Former New Patriotic Party (NPP) Ashanti Regional Chairman Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has challenged the handling of a loan dispute involving Ghana Exim Bank, asking the High Court to declare that the matter should be resolved through civil proceedings rather than criminal prosecution.
Mr Boasiako and his company, Wontumi Farms, have filed a suit against Ghana Export-Import (Exim) Bank, the Economic and Organised Crime Office (EOCO) and the Attorney General.
The plaintiffs argue that EOCO has exceeded its mandate by treating the outstanding loan as a criminal matter instead of allowing the lender to pursue debt recovery through the appropriate legal channels.
The dispute is linked to alleged offences including defrauding by false pretences, uttering a forged document, money laundering and intentionally causing financial loss to the state. The plaintiffs are challenging the criminal approach to the case, insisting that the underlying issue is a debt arising from a failed agricultural project.
Wontumi explains GH¢18m loan arrangement
In their statement of claim, the plaintiffs, represented by lawyer Samuel Atta-Akyea, said Wontumi Farms obtained a loan worth more than GH¢18 million from Ghana Exim Bank to finance an agricultural project.
They said the loan was secured with a 10,000-acre parcel of land provided as mortgage security, while Mr Boasiako personally guaranteed repayment in the event of default.
According to the plaintiffs, the bank was also expected to arrange insurance coverage for the loan as part of the agreement.
However, they contend that the farming project encountered serious difficulties and eventually failed, leaving them unable to meet their repayment obligations as planned.
They cited an incident in which four rivers surrounding the property reportedly overflowed their banks, destroying farmland and causing substantial damage to the project.
Although the farm had recorded a bumper maize harvest at one point, the plaintiffs said the flooding significantly affected the operation.
They further claimed that Ghana Exim Bank was informed of the situation and allegedly assured them that steps would be taken to activate the insurance arrangement to address the outstanding loan.
Plaintiffs seek civil recovery process
Mr Boasiako and Wontumi Farms maintain that the loan was legitimately secured and that the project’s failure resulted from circumstances that undermined their ability to repay the facility.
They argue that the outstanding amount should therefore be treated as a civil debt, with the bank pursuing recovery under the terms of the loan agreement.
The plaintiffs are asking the High Court to declare that the dispute should be determined through civil proceedings rather than treated as a criminal matter.
They are also seeking an order directing Ghana Exim Bank to pursue recovery through the mortgaged property, Mr Boasiako’s personal guarantee or the insurance cover that the bank allegedly undertook to secure.
The suit challenges EOCO’s role in the matter, with the plaintiffs arguing that the office should not act as a debt collector in a dispute they consider civil in nature.
The court’s decision will determine whether the plaintiffs’ request for the dispute to be treated as a civil matter should be granted. The filing of the suit does not, by itself, resolve the allegations connected to the loan or determine the outcome of the criminal proceedings.
