Bernard Antwi Boasiako, widely known as Chairman Wontumi and the Ashanti Regional Chairman of the New Patriotic Party (NPP), has been formally charged over his alleged involvement in a multi-million cedi fraud and money laundering case linked to a loan from the Ghana Export-Import Bank (Exim Bank). Court filings at the High Court in Accra indicate that Chairman Wontumi, along with Thomas Antwi Boasiako (who is currently at large) and Wontumi Farms Limited, faces four criminal charges: defrauding by false pretence, forging documents, money laundering, and deliberately causing financial loss to a public institution.
The charge sheet, dated May 15, 2026, alleges the accused obtained approximately GH¢14.3 million from Exim Bank in 2018 under the pretext of launching a large-scale farming venture. Prosecutors claim Wontumi Farms Limited applied for a GH¢19 million loan facility, presenting documents that purported to show the company had secured a 100,000-acre parcel of land for the agricultural venture.
The prosecution further alleges that the company submitted supporting documents, including a board resolution and a project proposal, some of which investigators say were dated before the official incorporation of the company. Although Exim Bank approved a facility of GH¢18.7 million, investigators say GH¢14.3 million was eventually disbursed. However, prosecutors allege that the funds were not used for the intended farming activities as presented to the bank.
Investigators claim no land was acquired for the project, no farming operations were carried out, and no agricultural machinery was purchased despite representations made in the loan application. The charge sheet further alleges that Chairman Wontumi later presented a purported receipt for GH¢4 million worth of agricultural equipment to justify the use of part of the facility.
Investigators, however, contend that the document was originally a pro-forma invoice which had allegedly been altered and falsely presented as proof of payment and purchase. According to prosecutors, the alleged forged document was subsequently used to obtain additional disbursements from the bank.
Under Count Three of the charge sheet, prosecutors allege that Chairman Wontumi, between 2018 and 2022, took possession of part of the GH¢14.302 million obtained by Wontumi Farms Limited while allegedly knowing the funds had been acquired through fraud.
Count Four further alleges that Chairman Wontumi, Thomas Antwi Boasiako and Wontumi Farms Limited intentionally caused financial loss to the Ghana Export-Import Bank exceeding GH¢30 million in the course of the transaction.
Authorities further allege that substantial portions of the money were diverted into personal use and unrelated business investments, while efforts by the bank to recover the funds proved unsuccessful. The Attorney-General’s Department says investigations into the matter commenced in March 2025 and culminated in Chairman Wontumi’s arraignment on May 14, 2026. The accused is expected to reappear before the High Court in Accra as proceedings continue.
Source: William Narh