Accra, Ghana – Bernard Antwi-Boasiako, the Ashanti Regional Chairman of the New Patriotic Party (NPP), popularly known as Chairman Wontumi, has pleaded not guilty to four charges including defrauding by false pretence, forgery, money laundering, and intentionally causing financial loss exceeding GH₵30 million to the Ghana Export-Import Bank (Exim Bank). The plea was entered before Justice Halimah El-Alawa Abdul-Baasit at the High Court in Accra, where Wontumi was subsequently granted bail. The prosecution, led by Deputy Attorney-General Dr. Justice Srem-Sai, did not oppose the bail application.
Charges Detailed
The charges stem from allegations that Chairman Wontumi, along with his co-accused Thomas Antwi-Boasiako, a Director at Wontumi Farms Limited, used fraudulent pretences to obtain GH₵14,302,000.00 from Exim Bank. Furthermore, Wontumi is accused of uttering a forged document, specifically a doctored receipt, to secure an additional GH₵4,000,000.00 from the bank. The prosecution also alleges that a portion of the GH₵14,302,000.00, obtained by Wontumi Farms Limited, was acquired through fraudulent means.
Collectively, all three accused individuals are alleged to have intentionally caused a financial loss of over GH₵30 million to Exim Bank during their transactions. Thomas Antwi-Boasiako, identified as a co-accused, is currently reported to be on the run.
Background of the Allegations
According to the prosecution’s facts, the case began in January 2018 when Bernard Antwi-Boasiako approached Exim Bank, purporting to represent Wontumi Farms Limited as its Managing Director. He applied for a grant of GH₵19 million to support a farming venture. This application was purportedly supported by a “Board Resolution Letter” dated January 23, 2018, and signed by Thomas Antwi-Boasiako as Board Chairman. However, the prosecution highlights a critical discrepancy: the resolution stated it was passed on December 9, 2017, which was four days before Wontumi Farms Limited was officially incorporated and authorised to commence business on December 14, 2017.
The application further claimed that a substantial 100,000 acres of land had been secured for the project, with initial plans to employ approximately 6,000 families, totaling about 38,000 individuals, from the first 2,500 hectares alone.
Loan Approval and Disbursement
On January 16, 2018, Exim Bank approved a combined loan and grant facility amounting to GH₵18,734,260.00. The funds were designated for agricultural plant and machinery, working capital, staff and labour costs, and consultancy fees. Bernard Antwi-Boasiako formally accepted this facility in Kumasi on January 23, 2018, with Thomas Antwi-Boasiako serving as a witness. By March 2018, Exim Bank had disbursed a total of GH₵14,302,000.00 to Wontumi Farms Limited.
The Alleged Forged Receipt
Further complicating the case, in March 2018, Bernard Antwi-Boasiako presented a document to Exim Bank labelled as a “Receipt.” This document indicated that Wontumi Farms had purchased GH₵4,000,000.00 worth of agricultural plant and machinery. Relying on this document, the Bank disbursed additional funds to the company.
However, investigations revealed that the document was not a genuine purchase receipt. The prosecution stated that it was originally a pro-forma invoice issued by KAS-SAMA Enterprise to Bernard Antwi-Boasiako after he made price inquiries. KAS-SAMA Enterprise reportedly never heard from him again. Crucially, the inscription “Pro-forma Invoice” on the document had been altered to read “Receipt.”
Allegations of Misappropriation and Non-Execution
The prosecution contends that none of the agricultural activities proposed in the initial application were ever undertaken. No agricultural plant or machinery was purchased, and no individuals were employed for farm work. The accused persons allegedly did not possess or secure the land they claimed to have acquired for the project.
Instead, investigations suggest that Chairman Wontumi withdrew substantial amounts from Wontumi Farms’ bank accounts. These funds were allegedly used for personal expenses and invested in other business ventures, contrary to the terms of the Exim Bank facility.
Implications and Future Watch
The ongoing legal proceedings against Chairman Wontumi raise significant questions about corporate governance, the use of public funds, and the oversight mechanisms in place for financial institutions like Exim Bank. The case underscores the importance of due diligence in lending practices and the potential consequences when alleged fraudulent activities impact state-owned enterprises.
As the trial progresses, attention will be focused on the evidence presented by both the prosecution and the defence. The outcome could have implications for political figures involved in business dealings and the broader financial sector in Ghana. Observers will be watching for further developments regarding the fugitive co-accused, Thomas Antwi-Boasiako, and any potential impact on Wontumi’s political standing within the NPP.
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