Chairman Wontumi dragged to court over alleged ₵30m EXIM Bank Fraud
The Ashanti Regional Chairman of the opposition New Patriotic Party (NPP), Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, has been hauled before the High Court in Accra over an alleged ₵30 million fraud involving the Ghana EXIM Bank.
The state, through the Office of the Attorney-General, accuses the politician, together with another suspect and their company, Wontumi Farms Limited, of orchestrating a fraudulent agricultural loan scheme that allegedly caused huge financial loss to the state-owned bank.
Charges against Chairman Wontumi
According to the charge sheet filed on May 15, 2026, Chairman Wontumi and his alleged accomplices are facing four serious criminal charges:
Defrauding by false pretence
Uttering a forged document
Money laundering
Intentionally causing financial loss to a public body
The second accused person, Thomas Antwi-Boasiako, is currently on the run and has been declared at large by prosecutors.
How the loan was secured
The prosecution explained that the case dates back to January 2018 when Chairman Wontumi, acting as Managing Director of Wontumi Farms Limited, applied to the Ghana EXIM Bank for a massive agricultural credit facility worth about ₵19 million. In the application, the company claimed it had acquired a 100,000-acre piece of land for large-scale commercial farming. The proposal further stated that the project would create jobs for about 6,000 families and benefit nearly 38,000 people directly. Based on these representations, the EXIM Bank approved a facility worth ₵18.7 million for agricultural equipment, operational costs, and consultancy services.
Alleged irregularities discovered
Investigators later uncovered what they described as suspicious inconsistencies in the documentation submitted to the bank. One major issue involved a board resolution allegedly signed on December 9, 2017, approving the loan application. Prosecutors claim this was impossible because Wontumi Farms Limited had not yet been legally incorporated at the time. Official records reportedly show the company only became legally recognised on December 14, 2017.
Despite the discrepancy, the bank proceeded to release funds, with over ₵14.3 million reportedly disbursed by March 2018.
Forged receipt allegation
Another key aspect of the case centres on a document submitted to justify the use of the loan funds. The state alleges that Chairman Wontumi presented a supposed “receipt” indicating the purchase of ₵4 million worth of agricultural machinery. Prosecutors say the document convinced the EXIM Bank to continue releasing additional funds.
However, investigations by the Economic and Organised Crime Office (EOCO) allegedly revealed that the document was originally only a pro-forma invoice issued by KAS-SAMA Enterprise during preliminary price inquiries.
According to investigators, the words “Pro-forma Invoice” were allegedly removed and replaced with “Receipt” before the document was presented to the bank as evidence of payment.
Claims of non-existent farming activities
EOCO investigators further claim that the entire farming project existed only on paper. According to the prosecution, no land was cleared, no farm machinery was purchased, and no workers were employed for the supposed agricultural venture. Instead, the state alleges that the accused persons diverted the funds into personal accounts and used the money to support other luxury business ventures unrelated to farming.
These allegations form the basis of the money laundering charge covering transactions between 2018 and 2022.
₵30 Million Financial Loss to EXIM Bank
The Attorney-General’s office says the Ghana EXIM Bank has suffered losses exceeding ₵30 million, including the principal amount and accumulated liabilities.
Prosecutors claim repeated efforts by the bank to recover the funds proved unsuccessful, forcing EOCO to step in and begin investigations in March 2025.
Chairman Wontumi was later arrested, cautioned, and formally charged on May 14, 2026, before being arraigned in court.
Political implications
The case is expected to generate significant political attention because Chairman Wontumi remains a powerful figure within the NPP and is reportedly preparing to contest for the party’s National Chairman position.
Observers believe the legal battle could have major implications for both his political future and the internal dynamics of the opposition party ahead of future elections.
Conclusion
The unfolding court case involving Chairman Wontumi has become one of the most high-profile financial crime prosecutions in recent years. As investigations continue and court proceedings advance, many Ghanaians will be watching closely to see whether the allegations can be proven beyond reasonable doubt or successfully challenged by the defence.
