An Accra High Court has ordered the state to file disclosures within 14 days in the EXIM Bank fraud case involving Bernard Antwi Boasiako, known as Wontumi. This directive follows the collapse of attempts by both the prosecution and defence to reach a plea-bargaining agreement. The court's decision signals the case will now proceed to a full trial, moving past the negotiation phase.
The plea-bargaining process, initiated by Boasiako’s lawyers, failed to yield an agreement after two attempts. Reverend Joshua Sackey, Principal State Attorney, informed the Court on Thursday that the parties could not settle. The 30-day period allocated for these negotiations had already elapsed, prompting the court to move forward. This development ensures the legal process continues without further delay, pushing the matter towards a Case Management Conference.
This case highlights ongoing concerns about financial accountability within state-backed institutions in Ghana. EXIM Bank, established to support Ghana's industrialisation and export drive, plays a crucial role in economic development. Allegations of fraud involving such significant sums, GHS 19 million initially and later GHS 30 million, can erode public trust. This situation also draws attention to the oversight mechanisms governing large loan disbursements by state-owned banks, particularly when projects are allegedly not executed.
Reverend Joshua Sackey explicitly stated, “We have not been able to reach an agreement in the plea bargaining. We seek the direction of the court to file our disclosures.” This statement confirms the impasse in negotiations. Counsel for Boasiako, Mr. Samuel Atta Akyea, acknowledged that plea bargaining remains an option at any stage of proceedings. However, the court's current order prioritises advancing the trial process.
The court has directed the state to file its disclosures to prepare for a Case Management Conference (CMC) scheduled for September 22, 2026. This CMC will set the framework and timeline for the full trial. The outcome of this high-profile case could have significant implications for corporate governance and the management of public funds. It will also be closely watched by financial institutions and the public, as it involves a prominent political figure and a substantial amount of public money. The legal proceedings will determine the veracity of the fraud allegations and potentially influence future lending practices by state banks.
Bernard Antwi Boasiako is accused of obtaining a GHS 19 million loan facility from EXIM Bank for a maize farming project. This project was intended to cover 100 acres of land. Prosecutors allege that the farming project was never actually undertaken. Furthermore, documents were reportedly presented to support the purchase of agricultural machinery valued at GHS 4 million. The total loan facility is alleged to have increased to approximately GHS 30 million, raising questions about the initial assessment and subsequent management of the loan. Boasiako and his farm are alleged to have committed these offences with an associate, Thomas Antwi Boasiako, who is currently at large. Boasiako, who is presently serving a prison sentence for an unrelated matter, has consistently denied the charges against him. The case was adjourned to September 22, 2026, in Boasiako's absence.