The Attorney-General, Dr Dominic Ayine, has disclosed details of how Wontumi Farms Limited proposed to utilise funds secured from the Ghana Exim Bank loan facility approved in its name.
According to him, the offer letter outlined a total approved amount of GH¢18,734,260.00, with allocations spread across machinery acquisition, operational costs and staffing-related expenses.
Read also: Wontumi Farms, directors to face prosecution over GH₵24m alleged EXIM Bank loan fraud
Of this amount, GH¢3.87 million was earmarked for the purchase of agricultural plant and machinery, while GH¢8.1 million was designated as working capital to support the company’s farming operations.
A further GH¢6.77 million was classified as a grant intended to cover staff costs and consultancy fees.
Dr Ayine noted that the proposed expenditure framework forms part of ongoing investigations into the loan arrangement, particularly against the backdrop of concerns over the legal status of the company at the time the application was made.
According to him, the company applied for and secured a loan facility from the Ghana Exim Bank at a time when it had not yet been legally registered.
Read also: Wontumi allegedly used forged receipt to mislead Exim Bank on GH₵4m equipment purchase – AG
Meanwhile, he has announced that the government will prosecute Wontumi Farms and its directors for allegedly defrauding Exim Bank, committing forgery, and causing a financial loss to the state exceeding GH₵24 million.