Government to Prosecute Wontumi Farms Over GHS 24m EXIM Bank Fraud Case
The Attorney-General and Minister of Justice, Dr Dominic Ayine, has announced the government’s decision to prosecute Wontumi Farms and its directors over allegations of defrauding the Ghana Export-Import Bank (EXIM Bank), forgery and causing financial loss to the state in excess of GH₵24 million.
Dr Ayine disclosed this on Monday, December 22, while speaking at the Government Accountability Series, where he outlined the outcome of investigations into the company’s dealings with the state-owned bank.
According to the Attorney-General, Wontumi Farms and its Chief Executive Officer allegedly forged a receipt to mislead EXIM Bank into believing that conditions attached to a loan facility had been met.
“These are not mere breaches of a contract,” Dr Ayine said. “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 proceed with prosecution follows extensive investigations conducted by the Economic and Organised Crime Office (EOCO), which uncovered what he described as compelling evidence 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,” he stated.
Dr Ayine revealed that the total financial loss is estimated at GH₵24,225,735, representing the principal loan amount and accrued interest.
Investigations showed that Wontumi Farms secured a GH₵4 million loan from EXIM Bank using forged documentation. Chairman Wontumi allegedly submitted a falsified receipt, purportedly issued by Casama Enterprise, to support the loan application. The document claimed that payment had been made for heavy-duty farming and industrial equipment, including bulldozers and excavators.
However, EOCO’s probe established that the document presented to EXIM Bank was not a receipt but a proforma invoice. Investigators found that the word “invoice” had been altered to read “receipt” before being submitted as proof of payment. The owner of Casama Enterprise later confirmed that no payment had been made and that only a proforma invoice had been issued to Wontumi Ghana Limited.
Despite assurances from the company that the purchase would be completed, the transaction was never finalised. Nonetheless, the forged document falsely indicated that Casama Enterprise had received the full GH₵4 million payment.
Dr Ayine stressed that the case underscores the government’s resolve to enforce accountability and protect state financial institutions from fraudulent practices. He added that the prosecution will commence once all relevant documentation from EXIM Bank has been completed and filed in court.
