The Economic and Organised Crime Office (EOCO) has filed an application at the High Court seeking the confiscation of assets belonging to former New Patriotic Party (NPP) Ashanti Regional Chairman, Bernard Antwi-Boasiako, popularly known as Chairman Wontumi.

The application, which also targets companies associated with the businessman and politician, seeks to have several properties declared proceeds of crime and forfeited to the State.

Among the assets EOCO wants confiscated are the Akonta Mining Limited concession, mining equipment, landed properties, vehicles, investments and approximately GH¢50 million invested in Treasury Bills through Paradise Insurance Limited.

The Office is also seeking the confiscation of all accrued interest, maturity proceeds and any renewed or substitute investments arising from the GH¢50 million Treasury Bills.

The application, filed on August 20, 2026, names Bernard Antwi-Boasiako, Wontumi Farms Limited, Akonta Mining Limited and Paradise Insurance Limited as respondents.

EOCO is relying on provisions of the Economic and Organised Crime Act, 2010 (Act 804), and the Anti-Money Laundering Act, 2020 (Act 1044), in its bid to recover the assets.

GH¢18.7 Million EXIM Bank Facility at the Centre of EOCO’s Case

A major part of EOCO’s application is linked to an alleged fraudulent transaction involving the Ghana Export-Import Bank (EXIM Bank) in 2018, for which Wontumi is currently standing trial.

According to EOCO’s investigations, Wontumi, through Wontumi Farms Limited, applied for financial assistance to undertake an agricultural project, claiming that the company had secured approximately 100,000 acres of land for farming.

However, investigators allegedly established that only about 5,000 acres were available and that the lands had not been registered.

EOCO contends that these representations enabled the company to secure approximately GH¢18,734,200 from EXIM Bank.

The Office further alleges that the proposed farming project was never implemented as presented to the bank and that the company failed to provide the required database of farm workers because the corresponding agricultural activities were not taking place.

Investigators also allege that GH¢400,000 earmarked for workers’ salaries and allowances was transferred into an account for Wontumi’s personal benefit.

In addition, EOCO 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, a subsequent inspection of the proposed farm site by the bank reportedly found no evidence of the equipment. Instead, investigators allegedly discovered old and dilapidated tractors manufactured in the 1970s.

EOCO Links EXIM Bank Funds to Akonta Mining Concession

EOCO is also seeking to establish a financial connection between the alleged EXIM Bank fraud and the acquisition and development of assets associated with Akonta Mining Limited.

The Office argues that after the 2018 EXIM Bank transaction, Wontumi acquired and expanded several business interests, including those connected to Akonta Mining.

It specifically points to the acquisition of the mining concession in 2021, three years after the alleged EXIM Bank transaction, as part of the financial trail it is relying on to establish the connection.

The application also references items recovered during a police operation at the Samreboi mining concession.

These reportedly included 25 serviceable excavators, four non-serviceable excavators, water-pumping machines, motorcycles, vehicles, gold-bearing materials and cash amounting to GH¢157,000.

EOCO argues that the mining concession and associated equipment constitute tainted property because they were allegedly acquired or developed using proceeds from the EXIM Bank transaction and other unjustified wealth.

The Office is therefore asking the court to approve their confiscation as part of its broader asset recovery efforts.

GH¢80 Million COCOBOD Payment and GH¢50 Million Treasury Bills

Another significant aspect of the application concerns an approximately GH¢80 million payment allegedly received by Wontumi in January 2025 under a contract between the Ghana Cocoa Board (COCOBOD) and his company, Hallmark Civil Engineering Limited.

According to the investigator, the payment was made in two instalments, with financial records allegedly showing that the EXIM Bank funds formed part of the capital subsequently used to finance or execute the COCOBOD-related contract.

EOCO, however, has clarified that it is not claiming that the entire GH¢80 million payment automatically constitutes proceeds of crime simply because the money was received under the contract.

Rather, its argument is that any portion of the EXIM Bank funds used as capital to acquire, finance or execute the contract, and the resulting financial benefits, could qualify as 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 already obtained a freezing order from the High Court at Adenta covering the investments.

It is now asking the court to go beyond the freezing of the funds and order their confiscation, including any accrued interest, maturity proceeds and subsequent investments arising from the original amount.

The Office maintains that the funds remain identifiable and traceable despite being converted into Treasury Bill investments.

What Happens Next?

EOCO’s application places the future ownership of several high-value assets associated with Wontumi and his companies before the High Court.

If the court grants the application, the affected properties and investments could be forfeited to the State in accordance with the applicable laws.

However, the application remains a request for judicial approval, and the allegations presented by EOCO must be considered within the legal process.

The development represents another significant chapter in the ongoing legal and financial investigations involving the former NPP Ashanti Regional Chairman, particularly concerning the alleged EXIM Bank transaction and the source of funds used to acquire or develop some of his business interests.

For now, the court’s determination of EOCO’s confiscation application will be crucial in deciding the fate of the GH¢50 million Treasury Bills, Akonta Mining concession and other assets being targeted.