Wontumi Farms, directors to face prosecution over GH₵24m alleged EXIM Bank loan fraud
the company and its CEO had purportedly forged a receipt to mislead
The Attorney-General and Minister of Justice, Dr Dominic Ayine, has announced that the government will prosecute Wontumi Farms and its directors for allegedly defrauding Exim Bank, committing forgery, and causing a financial loss to the state exceeding GH₵24 million.
Speaking at the Government Accountability Series on Monday, December 22, Dr Ayine revealed that the company and its CEO had purportedly forged a receipt to mislead Exim Bank into believing they had complied with the conditions of a loan.
“These are not mere breaches of a contract,” he stated. “They constitute acts of criminality by no means a person other than the regional chairman of the then ruling party.”
Dr Ayine explained that the decision to prosecute follows a thorough investigation conducted by the Economic and Organised Crime Office (EOCO), which gathered substantial evidence implicating 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 said.
The Attorney-General disclosed that the total financial loss amounts to GH₵24,225,735, representing the principal loan sum plus accrued interest.
Investigations revealed 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 receipt claimed payment had been made for heavy-duty farming and industrial equipment such as bulldozers and excavators.
EOCO’s probe found that the document presented to EXIM Bank was not an official receipt but a proforma invoice. The word “invoice” had been altered to read “receipt,” which was then 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, and the forged receipt falsely claimed Casama Enterprise had received the full GH₵4 million.
Dr. Ayine emphasised that the case illustrates the government’s commitment to enforcing accountability and protecting state financial institutions from fraudulent practices. He assured the public that the prosecution will proceed once all necessary documentation from EXIM Bank has been completed and filed in court.
