The Attorney-General and Minister for Justice, Dr Dominic Ayine, has announced that the state is preparing to initiate criminal proceedings against Wontumi Farms and its directors over alleged financial crimes connected to the Ghana Export-Import Bank (EXIM Bank).
Addressing journalists in Accra on Monday, December 22, Dr Ayine disclosed that investigations conducted by the Economic and Organised Crime Office (EOCO) have produced what he described as compelling evidence to support multiple criminal charges. These include defrauding by false pretences, forgery, and causing financial loss to the state.
According to the Attorney-General, the financial exposure linked to the case currently amounts to GHS24,255,735, a figure made up of the original principal sum involved in the transaction together with interest accrued to date. He cautioned, however, that the final amount cited in court could be higher, as interest on the principal continues to compound.
Dr Ayine explained that while the decision to prosecute has already been taken, the filing of charges will take place after the Christmas break, once EXIM Bank confirms the precise outstanding balance. This, he said, is necessary to ensure accuracy in the charge sheet and avoid discrepancies once proceedings begin.
“In light of the evidence uncovered through this thorough EOCO investigation, we have resolved 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 told reporters. “This amount represents the principal sum plus interest accrued so far. By the time charges are filed, the figure may increase, because the interest continues to compound. We will therefore obtain the final figure from EXIM Bank before proceeding to court.”
The impending prosecution follows an extensive EOCO probe into a loan transaction involving Wontumi Farms, which is associated with its director, Chairman Wontumi. Earlier disclosures by Dr Ayine revealed that the company secured a GHS4 million facility from EXIM Bank using documentation that investigators later determined to be falsified.
EOCO’s findings indicate that, in support of the loan application, Chairman Wontumi submitted a document purported to be a receipt issued by Casama Enterprise for the purchase of heavy-duty agricultural and industrial machinery, including bulldozers and excavators. The document was presented to the bank as proof that payment had already been made.
However, investigators established that the document in question was originally a proforma invoice, not a receipt. According to the Attorney-General, the word “invoice” was deliberately altered to read “receipt” before being submitted to EXIM Bank. Further inquiries confirmed that no payment had been made to Casama Enterprise. The owner of the company subsequently verified that only a proforma invoice had been issued to Wontumi Ghana Limited and that the transaction was never completed.
Dr Ayine noted that despite assurances given at the time that the equipment purchase would be finalised, no such completion ever took place. Nevertheless, the altered document falsely suggested that Casama Enterprise had received the full GHS4 million, thereby misleading the bank into approving the loan.
The Attorney-General said the case underscores the government’s resolve to enforce accountability and safeguard state-owned financial institutions from abuse. He assured the public that once all relevant documentation and confirmations are received from EXIM Bank, the prosecution will proceed without delay.
According to him, the matter is not only about recovering public funds, but also about reinforcing the principle that access to state-backed financing must be governed by integrity, transparency, and strict adherence to the law.
