The Attorney General and Minister for Justice, Dr Dominic Ayine, has announced that the state will prosecute Wontumi Farms and its directors for alleged financial crimes involving the Ghana Export-Import (EXIM) Bank.
Speaking to the media in Accra on Monday, December 22, Dr Ayine revealed that investigations by the Economic and Organised Crime Office (EOCO) have uncovered sufficient evidence to charge the company and its directors with defrauding by false pretences, forgery, and causing financial loss to the state.
The alleged loss currently stands at GH¢24,255,735, comprising the principal amount plus accrued interest. The Attorney General noted that this figure could increase further due to compounding interest before formal charges are filed.
“In the face of the evidence we have gathered in this investigation, thoroughly conducted by EOCO, we have made the decision to prosecute Wontumi Farms and its directors with defrauding by false pretences, forgery and causing financial loss to the state in the sum of GH¢24,255,735,” Dr Ayine stated.
“This figure represents the principal sum plus the interest that has accrued so far. By the time we file charges – which will be definitely after the Christmas break – it might be that this figure would have increased because the interest on the principal keeps compounding.
“So we will get the exact figure of the amount that is involved in this criminal enterprise from the EXIM Bank before we file charges in court.”
Prosecution is expected to commence after the Christmas break, once the precise outstanding amount is confirmed by EXIM Bank.
The case is on the back of EOCO’s probe into a loan transaction involving Wontumi Farms, which is linked to its director, Bernard Antwi Boasiako, popularly known as Chairman Wontumi.
Dr Ayine explained that the company secured a GH¢4 million loan from EXIM Bank using a forged document. Chairman Wontumi allegedly submitted a falsified receipt, purportedly issued by Casama Enterprise, as proof of payment for heavy-duty farming and industrial equipment, including bulldozers and excavators.
However, investigations established that the document was originally a proforma invoice, not a receipt. The word “invoice” was altered to read “receipt” and presented to the bank.
The owner of Casama Enterprise confirmed to investigators that no payment had been received and that only a proforma invoice had been issued to Wontumi Ghana Limited. Despite assurances to complete the purchase, the transaction was never finalised, and the forged receipt falsely claimed that Casama Enterprise had received the full GH¢4 million.
Dr Ayine emphasised that the case demonstrates the government’s commitment to accountability and protecting state financial institutions from fraudulent activities.
He assured the public that the prosecution will proceed once all necessary documentation from EXIM Bank is obtained and filed in court.