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

The government of Ghana has frozen assets connected to a GH¢50 million payment from COCOBOD to businessman Bernard Antwi Boasiako, popularly called Chairman Wontumi, pending investigations into the deal.

Felix Ofosu Kwakye, the Minister for Government Communications, stated that the payment was allegedly made in exchange for services Wontumi provided to the Ghana Cocoa Board.

He further explained that the businessman reportedly used GH¢30 million to purchase Treasury Bills, while about GH¢23 million went towards establishing an insurance company.

The decision to freeze the assets is intended to support investigations into the transaction, particularly the reasons for the payment and the subsequent use of the funds.

The development has raised concerns about the nature of the services provided, the justification for paying such a large amount and whether the transaction received the required authorisation. It has also increased public demands for proper accountability in the handling of state funds.

As part of the inquiry, officials will determine whether the payment complied with applicable financial and procurement regulations. They will also establish whether the services were genuinely provided and track how the money was allocated.

The government has maintained that investigations are ongoing and that any further decisions will be based on the findings. Wontumi will also have an opportunity to respond to the claims and provide clarification about his role in the transaction.

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