Chairman Wontumi officially charged in GH¢14.3 million Exim Bank fraud case

• The Ashanti Regional NPP Chairman faces four charges, including alleged fraud, money laundering, forgery, and causing financial loss linked to an Exim Bank loan facility.

• Prosecutors claim Wontumi Farms Limited secured funds in 2018 for a large-scale farming project that investigators say was never carried out.

• Investigators allege forged documents were used to secure additional disbursements, while part of the funds was diverted into personal and unrelated business activities.

The Ashanti Regional Chairman of the New Patriotic Party (NPP), Chairman Wontumi, has been charged over an alleged fraud and money laundering case involving millions of cedis obtained from the Ghana Export-Import Bank (Exim Bank).

Court documents filed at the High Court in Accra show that Chairman Wontumi, Thomas Antwi Boasiako, who is currently at large, and Wontumi Farms Limited, are facing four criminal charges, including defrauding by false pretence, uttering forged documents, money laundering, and intentionally causing financial loss to a public institution.

According to the charge sheet dated May 15, 2026, the accused persons allegedly secured about GH¢14.3 million from Exim Bank in 2018 under the guise of establishing a large-scale farming project.

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Prosecutors claim Wontumi Farms Limited applied for a GH¢19 million loan facility, presenting documents that purported to show the company had secured a 100,000-acre parcel of land for the agricultural venture.

The prosecution says documents submitted to support the application, including a board resolution and project proposal, raised concerns after investigators discovered that some were allegedly dated before the company was officially registered.

As reported by CitiNews, although the bank approved a facility worth GH¢18.7 million, court records indicate that about GH¢14.3 million was eventually released to the company.

However, prosecutors claim the money was not used for the farming project as initially stated in the loan request.

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Investigators allege that no land was acquired, farming activities never started, and no agricultural machinery was purchased despite claims made during the application process.

The charge sheet further states that Chairman Wontumi later submitted what was presented as proof of payment for agricultural equipment worth GH¢4 million to explain how part of the funds had been used.

Investigators, however, argue that the document was originally a pro-forma invoice and had allegedly been altered before being presented as evidence of a completed purchase.

Prosecutors believe the document was later used to access more money from the facility. Under one of the charges, prosecutors allege that between 2018 and 2022, Chairman Wontumi received part of the GH¢14.302 million while allegedly knowing the funds had been fraudulently obtained.

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The prosecution also claims that Chairman Wontumi and Wontumi Farms Limited intentionally caused financial loss exceeding GH¢30 million to Exim Bank through the transaction.

Authorities further allege that a significant amount of the funds was redirected into personal expenses and unrelated business ventures, while attempts by the bank to recover the money were unsuccessful.

The Attorney-General’s Department says investigations into the matter began in March 2025 and led to Chairman Wontumi appearing before court on May 14, 2026. The case is expected to continue at the High Court in Accra.