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

Authorities in Ghana have frozen assets believed to be connected to a GH¢50 million payment reportedly made by the Ghana Cocoa Board (COCOBOD) to businessman Bernard Antwi Boasiako, popularly known as Chairman Wontumi, as investigations into the transaction continue.

Government Communications Minister Felix Ofosu Kwakye disclosed that COCOBOD allegedly released the funds to Boasiako for services or work carried out for the organisation.

According to the minister, Boasiako subsequently invested about GH¢30 million of the money in Treasury Bills, while approximately GH¢23 million was reportedly allocated toward establishing an insurance company.

Authorities have since moved to restrict dealings involving assets believed to be linked to the funds. The measure is intended to preserve the assets and prevent them from being transferred or disposed of while investigators examine the circumstances surrounding the payment.

The transaction has attracted public attention, with questions emerging over the nature of the services COCOBOD allegedly received in exchange for the GH¢50 million. Concerns have also been raised about the approval process, the justification for the expenditure and the level of oversight exercised before the payment was made.

Investigators are expected to trace the movement of the funds and examine whether the transaction complied with applicable financial, procurement and administrative procedures.

The inquiry could also establish the work reportedly performed for COCOBOD, the basis on which the payment was authorised and how the money was subsequently invested or otherwise used.

The government has stressed that the investigation is still ongoing and that any additional action will depend on its findings.

Boasiako remains entitled to respond to the allegations and provide his account of the transaction. At this stage, the investigation has not produced a final determination regarding the payment or the assets under review.

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