State to prosecute Wontumi Farms, directors over alleged EXIM Bank fraud
The Attorney General and Minister for Justice, Dr Dominic Ayine, has disclosed that the state is set to prosecute Wontumi Farms and its directors over alleged financial improprieties linked to the Ghana Export-Import (EXIM) Bank.
Dr Ayine said investigations carried out by the Economic and Organised Crime Office (EOCO) have produced enough evidence to warrant charges of defrauding by false pretences, forgery, and causing financial loss to the state.
He noted that the total amount involved is currently estimated at GHS24,255,735, made up of the principal sum and interest accrued so far.
Speaking to journalists in Accra on Monday, December 22, the Attorney General explained that the figure could increase further due to compounded interest before the case is officially filed in court.
According to him, prosecution will begin after the Christmas break, once EXIM Bank confirms the final outstanding amount.
“In the face of the evidence we have gathered in this investigation, thoroughly conducted by EOCO, we have made the decision to prosecute Wontumi farms and it’s directors with defrauding by false pretences, forgery and causing financial loss to the state in the sum of GHS24,255,735.
This figure represents the principal sum plus the interest that has accrued so far. By the time we file charges which will be definitely after the Christmas break it might be that this figure would have increased because the interest on the principal keeps compounding.
So we will get the exact figure of the amount that is involved in this criminal enterprise from the EXIM bank before we file charges in court.”
The decision follows EOCO’s probe into a loan transaction involving Wontumi Farms, a company associated with its director, popularly known as Chairman Wontumi.
Dr Ayine earlier revealed that the firm obtained a GHS4 million facility from EXIM Bank using a forged document. Investigations showed that Chairman Wontumi submitted what was presented as a receipt from Casama Enterprise to back the loan application. The document purportedly showed payment for heavy-duty agricultural and industrial machinery, including bulldozers and excavators.
However, EOCO’s investigations established that the document was originally a proforma invoice, not a receipt.
According to the Attorney General, the word invoice was altered to read receipt and submitted to the bank as proof of payment. The proprietor of Casama Enterprise later confirmed that no payment had been made and that only a proforma invoice had been issued to Wontumi Ghana Limited.
Dr Ayine added that although assurances were given that the equipment purchase would be completed, the transaction never materialised. He said the forged receipt falsely suggested that Casama Enterprise had received the full GHS4 million.
The Attorney General stressed that the case underscores government’s resolve to enforce accountability and safeguard state financial institutions from fraudulent practices. He assured the public that prosecution will proceed once all relevant documentation from EXIM Bank is finalised and submitted to the court.
