COCOBOD Pays Chairman Wontumi GH¢50 Million — Assets Frozen As Government Investigates

The government has reportedly frozen assets associated with a GH¢50 million payment made by the Ghana Cocoa Board (COCOBOD) to Bernard Antwi Boasiako, popularly known as Chairman Wontumi, as authorities investigate the circumstances surrounding the transaction.

Government Communications Minister Felix Ofosu Kwakye said the payment was connected to work that Wontumi was reportedly contracted to undertake for COCOBOD. According to the minister, the funds were subsequently used for different investments, including GH¢30 million placed in Treasury Bills and approximately GH¢23 million reportedly used to establish an insurance company.

Authorities have since taken steps to preserve assets linked to the transaction while investigations continue. The freezing of the assets is reportedly intended to prevent their movement or disposal as investigators examine how the funds were received and subsequently utilised.

The matter has attracted considerable public interest, particularly over questions concerning the purpose of the payment and the work allegedly performed in exchange for the funds. There have also been calls for greater transparency regarding the approval of the transaction and the procedures followed before the payment was authorised.

Investigators are expected to scrutinise the financial trail, examine the relevant documentation and determine whether the transaction complied with applicable procurement, financial management and oversight requirements.

The government has stressed that the inquiry remains ongoing and that any further action will depend on the evidence and findings produced by the investigation. The freezing of assets, therefore, does not by itself establish wrongdoing.

Chairman Wontumi is entitled to respond to the allegations and present his position on the transaction. Any determination of liability or misconduct would ultimately depend on the findings of the relevant authorities and, where applicable, due legal process.