The Economic and Organised Crime Office (EOCO) has filed an application at the High Court seeking to confiscate properties belonging to former NPP Ashanti Regional Chairman, Bernard Antwi-Boasiako, popularly known as Wontumi. EOCO alleges that the assets were acquired with proceeds of crime and, as a result, are tainted. The application, filed under the Economic and Organised Crime Act, 2010 (Act 804) and the Anti-Money Laundering Act, 2020 (Act 1044), names Wontumi, Wontumi Farms Limited, Akonta Mining Limited, and Paradise Insurance Limited as respondents.
EOCO's case is anchored partly on the alleged fraudulent transaction involving Ghana EXIM Bank in 2018, in which Wontumi is on trial. Per EOCO's case, Wontumi, through Wontumi Farms Limited, applied for financing for a farming project and represented that the company had secured approximately 100,000 acres of land for cultivation. However, investigations allegedly established that only about 5,000 acres were available and that the lands were not registered.
The affidavit further alleges that GH¢400,000 earmarked for workers' salaries and allowances was transferred to an account for Wontumi's personal benefit. EOCO also claims that a document presented to the bank as a receipt for farming equipment worth GH¢4 million had been altered from an original invoice issued by Kass-Sama Enterprise. According to the application, when the bank inspected the proposed farm site, the equipment was not found.
EOCO links EXIM Bank funds to Akonta Mining, alleging that following the receipt of the EXIM Bank funds, Wontumi acquired and expanded several business interests and assets, including interests connected to Akonta Mining Limited. The mining concession held by Akonta Mining was acquired in 2021, after the 2018 EXIM Bank transaction. EOCO argues that the timing and financial trail establish a connection between the alleged fraud proceeds and the mining business.
Another major component of EOCO's application concerns an approximately GH¢80 million payment Wontumi allegedly received in January 2025 under a contract between COCOBOD and his company, Hallmark Civil Engineering Limited. The investigator says the payment was made in two tranches and that financial records show the contract was executed after Wontumi had obtained the EXIM Bank funds and developed substantial business interests.
EOCO's case is that the EXIM Bank proceeds formed part of the capital used to finance or execute the COCOBOD-related contract. The Office, however, clarifies that it is not arguing that the entire GH¢80 million payment automatically constitutes tainted property simply because it was received under the contract. Rather, it wants to establish that to the extent that the EXIM Bank proceeds were used as capital to acquire, finance or execute the contract, the resulting financial benefit could constitute proceeds of crime or transformed proceeds of crime.
The application further alleges that approximately GH¢50 million from the COCOBOD payment was subsequently transferred to Paradise Insurance Limited and invested in Treasury Bills. EOCO says it has obtained a freezing order from the High Court at Adenta over the investments and is asking the court to confiscate the principal amount, accrued interest, maturity proceeds, and any renewed or substitute investments.
Key points
- EOCO seeks confiscation of Wontumi's assets, including GH¢50m Treasury Bills and Akonta Mining concession.
- The assets were allegedly acquired with proceeds of crime and are therefore tainted.
- The application is part of EOCO's efforts to recover proceeds of crime and prevent further financial crimes.
