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

The government has frozen assets associated with a GH¢50 million payment from the Ghana Cocoa Board (COCOBOD) to businessman Bernard Antwi Boasiako, also known as Chairman Wontumi, as investigations into the transaction continue.

Felix Ofosu Kwakye, the Minister of Government Communications, reportedly disclosed that the payment was intended to cover work undertaken by Wontumi for COCOBOD.

He stated that Wontumi invested GH¢30 million in Treasury bills after receiving the money and used about GH¢23 million to establish an insurance company.

The minister said the government ordered the freeze to protect assets connected to the transaction while authorities investigate how the funds were received, transferred and spent.

The case has attracted public attention, with concerns raised about the nature of the work performed, the approval of the payment and the procedures used to authorise the expenditure.

Authorities are examining whether the transaction followed the applicable financial and procurement rules. Their findings could determine whether further action is necessary and provide clarity on how the money was utilised.

The investigation remains ongoing, and the government has indicated that subsequent decisions will be guided by its outcome. Wontumi will also have an opportunity to address any allegations arising from the process.

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