AG Moves to Prosecute Wontumi Farms, Directors over GH₵24m EXIM Bank Fraud

The Attorney-General and Minister of Justice, Dr. Dominic Ayine, has announced that the government will prosecute Wontumi Farms and its directors over an alleged GH₵24.2 million fraud involving the Ghana EXIM Bank.

Speaking at the Government Accountability Series on Monday, December 22, Dr. Ayine said investigations have uncovered evidence of forgery, defrauding by false pretences, and causing financial loss to the state.

According to the Attorney-General, Wontumi Farms and its Chief Executive Officer allegedly submitted forged documents to mislead EXIM Bank into believing the company had fulfilled conditions attached to a loan facility.

“These are not mere breaches of contract,” Dr. Ayine stated. “They constitute acts of criminality by no means a person other than the regional chairman of the then ruling party.”

He explained that the decision to prosecute follows a comprehensive investigation by the Economic and Organised Crime Office (EOCO), which established a strong evidential basis against the company and its directors.

“In the circumstances, and in the face of the evidence we have gathered in this investigation, we have made the decision to prosecute Wontumi Farms and its directors for defrauding by false pretences, forgery, and causing financial loss to the state,” the Attorney-General said.

Dr. Ayine disclosed that the total financial loss stands at GH₵24,225,735, representing the principal loan amount and accrued interest.

Investigations revealed that Wontumi Farms secured a GH₵4 million loan from EXIM Bank using falsified documentation. Chairman Wontumi is alleged to have submitted a document purporting to be an official receipt from Casama Enterprise as proof of payment for heavy-duty farming and industrial equipment, including bulldozers and excavators.

EOCO’s findings showed that the document presented was not an authentic receipt, but rather a proforma invoice that had been altered. The word “invoice” was allegedly changed to “receipt” before being submitted to the bank as evidence of payment.

Further investigations confirmed that no payment was made to Casama Enterprise. The owner of the company later stated that only a proforma invoice had been issued to Wontumi Ghana Limited, and that the equipment purchase was never completed.

Despite assurances from Wontumi Farms that the transaction would be finalised, the forged receipt falsely indicated that Casama Enterprise had received the full GH₵4 million.

Dr. Ayine stressed that the case reflects the government’s firm stance on accountability and the protection of public financial institutions from fraud. He assured the public that prosecution will commence once all outstanding documentation from EXIM Bank is finalised and filed before the courts.