Bernard Antwi Boasiako sues EOCO over GH₵18m Ghana Exim Bank loan

Bernard Antwi Boasiako, the former Ashanti Regional Chairman of the New Patriotic Party (NPP), has filed a lawsuit at the High Court against the Economic and Organised Crime Office (EOCO) and the Ghana Exim Bank. The legal action stems from a dispute over a GH‵18 million loan facility granted to Wontumi Farms for an agricultural project. Boasiako, popularly known as Chairman Wontumi, is seeking a court declaration that the matter is a civil contractual issue rather than a criminal one, following allegations of fraud and money laundering.

According to the lawsuit, which also names the Attorney General as a defendant, the plaintiffs argue that EOCO has exceeded its statutory mandate by acting as a debt recovery agency. The dispute centers on a loan secured against a 10,000-acre land parcel. Boasiako asserts that the farming project suffered significant setbacks due to flooding, and he claims the bank failed to activate an insurance arrangement that was intended to cover such losses. He maintains that the inability to meet repayment terms is a breach of contract that should be resolved through civil litigation and the realization of collateral, not through criminal prosecution.

The lawsuit specifically challenges the charges of defrauding by false pretences and money laundering. Boasiako and Wontumi Farms contend that these criminal allegations are being used to pressure them into a settlement, effectively turning EOCO into a debt collector for the bank. They are asking the court to mandate that any recovery efforts focus on the agreed-upon guarantees and to provide a transparent accounting of the outstanding debt. The plaintiffs further argue that treating a commercial disagreement as a criminal enterprise sets a problematic precedent for business owners in Ghana.

This legal battle highlights the ongoing tension between financial institutions and borrowers over the classification of debt defaults. By seeking to halt the criminal proceedings, Boasiako is forcing a judicial review of the boundaries between civil liability and criminal intent in high-value loan disputes. The outcome of the case at the High Court will likely clarify the scope of EOCO’s authority in investigating financial transactions that originate from commercial loan agreements.