The Attorney General, Dr Dominic Ayine has announced the prosecution of the Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi, and his company Wontumi Farms Limited for defrauding Ghana Exim Bank of GH₵24,255,735.
Addressing the media on Monday, the AG said Wontumi and his company will be charged with defrauding by false pretenses, forgery, and causing financial loss to the state.
“These are not mere breaches of a loan contract but constitute acts of criminality by no means a person than the regional chairman of the then ruling Party,” Dr Ayine stated.
The figure represents the principal sum plus accrued interest from a loan facility obtained under the Mining Alternative Livelihoods Initiative designed to provide alternative sources of income for youth in areas affected by illegal mining.
The AG said investigations by the Economic and Organized Crime Office (EOCO) established that Wontumi and his company made fraudulent misrepresentations to Exim Bank to obtain the loan facility.
“The equipment they represented were to be purchased were never procured. The farming enterprise never materialized, and so no young persons were employed in Asare Nkwanta,” Dr Ayine explained.
He revealed that EOCO arrested Chairman Wontumi in March this year on reasonable suspicion of crime following credible intelligence that the company and its director were involved in fraudulent transactions.
Wontumi is the sole shareholder, director and chief executive officer of Wontumi Farms Limited.
In December 2017, Wontumi Farms Limited submitted an application for a GH₵18 million loan purportedly to cultivate maize on 100,000 acres of farmland and employ youth on the farm.
On January 16, 2018, based on the application, Exim Bank approved a medium-term loan facility of GH₵18,734,260 which included a grant component of GH₵6,768,260.
The loan breakdown included GH₵3,865,000 for purchase of agricultural plant and machinery, GH₵8,101,000 for working capital, and GH₵6,768,260 grant for staff cost and consultancy fees.
However, investigations established that the farming enterprise never materialized, no equipment was purchased, and no young persons were employed despite the disbursement of funds.
The AG said the company and its director forged a receipt to deceive Exim Bank that they were in compliance with loan conditions.
Richard Aniagyei, ISD
