The state has initiated criminal proceedings against the Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi-Boasiako, over an alleged multi-million cedi agricultural loan fraud involving the Ghana Export Import Bank.
According to a charge sheet filed by the Prosecution Division of the Office of the Attorney General at the High Court in Accra on May 15, 2026, Chairman Wontumi, together with Thomas Antwi-Boasiako, who is currently at large, and their company, Wontumi Farms Limited, are facing four criminal charges.
The charges include defrauding by false pretence, uttering a forged document, money laundering, and intentionally causing financial loss to a public institution.
The prosecution alleges that in January 2018, Chairman Wontumi, acting as Managing Director of Wontumi Farms Limited, applied to the Ghana EXIM Bank for a credit and grant facility of about GH¢19 million to establish a large scale farming project.
The application reportedly stated that the company had secured a 100,000 acre parcel of land for commercial cultivation. The proposal further claimed that developing part of the land would create employment opportunities for about 6,000 families and support approximately 38,000 people.
However, state investigators said irregularities emerged during investigations into the loan arrangement.
According to the prosecution, the application was supported by a board resolution signed by Thomas Antwi-Boasiako, indicating that the decision to apply for the facility had been approved during a board meeting held on December 9, 2017.
Investigators, however, discovered that Wontumi Farms Limited was only incorporated and authorised to commence business on December 14, 2017, several days after the supposed board meeting.
Despite the discrepancy, the Ghana EXIM Bank approved a facility of GH¢18,734,260.00 on January 16, 2018, to cover agricultural machinery, consultancy services and working capital.
The prosecution said Chairman Wontumi signed the acceptance agreement in Kumasi on January 23, 2018, after which disbursements began, with the company reportedly receiving more than GH¢14 million by March 2018.
The state further alleged that in March 2018, Chairman Wontumi submitted a document labelled as a receipt to justify the purchase of agricultural machinery valued at GH¢4 million.
Prosecutors contend that the document was forged from an original pro forma invoice issued by KAS-SAMA Enterprise after enquiries were made about machinery prices.
Investigators said the words “Pro-forma Invoice” were allegedly removed and replaced with “Receipt” before the document was submitted to EXIM Bank to facilitate further release of funds.
The prosecution also alleged that investigations by the Economic and Organised Crime Office (EOCO) established that the farming project was never executed.
According to the state, no land was cleared, no machinery was purchased and no farm workers were employed for the project.
Instead, prosecutors claim the funds were transferred from the accounts of Wontumi Farms Limited into personal accounts and allegedly used to finance other business activities.
The state argued that the failed project and inability to repay the facility have caused financial losses exceeding GH¢30 million to the Ghana EXIM Bank, including accumulated liabilities.
Following unsuccessful attempts by the bank to recover the funds, EOCO reportedly launched investigations in March 2025, leading to Chairman Wontumi’s arrest and subsequent arraignment.
The prosecution indicated that Thomas Antwi-Boasiako remains at large, while Chairman Wontumi is currently preparing to contest for the National Chairman position of the NPP.
