Chairman Wontumi has renewed the legal battle surrounding an alleged GH¢18.7 million Ghana Export-Import Bank (EXIM Bank) facility, with the businessman facing a criminal case involving allegations of fraud, forgery, money laundering and causing financial loss to a public institution.
Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, is facing the case alongside Wontumi Farms Limited and Thomas Antwi-Boasiako over financing obtained from EXIM Bank for an agricultural project.
According to the prosecution, EXIM Bank approved a combined loan and grant facility of about GH¢18.7 million for Wontumi Farms Limited in 2018, with approximately GH¢14.3 million subsequently disbursed.
The State alleges that the funds were obtained using representations relating to a large-scale farming project that was never carried out as proposed.
The disputed EXIM Bank facility
Prosecutors allege that Wontumi Farms applied for financing of approximately GH¢19 million to support an agricultural venture, including the acquisition of machinery and development of farmland.
The prosecution further alleges that documents submitted in support of the application contained irregularities and that a document presented as evidence of a GH¢4 million purchase of agricultural machinery was actually an altered pro-forma invoice.
Investigators also allege that the proposed farming operation was not undertaken and that substantial portions of the funds were instead used for other purposes.
The allegations have resulted in charges including defrauding by false pretence, uttering a forged document, money laundering and intentionally causing financial loss to a public body.
Plea negotiations collapse
The case entered a new phase after Wontumi’s legal team initiated plea-bargaining discussions with the State.
However, the negotiations failed to produce an agreement. The High Court in Accra subsequently directed that the substantive EXIM Bank case should proceed, with the prosecution ordered to file and serve its disclosures.
The court later scheduled the matter for a case management conference as the State prepared to advance its case.
Wontumi has pleaded not guilty to the allegations and has denied wrongdoing. The claims against him remain allegations until determined by the court.
Why the GH¢18.7 million figure matters
The GH¢18.7 million facility has become a central figure in the case because it represents the financing approved by EXIM Bank, while prosecutors say about GH¢14.3 million was actually disbursed.
The State has also alleged that the wider financial loss arising from the transaction exceeds GH¢30 million, taking into account the alleged use and handling of the funds.
The case has attracted significant public attention because it involves a prominent political figure and a state-owned financial institution. It also raises questions about due diligence, documentation and oversight in the disbursement of public-sector-backed financing.
As the proceedings continue, the court will ultimately determine whether the prosecution can prove the allegations against Wontumi and the other accused persons beyond the required legal standard.
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The GH¢18.7 million EXIM Bank dispute therefore remains before the courts, with Wontumi maintaining his plea of not guilty as the criminal proceedings continue.
