By Ghana News 
Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, has pleaded not guilty to fresh charges of fraud, money laundering, and forgery at the High Court. The state alleges that the politician and his co-accused intentionally caused a financial loss of over GH¢30 million to the Ghana Export-Import (Exim) Bank.
Appearing before Justice Halimah El-Alawa Abdul-Baasit, Wontumi denied all four counts brought against him by Deputy Attorney-General Dr. Justice Srem-Sai. Following a successful application by his defense counsel, Andy Appiah-Kubi, Wontumi was admitted to bail without opposition from the state. Meanwhile, his co-accused and Director of Wontumi Farms Limited, Thomas Antwi-Boasiako, is currently on the run from law enforcement.
The high-profile arraignment has sent shockwaves through Ghana’s political landscape, raising serious questions about the oversight mechanisms of state-owned financial institutions. In an era where digital banking audits are becoming the norm, the revelation of such a massive paper-trail discrepancy highlights the critical need for absolute due diligence in public fund allocation.
The prosecution’s facts reveal a glaring chronological anomaly in the loan application process that bypassed initial banking scrutiny. In January 2018, Wontumi allegedly applied for an agricultural grant of GH¢19 million using a “Board Resolution Letter” signed by Thomas Antwi-Boasiako.
Remarkably, the board resolution presented to the bank was dated December 9, 2017, which was four clear days before Wontumi Farms Limited was even officially incorporated on December 14, 2017. Despite this corporate impossibility, Ghana Exim Bank approved a mixed facility of GH¢18.7 million, eventually disbursing an aggregate sum of GH¢14.3 million by March 2018.
The defense maintains that any clerical errors in corporate documentation do not constitute deliberate criminal intent to defraud. However, the state argues that using a non-existent corporate entity to access state funds is a textbook definition of false pretense.
What happened to the promised 38,000 agricultural jobs?
The application submitted to the bank painted a beautiful picture of rural development, claiming that a massive 100,000-acre land parcel had been secured. Wontumi represented to state officials that the initial phase of the farming venture would employ roughly 6,000 families, translating to over 38,000 individuals.
Police investigations have since established that absolutely none of the proposed farming activities ever took place. Detectives found no acquired land, no cultivated fields, and zero employees attached to the agricultural project.
Instead, the prosecution alleges that Wontumi systematically altered a pro-forma invoice from KAS-SAMA Enterprise, changing the heading to “Receipt” to falsely prove he spent GH¢4 million on heavy machinery. The state claims the disbursed funds were entirely withdrawn and funneled into personal investments and separate business ventures.
Factual Insights into Ghana’s Financial Sector Regulation:
- The Fiscal Breach: The state prosecution has documented an exact alleged financial drain of GH¢30,000,000.00 from the Ghana Exim Bank ecosystem.
- Statutory Compliance: Under the Anti-Money Laundering Act of Ghana, commercial banks are legally mandated to perform Know Your Customer (KYC) verifications before processing disbursements over threshold limits.
- The Chronological Disconnect: Certified Registrar General documents confirm the loan approval process initiated before the official incorporation date of the borrowing entity.
The unfolding legal battle involving Chairman Wontumi serves as a stark reminder that political influence cannot shield individuals from rigorous judicial audits. By pushing forward with these fresh charges, the Attorney-General’s department underscores its commitment to protecting public funds.
As the High Court prepares for the full evidentiary trial, the focus turns to the tracking and recovery of the missing state capital. For everyday Ghanaian taxpayers, a swift, transparent judicial conclusion is necessary to restore complete confidence in state-backed developmental loans.
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