The Attorney General and Minister for Justice, Dr Dominic Ayine, has announced that the state will prosecute Wontumi Farms and its directors for alleged financial crimes involving the Ghana Export-Import Bank.

According to Dr Ayine, investigations conducted by the Economic and Organised Crime Office have uncovered sufficient evidence to support charges of defrauding by false pretences, forgery, and causing financial loss to the state.

The alleged loss currently stands at GHS24,255,735, representing the principal amount involved plus accrued interest.

Addressing the media in Accra on Monday December 22, the Attorney General explained that the final figure could rise further due to compounded interest before charges are formally filed.

He indicated that prosecution will commence after the Christmas break, once the exact outstanding amount is confirmed by EXIM Bank.

“In the face of the evidence we have gathered in this investigation, thoroughly conducted by EOCO, we have made the decision to prosecute Wontumi farms and it’s directors with defrauding by false pretences, forgery and causing financial loss to the state in the sum of GHS24,255,735.

“This figure represents the principal sum plus the interest that has accrued so far. By the time we file charges which will be definitely after the Christmas break it might be that this figure would have increased because the interest on the principal keeps compounding.

“So we will get the exact figure of the amount that is involved in this criminal enterprise from the EXIM bank before we file charges in court.”

The decision to prosecute follows EOCO investigations into a loan transaction involving Wontumi Farms, linked to its director, popularly known as Chairman Wontumi.

Dr Ayine previously disclosed that the company secured a GHS4 million loan from EXIM Bank using a forged document.