Paul Kwabena Yandoh, Ashanti Regional Communications Director of the New Patriotic Party (NPP), has defended Bernard Antwi Boasiako, alias “Chairman Wontumi”, amid ongoing investigations by the Economic and Organised Crime Office (EOCO).
Yandoh, revealed during an interview on the Ghana Se Sen Show with Kwame Tanko on Lawson TV/Radio, last week, that Wontumi, secured a GHC7 million loan from EXIM Bank to support his farming venture.
Unfortunately, severe flooding devastated the farm, causing the loan-funded project to collapse. His revelation follows recent publications by The Herald about troubling details of how politically connected individuals and allies of the former Akufo-Addo administration allegedly siphoned off vast sums of money from EXIM Bank under the pretext of supporting agricultural development.
The alleged abuses, occurred during the tenure of former Chief Executive Officer, Lawrence Agyinsam.
The findings, suggest that EXIM Bank, established to support Ghana’s export-driven businesses—was turned into a “cash cow” by high-ranking political figures.
Loans running into millions of dollars were reportedly approved based on questionable documentation and suspicious claims, with some EXIM officials allegedly complicit in the process.
“The GHC7 million loan Wontumi obtained from EXIM Bank was used to develop his farm, which was destroyed by floods,” Yandoh explained.
He added that EXIM Bank officials, who also serve as farm managers, are fully aware of the flood damage and that the farm was insured.
The EXIM loan is among the reasons why Wontumi was arrested recently.
Yandoh described the arrest as a “Rambo-style” operation involving masked and heavily armed officers who stormed the Chairman’s residence.
He also criticised the bail conditions imposed, including a GHC50 million surety limited to landed property in Accra, noting that Wontumi was barred from bailing himself out.
The NPP spokesperson questioned the motives behind Wontumi’s aggressive treatment, suggesting the case is politically motivated.
“If taking a loan from a bank is a crime, then many Ghanaians are at risk,” Yandoh said.
He urged that the law should take its course without political interference. As part of the ongoing investigation, Wontumi is currently required to report to EOCO every three days.
“Chairman Wontumi,” who was recently granted a GHc50 million bail, is reported to have received a substantial loan ostensibly for farming purposes.
However, there is no known evidence of the farm’s existence. Curiously, Wontumi once appeared in a television documentary on UTV, posing as a Maize farmer. Unconfirmed reports suggest his loan could have been as much as US$18 million.
The authenticity of his documents has also been questioned. Sources also mentioned that a prominent traditional ruler from the Ashanti Region benefited from a similar facility under the pretext of establishing a farm.
Yet, no verifiable agricultural activity has been linked to the funds he reportedly received. In many cases, applicants are said to have submitted forged documents claiming ownership of large tracts of farmland, some spanning thousands of hectares, to justify the loan applications.
Others claimed to have acquired farming equipment such as tractors, though these assets cannot be traced. Even more startling are claims that some of the loans have been linked to close relatives of former President Nana Addo Dankwa Akufo-Addo and senior officials who worked at the Jubilee House.
One case reportedly involves the daughter and spouse of a high-ranking female presidential official, who received over GHS 90 million for a rice farming venture that has yet to materialise.
The EOCO has reportedly invited Exim Bank officials responsible for approving the questionable loans to be questioned. Investigators are probing why due diligence was not properly carried out, or whether the EXIM bank officials willfully ignored red flags in the loan application process.
In several instances, EOCO is said to have summoned representatives from institutions and companies purportedly named in loan applications as suppliers or service providers.
However, many entities have categorically denied any involvement or receipt of funds related to the transactions in question. EXIM Bank officials implicated in these transactions may face charges, including abetment of crime.
The Herald’s efforts to obtain comment from Sylvester Adinam Mensah, the Acting Chief Executive Officer of Exim Bank, were unsuccessful.
He did not respond to inquiries regarding Chairman Wontumi’s dealings with the bank and other high-profile beneficiaries of the alleged financial misconduct
