The Attorney General and Minister for Justice, Dr Dominic Ayine, has announced that the state will prosecute Wontumi Farms and its directors over alleged financial crimes involving the Ghana Export-Import Bank (EXIM Bank).
Dr Ayine disclosed that investigations by the Economic and Organised Crime Office (EOCO) have uncovered sufficient evidence to support charges of defrauding by false pretences, forgery, and causing financial loss to the state.
The alleged financial loss currently stands at GHS24,255,735, which includes the principal amount plus accrued interest. The Attorney General noted that the total could increase further due to compounded interest before formal charges are filed.
Speaking to the media in Accra on Monday, December 22, Dr Ayine said prosecution will commence after the Christmas break, once EXIM Bank confirms the exact outstanding amount.
“In the face of the evidence gathered in this investigation, thoroughly conducted by EOCO, 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 in the sum of GHS24,255,735,” he stated.
“This figure represents the principal sum plus the interest accrued so far. By the time we file charges, which will be after the Christmas break, the amount may increase because interest on the principal continues to compound. We will get the exact figure from EXIM Bank before filing charges in court,” Dr Ayine added.
The decision follows EOCO investigations into a loan transaction involving Wontumi Farms and its director, popularly known as Chairman Wontumi. Dr Ayine revealed that the company secured a GHS4 million loan from EXIM Bank using a forged document.
Investigations showed that Chairman Wontumi submitted a falsified receipt, allegedly issued by Casama Enterprise, to support the loan application. The document claimed payment for heavy-duty farming and industrial equipment, including bulldozers and excavators.
EOCO’s findings, however, established that the document was originally a proforma invoice, not a receipt. The word “invoice” had been altered to “receipt” and presented to the bank as proof of payment. 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 explained that despite assurances to complete the purchase, the transaction was never finalized, and the forged receipt falsely indicated that Casama Enterprise had received the full GHS4 million.
The Attorney General said the case underscores the government’s commitment to enforcing accountability and protecting state financial institutions from fraudulent activities. He assured the public that prosecution will proceed once all documentation from EXIM Bank is completed and filed in court.
