The State will continue prosecuting Bernard Antwi-Boasiako, widely known as Wontumi, in an alleged GHS 30 million Ghana Export-Import (EXIM) Bank fraud case. Dr. Edem Srem-Sai, the Deputy Attorney-General and Minister of Justice, confirmed this decision. The State has informed Mr. Antwi-Boasiako's legal team of its intention to proceed with the case.
This development follows a High Court decision in Accra, which granted parties more time for plea bargain negotiations. Justice Halimah El-Alawa Abdul-Baasit presided over the court. However, Dr. Srem-Sai did not confirm if these negotiations were successful. The continuation of the prosecution indicates that a full resolution through plea bargaining was not reached.
This case highlights Ghana's ongoing efforts to combat financial irregularities and corruption. It underscores the government's commitment to protecting public funds and ensuring accountability. The alleged misuse of funds from a state-backed financial institution like EXIM Bank has significant implications for public trust. Such cases can affect investor confidence and the overall perception of Ghana's business environment. This aligns with broader national discussions on financial integrity and governance.
According to the prosecution, Mr. Antwi-Boasiako applied to EXIM Bank in January 2018 for funding. He sought support for a large-scale farming project, claiming to have secured approximately 100,000 acres of land. The bank subsequently approved a loan and grant facility totaling GHS 18.73 million. Of this amount, GHS 14.3 million was disbursed to Wontumi Farms Limited, a company linked to Mr. Antwi-Boasiako.
Investigations allegedly revealed that the proposed farming project was never undertaken. Furthermore, no agricultural machinery was purchased as claimed by the accused. The prosecution also alleges that Mr. Antwi-Boasiako presented an altered document to the bank. This document was supposedly proof of agricultural equipment purchase worth GHS 4 million, intended to secure further fund disbursements. However, investigations showed the document was originally a pro forma invoice from KAS-SAMA Enterprise, not a receipt.
The State further alleges that substantial portions of the disbursed facility were withdrawn. These funds were reportedly used for personal purposes and other business ventures. Efforts by EXIM Bank to recover these funds have reportedly been unsuccessful. Mr. Antwi-Boasiako, along with Thomas Antwi-Boasiako (who is at large) and Wontumi Farms Limited, faces charges. These charges include defrauding by false pretence, money laundering, and uttering forged documents. The case underscores the serious nature of financial crimes involving state institutions.
Mr. Antwi-Boasiako is currently serving a 20-year prison sentence. This sentence stems from a separate conviction for purposely facilitating illegal mining at his Samreboi concession. His ongoing legal challenges demonstrate the judiciary's resolve in addressing various forms of economic malfeasance. The outcome of the EXIM Bank case will be closely watched. It will provide further insight into the enforcement of financial regulations in Ghana. This case also serves as a reminder of the risks associated with large-scale public financing. It emphasizes the need for stringent oversight and due diligence in such transactions. The financial sector and public will monitor the court proceedings for their implications on corporate governance and accountability.