Wontumi's controversy over EXIM Bank loan escalates

Paul Kwabena Yandoh, the Ashanti Regional Communications Director of the New Patriotic Party (NPP), has come to the defense of Bernard Antwi Boasiako, popularly known as "Chairman Wontumi", as the Economic and Organized Crime Office (EOCO) continues its probe into the matter.

During an interview on Lawson TV/Radio’s Ghana Se Sen Show with Kwame Tanko last week, Yandoh disclosed that Wontumi obtained a GH₵7 million loan from EXIM Bank to finance his farming business. However, heavy floods destroyed the farm, leading to the failure of the project funded by the loan.

This statement comes after The Herald published reports exposing alleged misconduct involving politically connected individuals and allies of the previous Akufo-Addo government, who reportedly diverted large sums from EXIM Bank under the guise of agricultural development initiatives.

The alleged financial irregularities are said to have taken place under the leadership of former EXIM Bank CEO, Lawrence Agyinsam.

The investigation reveals that EXIM Bank, originally created to boost Ghana's export sector, was allegedly exploited as a personal "slush fund" by powerful politicians. Reports indicate millions in loans were approved using dubious paperwork and questionable justifications, with possible collusion from certain bank officials.

Addressing Wontumi's case specifically, Yandoh clarified: "The GH₵7 million EXIM Bank loan financed his agricultural project, which was subsequently wiped out by severe flooding." He further noted that bank representatives, who double as farm supervisors, have personally verified the flood damage and confirmed the existence of insurance coverage for the affected operations.

Wontumi's recent arrest stems partly from his controversial EXIM Bank loan. Yandoh condemned the dramatic arrest operation, describing it as a "Rambo-style" raid conducted by masked, heavily armed officers at the Chairman's home. He particularly criticized the stringent bail conditions, including a GH₵50 million property bond restricted to Accra-area holdings and the unusual prohibition against self-bail.

The NPP spokesperson openly questioned the political impartiality of the case, remarking, "If bank loans constitute crimes, then countless Ghanaians would be in trouble." While demanding an unbiased legal process, he noted Wontumi must currently report to EOCO tri-weekly as investigations continue.

The supposedly agriculture-focused loan—reportedly up to $18 million—lacks credible evidence of actual farming activity. This skepticism grew after Wontumi's staged appearance as a maize farmer in a UTV documentary. Similar doubts surround loans granted to other prominent figures, including an Ashanti traditional leader, with no visible agricultural outcomes.

Investigators uncovered alarming patterns: applicants allegedly submitted fabricated land ownership documents (some claiming thousands of hectares) and phantom equipment purchases to justify loans. More troubling, substantial sums appear connected to relatives of former President Akufo-Addo's administration—including a GH₵90 million rice farming loan to a senior female official's family with zero operational results.

EOCO has escalated its probe by summoning EXIM Bank officials to explain the apparent due diligence failures. The investigation extends to purported suppliers listed in loan applications, many of whom deny any business dealings with borrowers. Bank staff face potential abetment charges as evidence suggests possible willful oversight of fraudulent applications.

Despite repeated attempts, EXIM Bank's Acting CEO Sylvester Adinam Mensah remained unavailable for comment regarding Wontumi's case and other high-profile loan irregularities.

https://theheraldghana.com/wontumis-exim-bank-loan-drama-deepens/