EximBank requested proof that the equipment listed in the proforma invoice had been purchased.
In response, on March 18, 2018, Chairman Wontumi submitted a document described as a receipt from Kas-Sama Enterprise, an industrial equipment dealer, indicating that equipment valued at GH¢4 million had been purchased.
Dr Ayine said investigations revealed that the document submitted as a receipt was forged. According to him, the equipment listed on the document included a bulldozer and an excavator, items that were inconsistent with the earlier representations made to the bank.
Further investigations by the Economic and Organised Crime Office established that Chairman Wontumi had approached Kas-Sama Enterprise and obtained an invoice for the equipment with a promise to return later to complete the purchase.
“He never went back to purchase the equipment,” the Attorney-General said. Instead, he explained, Chairman Wontumi altered the invoice by removing the word “invoice” and replacing it with “receipt,” and then submitted the forged document to EximBank as proof that the equipment had been purchased after the disbursement of the loan.
The owner of Kas-Sama Enterprise confirmed to investigators that the only document issued to Wontumi Farms Limited was an invoice and not a receipt. He further stated that after issuing the invoice, he never heard from Chairman Wontumi again, despite making repeated follow-up calls to complete the transaction.
Dr Ayine noted that the forged document itself contained features that suggested it was not evidence of payment. The document stated “50 days to supply and 1 year guarantee and service,” which he said was characteristic of a proforma invoice rather than a receipt acknowledging payment.
Nevertheless, the document purported to show that Kas-Sama Enterprise had received GH¢4 million for the supply of earth-moving machines and farming equipment.
Fraudulent Misrepresentations to EximBank
Based on the findings, the Attorney-General said it was clear that Chairman Wontumi and Wontumi Farms Limited made fraudulent misrepresentations to EximBank with the intention of obtaining the loan facility, which they succeeded in doing.
He said the equipment represented as having been purchased was never procured, and the farming enterprise that formed the basis of the loan application never materialised.
“The farming enterprise never materialised, and so no young persons were employed in Asare Nkwanta. But more importantly, the company and its director and CEO forged a receipt in order to deceive Exim Bank that they were in compliance with the loan conditions.
“These are not mere breaches of a loan contract but constitute acts of criminality by no means a person other than the regional chairman of the then ruling Party.”
Attorney-General and Minister for Justice, Dr Dominic Ayine
In light of the evidence gathered through what he described as a thorough investigation by the Economic and Organised Crime Office, the Attorney-General announced that the state has decided to prosecute Wontumi Farms Limited and its directors.
The charges include defrauding by false pretences, forgery, and causing financial loss to the state. The total amount involved in the case is GH¢24,255,735, representing the principal loan amount plus accrued interest.
Dr Ayine also noted that the EximBank case adds to a series of legal challenges currently facing Chairman Wontumi. He confirmed that Bernard Antwi Boasiako is already standing trial in other state-led prosecutions involving financial crimes and illegal mining activities.
In one such case, Chairman Wontumi and his company, Akonta Mining Limited, are facing multiple charges related to alleged unauthorised mining operations in the Tano Nimri Forest Reserve and in the Samreboi area.
In that matter, Chairman Wontumi was previously granted bail totaling GH¢25 million, with the Accra High Court fixing January 12, 2026, as the date for the trial to officially commence. Prosecutors have filed nearly 100 documents and exhibits in support of their case.
In addition, the Attorney-General disclosed that the Economic and Organised Crime Office is conducting further investigations into Chairman Wontumi over suspected money laundering and related financial dealings.
Dr Ayine said the prosecution of the EximBank matter reflects the government’s broader commitment to accountability and the protection of public funds. He stressed that the legal process would now take its course, with the courts expected to determine the outcome based on the evidence presented.
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