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 the Ghana Cocoa Board (COCOBOD) to businessman Bernard Antwi Boasiako, widely known as Chairman Wontumi, pending the outcome of an investigation into the transaction.

Felix Ofosu Kwakye, the Minister for Government Communications, said the funds were reportedly paid to Wontumi for work undertaken for COCOBOD.

He explained that the businessman later invested GH¢30 million in Treasury Bills and allocated about GH¢23 million towards setting up an insurance company.

Authorities have since frozen assets linked to the transactions as they investigate the circumstances surrounding the payment and the subsequent movement and use of the funds.

The case has prompted questions about the nature of the services allegedly provided, the reasons for the substantial expenditure and whether the payment received the necessary approvals. It has also renewed demands for proper oversight and transparency in the management of public resources.

The investigation will establish whether the transaction followed the applicable financial and procurement procedures. Officials are also expected to verify the work reportedly performed for COCOBOD and examine how the money was spent or invested.

The government has indicated that the inquiry remains underway and that further decisions will be guided by its findings. Meanwhile, Chairman Wontumi retains the opportunity to address the allegations and provide an explanation of his involvement in the transaction.

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