The Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, has been dragged before the High Court of Ghana over an alleged multi-million cedi fraud and money laundering scheme linked to a loan secured from the Ghana Export-Import Bank.
Court filings reveal that Chairman Wontumi, alongside Thomas Antwi Boasiako—who is reportedly at large—and Wontumi Farms Limited, is facing four criminal charges, including defrauding by false pretence, uttering forged documents, money laundering, and causing financial loss to a state institution.
Prosecutors allege that in 2018, Wontumi Farms Limited applied for a GH¢19 million loan from Exim Bank, claiming the funds would support a large-scale farming project.
Investigators say the company presented documents indicating it had secured 100,000 acres of land for agricultural operations, a claim prosecutors now argue was false.
Although Exim Bank approved a facility of GH¢18.7 million, prosecutors say about GH¢14.3 million was eventually disbursed to the company.
According to investigators, the funds were allegedly diverted from their intended purpose, with no land acquisition, farming operations, or purchase of agricultural equipment taking place as stated in the loan proposal.
The prosecution also claims Chairman Wontumi later submitted documentation showing the purchase of GH¢4 million worth of farm equipment.
However, investigators allege the document was originally a pro-forma invoice that had been altered and falsely presented as proof of payment in order to secure additional funds.
Under the money laundering charge, prosecutors allege that Chairman Wontumi knowingly received portions of the funds between 2018 and 2022 despite being aware that the money had been fraudulently obtained.
The charge sheet further claims that the transaction caused financial losses exceeding GH¢30 million to Exim Bank after attempts to recover the funds failed.
Authorities also allege that significant portions of the money were redirected into personal expenses and unrelated investments.
The Attorney-General’s Department said investigations began in March 2025 and led to Chairman Wontumi’s arraignment on May 14, 2026.
He is expected to return to court as legal proceedings continue.
