The state is preparing to prosecute Wontumi Farms and its directors following fresh revelations of alleged financial misconduct involving the Ghana Export Import Bank. The Attorney General and Minister for Justice has confirmed that investigations have uncovered enough evidence to support criminal charges against the company and those in charge of its operations.
According to the Attorney General, investigations conducted by the Economic and Organised Crime Office revealed that Wontumi Farms allegedly obtained a loan from the state owned bank under false pretences. The company is accused of submitting documents that misrepresented the purchase of heavy duty equipment, including earth moving machinery, to secure financial support.
Investigators found that the document presented as proof of payment for the equipment was not a valid receipt but rather a proforma invoice. Further checks showed that no payment had been made for the machinery at the time the loan was approved. This development has raised serious concerns about the processes used to access the funds and the accuracy of the information provided to the bank.
The total financial loss linked to the transaction is estimated at over twenty four million Ghana cedis, a figure that includes the principal amount and accumulated interest. Authorities have indicated that the final amount could increase as interest continues to accrue before the case is formally filed in court.
The Attorney General stated that the prosecution will commence once the bank completes the confirmation of the outstanding balance. He stressed that the case reflects the government’s commitment to protecting public funds and holding individuals and companies accountable for actions that cause financial loss to the state.
The development has sparked public interest, with many calling for stricter oversight of state financial institutions to prevent similar incidents in the future.
