Scandal: Wontumi Farms Company didn’t exist when loan was sought
A major scandal has rocked Ghana’s financial sector, with revelations from the Attorney-General that Wontumi Farms Limited, a company linked to NPP Ashanti Regional Chairman applied for about Ghs18 million loan in 2017 when it didn’t even exist.
The AG and The Minister of Justice , Dr. Dominic Ayeni told Journalists in Accra that Wontumi Farms Limited submitted a loan application on December 14, 2017, claiming to cultivate maize on 100,000 acres and employ youth.
Meanwhile, investigations has revealed that the company was incorporated and issued a business certificate on the same day- December 14, 2017.
He said the company’s sole shareholder and director is at the center of the controversy.
The Minister at Government Accountability Series disclosed that the AG’s office is taking the matter seriously, with investigations ongoing.
“A company cannot apply for a loan when it doesn’t exist,” a source close to the investigation said.
Implications as submitted by the AG to the Journalists in Accra: Potential breach of financial regulations,questions raised about loan approval process and concerns over youth employment claims
The AG has promised to shed more light on the scandal, with his office vowing to take action.
As investigations continue, Ghanaians are watching closely, eager for justice and accountability.
