A major criminal case has been launched against the Ashanti Regional Chairman of the opposition New Patriotic Party, Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, over allegations that a multi-million-cedi agricultural financing scheme was built on false claims, forged documentation, and fictitious farming operations.
Court documents filed at the High Court in Accra on May 15, 2026, by the Prosecution Division of the Office of the Attorney-General accuse the politician, his associate Thomas Antwi-Boasiako, and their company, Wontumi Farms Limited, of orchestrating a fraudulent arrangement that allegedly caused huge losses to the Ghana EXIM Bank.
The charge sheet lists four offences against the accused persons: defrauding by false pretence, uttering a forged document, money laundering, and intentionally causing financial loss to a public institution.
According to the brief facts signed by Deputy Attorney-General, Dr Justice Srem-Sai, the matter dates back to January 2018 when Chairman Wontumi, acting as Managing Director of Wontumi Farms Limited, allegedly applied to the EXIM Bank for a ₵19 million credit and grant package intended for a large-scale commercial farming project.
To secure the facility, prosecutors say the businessman presented what appeared to be an ambitious agricultural investment plan. In his application, Wontumi Farms reportedly claimed ownership of a vast 100,000-acre tract of land earmarked for cultivation.
Project documents submitted to the bank further projected that the development of 2,500 hectares of the land would provide jobs for 6,000 families and directly support close to 38,000 people.
Investigators, however, allege that serious irregularities surrounded the transaction from the very beginning.
One of the key supporting documents attached to the application was a “Board Resolution Letter” signed by Thomas Antwi-Boasiako in his capacity as Board Chairman. Prosecutors say the resolution purported to authorise the loan request during a board meeting held on December 9, 2017.
The state contends that this raised immediate inconsistencies because Wontumi Farms Limited was only legally incorporated and authorised to begin business on December 14, 2017, several days after the supposed meeting took place.
Despite the alleged discrepancy, the EXIM Bank reportedly approved a GH₵18,734,260.00 facility for the company on January 16, 2018, to finance agricultural machinery purchases, consultancy services, and operational costs.
Chairman Wontumi is said to have signed the acceptance agreement in Kumasi on January 23, 2018, after which the bank began releasing funds. By March 2018, disbursements had allegedly reached GH₵14,302,000.00.
A central aspect of the prosecution’s case concerns a document allegedly used to justify part of the expenditure.
Court filings state that in March 2018, Chairman Wontumi presented what was described as a “Receipt” to the bank as evidence that GH₵4 million had been spent on specialised agricultural machinery. Prosecutors say the bank relied on that document in approving further payments.
State investigators now claim the document was manipulated.
According to the prosecution, the paper originally existed as a pro-forma invoice issued by KAS-SAMA Enterprise after preliminary pricing discussions with the businessman. Detectives reportedly obtained statements from the owner of the business indicating that no machinery purchase was ever completed.
Instead, prosecutors allege that the words “Pro-forma Invoice” were erased and replaced with “Receipt” before the altered document was forwarded to the EXIM Bank.
The state also argues that the farming project itself never materialised.
Investigations conducted by the Economic and Organised Crime Office allegedly found that no land was cleared, no agricultural machinery was purchased, and no workers were employed for the supposed farming operation.
Rather, the prosecution claims the accused diverted money from Wontumi Farms Limited accounts into personal accounts and redirected the funds into unrelated luxury business ventures.
That allegation forms the basis of the money laundering charge, which prosecutors say covers transactions carried out between 2018 and 2022.
The final count focuses on the financial impact on the EXIM Bank.
According to the state, the failure to execute the farming project or repay the facility has left the institution with losses exceeding GH₵30 million, including accumulated liabilities and unpaid principal.
Court filings further indicate that repeated attempts by EXIM Bank officials to recover the outstanding funds allegedly proved unsuccessful, prompting the Economic and Organised Crime Office to formally intervene in March 2025.
Chairman Wontumi was later arrested, cautioned, and officially charged on May 14, 2026, before being arraigned, a report indicated.
Prosecutors say Thomas Antwi-Boasiako, listed as the second accused person in the case, remains at large.
The case emerges at a politically sensitive moment as Chairman Wontumi prepares to contest for the National Chairman position of the opposition New Patriotic Party.
