The Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi-Boasiako, also known as Chairman Wontumi, is facing criminal proceedings for an alleged GH₵30 million fraud and financial loss to the Ghana Export-Import (EXIM) Bank. The charges, filed by the Attorney-General’s office on May 15, 2026, at the High Court in Accra, involve allegations of defrauding by false pretence, uttering a forged document, money laundering, and intentionally causing financial loss to a public body.
Background of the Loan Facility
The legal troubles stem from a loan application made in January 2018. Chairman Wontumi, acting as the Managing Director of Wontumi Farms Limited, sought a GH₵19 million credit and grant facility from Ghana EXIM Bank. The stated purpose was to establish a large-scale commercial cultivation venture.
In his application, Wontumi claimed Wontumi Farms Limited had acquired 100,000 acres of land. Project proposals suggested that developing 2,500 hectares would create employment for 6,000 families, directly impacting approximately 38,000 individuals.
Allegations of Deception and Forgery
State investigators uncovered significant irregularities from the outset. A crucial document, a ‘Board Resolution Letter’ supposedly authorizing the loan application, was signed by Thomas Antwi-Boasiako, the Board Chairman. This resolution indicated board approval on December 9, 2017. However, Wontumi Farms Limited was only legally incorporated and authorized to commence business on December 14, 2017, creating a chronological discrepancy.
Despite these issues, Ghana EXIM Bank offered a credit facility of GH₵18,734,260.00 on January 16, 2018. Chairman Wontumi accepted the offer on January 23, 2018. Funds were disbursed, totaling GH₵14,302,000.00 by March 2018, intended for agricultural machinery, working capital, and consultancy fees.
Fabricated Proof of Purchase
The second charge, uttering a forged document, relates to how these funds were purportedly spent. In March 2018, Chairman Wontumi submitted a document to the EXIM Bank, presented as a ‘Receipt’ for GH₵4 million worth of specialized agricultural machinery. The bank relied on this document to release further funding.
However, investigations by the Economic and Organised Crime Office (EOCO) revealed this document to be a fabrication. It was originally a pro-forma price invoice from KAS-SAMA Enterprise, used for pricing inquiries. The business owner stated that Chairman Wontumi promised to return for a purchase but never did. The inscription ‘Pro-forma Invoice’ was allegedly erased and replaced with ‘Receipt’ before submission to the bank.
Non-existent Operations and Money Laundering
The prosecution alleges that the entire agricultural project was a sham. EOCO investigations found that no land was cleared, no machinery was purchased, and no farm labourers were employed. Instead, Chairman Wontumi is accused of systematically withdrawing the state funds from Wontumi Farms Limited’s accounts.
These funds were allegedly moved into personal accounts to finance other luxury business ventures. This forms the basis of the money laundering charge, alleging illicit fund movements between 2018 and 2022.
Significant Financial Loss to EXIM Bank
The final charge addresses the substantial financial impact on the public institution. Due to the failure to execute the project or service the debt, Ghana EXIM Bank has incurred an institutional loss exceeding GH₵30,000,000.00, encompassing principal and accumulated liabilities.
After extensive and unsuccessful efforts by EXIM Bank officials to recover the funds, EOCO intervened in March 2025. Chairman Wontumi was arrested and charged on May 14, 2026, ahead of his arraignment. The second accused, Thomas Antwi-Boasiako, is reportedly still at large.
Broader Legal and Political Context
This case adds to existing legal pressures on Chairman Wontumi. He faces separate allegations related to illegal mining activities through his company, Akonta Mining Limited. Concurrently, he is preparing to contest for the National Chairman position of the opposition NPP.
Implications and Future Outlook
The charges against Chairman Wontumi underscore the intensified scrutiny on financial dealings involving public funds and prominent political figures in Ghana. The legal process will likely bring to light the operational practices of institutions like Ghana EXIM Bank and the due diligence processes employed in extending credit facilities. The outcome could influence regulatory oversight and corporate governance standards within state-linked financial institutions. Furthermore, the case’s progression will be closely watched within the NPP as the party navigates its leadership contest and prepares for future elections.
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