Chairman of Wontumi Farms Limited, Bernard Antwi Boasiako, popularly known as Chairman Wontumi, will face prosecution following investigations into the company’s activities under a loan facility from the Ghana Exim Bank.
Speaking at a press briefing in Accra on Monday, December 22, the Attorney-General revealed that the state suffered a total loss of GH¢24,255,735, representing the principal loan sum and accrued interest, due to fraudulent actions by Wontumi and his directors.
Investigations by the Economic and Organised Crime Office (EOCO) found that Wontumi Farms, which obtained funds under the Mining Alternative Livelihoods Initiative aimed at creating jobs for youth in mining communities, failed to implement the project.
“The total financial loss to the state amounts to GH¢24,255,735, representing the principal loan sum and interest accrued,” the Attorney-General stated.
He explained that the company submitted a receipt as proof of purchasing farming equipment worth about GH¢4 million, but EOCO confirmed the document was forged and no equipment was actually procured. Consequently, no farming activities took place, and no youth were employed as claimed in the loan application.
“The actions of Wontumi Farms Limited and its directors go beyond a mere breach of contract and amount to criminal conduct,” the Attorney-General added.
EOCO also found no evidence of land development, staff engagement, or supply agreements with the National Buffer Stock Company, all of which were conditions tied to the loan approval.
The Attorney-General confirmed that legal action will be taken: “My office has decided to prosecute Wontumi Farms Limited and its directors for defrauding by false pretences, forgery, and causing financial loss to the state.”
He concluded by reaffirming the government’s commitment to protecting public funds and ensuring accountability in state-backed initiatives.
Source: Starrfm.com.gh
