Bernard Antwi Boasiako, better known as Chairman Wontumi, has been formally charged in connection with an alleged multi-million cedi fraud and money laundering scheme involving the Ghana Export-Import Bank (Exim Bank).
Also facing the music are Thomas Antwi Boasiako (currently at large) and Wontumi Farms Limited.
The High Court in Accra has slapped the trio with four criminal charges: defrauding by false pretence, authoring forged documents, money laundering, and intentionally causing financial loss to a public institution.
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According to the charge sheet dated May 15, 2026, the accused allegedly secured GH¢14.3 million from Exim Bank back in 2018. The pitch was a large-scale farming project. Wontumi Farms Limited applied for a GH¢19 million loan, claiming they had secured 100,000 acres of land for agriculture.
But prosecutors say there were immediate red flags. The supporting documents – including a board resolution and project proposal – were dated before the company was officially incorporated. Exim Bank approved GH¢18.7 million and eventually disbursed GH¢14.3 million.
However, investigators allege that no land was acquired, no farming took place, and no agricultural machinery was purchased, despite the representations made in the loan application.
The case takes an even darker turn with allegations of forgery. Chairman Wontumi allegedly presented a GH¢4 million receipt for agricultural equipment to justify part of the loan. But prosecutors say the document was originally a pro-forma invoice, which was altered and falsely presented as proof of payment. That forged document was then used to secure additional disbursements from the bank.
On money laundering, Count Three of the charge sheet alleges that between 2018 and 2022, Chairman Wontumi took possession of part of the GH¢14.3 million while knowing it was obtained through fraud.
Count Four further alleges that the accused persons intentionally caused financial loss to Exim Bank exceeding GH¢30 million in the course of the transaction.
Authorities say substantial portions of the money were diverted into personal use and unrelated business investments, while efforts by the bank to recover the funds proved unsuccessful.
The Attorney-General’s Department says investigations into the matter commenced in March 2025 and culminated in Chairman Wontumi’s arraignment on May 14, 2026.
He is expected to reappear before the High Court in Accra as proceedings continue. Meanwhile, Thomas Antwi Boasiako remains at large.