The Attorney General and Minister for Justice, Dr Dominic Ayine, has confirmed that the state is set to initiate criminal proceedings against Wontumi Farms and its directors over alleged financial improprieties linked to transactions with the Ghana Export-Import (EXIM) Bank.
Speaking to journalists in Accra on Monday, December 22, Dr Ayine disclosed that investigations carried out by the Economic and Organised Crime Office (EOCO) have produced enough evidence to warrant prosecution. The charges being considered include defrauding by false pretences, forgery, and causing financial loss to the state.
According to the Attorney General, the estimated financial loss currently amounts to GHS24,255,735, a figure that comprises the original loan amount together with interest accrued so far. He cautioned that this sum is not final and could increase further due to the continued compounding of interest before the case is formally filed in court.
Dr Ayine explained that legal action will begin after the Christmas holidays, once EXIM Bank provides a definitive figure reflecting the total outstanding liability. He stressed that the prosecution will proceed only after all relevant financial documentation has been fully verified.
“Based on the evidence uncovered through the EOCO investigation, the state has 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,” Dr Ayine said.
“This amount represents the principal plus interest accrued to date. By the time charges are filed—certainly after the Christmas break—the figure may increase because interest on the principal continues to compound. We will therefore obtain the exact amount from EXIM Bank before initiating court proceedings.”
The decision follows extensive investigations into a loan arrangement involving Wontumi Farms, a company associated with its director, widely known as Chairman Wontumi. Dr Ayine had earlier revealed that the firm obtained a GHS4 million loan from EXIM Bank, allegedly supported by a falsified document.
EOCO’s probe found that a document submitted as proof of payment for heavy-duty machinery—including bulldozers and excavators—was not genuine. The receipt, purportedly issued by Casama Enterprise, was discovered to have originally been a proforma invoice rather than evidence of payment.
Investigators established that the word “invoice” on the document was altered to read “receipt” before being presented to the bank. Further inquiries confirmed that no payment had been made for the equipment.
The proprietor of Casama Enterprise later corroborated EOCO’s findings, stating that the company had only issued a proforma invoice to Wontumi Ghana Limited, with no funds received.
Despite assurances that payment would be made and the transaction completed, Dr Ayine noted that the purchase was never finalized. The forged document, however, falsely suggested that Casama Enterprise had received the full GHS4 million.
The Attorney General emphasized that the case underscores the government’s determination to hold individuals and companies accountable and to safeguard public financial institutions from fraudulent practices. He assured Ghanaians that once EXIM Bank completes and submits all required documentation, the matter will be promptly taken to court.