Omanghana
Fresh controversy has emerged over a major payment linked to a cocoa roads project after Ghana’s government disclosed details of funds reportedly paid to a company owned by a leading political figure.
According to government spokesperson Felix Kwakye Ofosu, businessman and politician Bernard Antwi Boasiako, popularly known as Chairman Wontumi, received GH¢50.87 million from the Ghana Cocoa Board (COCOBOD) for road construction work executed by his firm, Hallmark Civil Engineering.
Reports detailing the transaction claim that the funds were later used in several financial activities. According to the reports, approximately GH¢39 million was invested in one-year government securities, commonly known as Treasury Bills. These instruments are typically used by investors to earn returns while lending funds to the government for a fixed period.
It is further alleged that a significant portion of the money was transferred to support the establishment or operations of a private insurance company linked to Boasiako, identified as Paradise Insurance Company. In addition, about GH¢11 million of the total payment was reportedly withdrawn in cash.
The transaction has attracted scrutiny largely because of the timing of the payment. Reports indicate that the funds were released on January 8, 2025, a period when there was reportedly a directive from the outgoing Chief of Staff instructing state institutions to suspend major payments until they could be reviewed by the incoming administration.
As a result of the concerns raised, authorities are said to have frozen certain bank accounts and assets connected to the transaction while investigations into potential financial irregularities continue.
Despite the allegations, Bernard Antwi Boasiako has maintained that the payment was legitimate. He argues that the cocoa roads project was fully completed by his company and that the work had been pre-financed with his own resources.
According to his explanation, the GH¢50.87 million represented a delayed reimbursement from COCOBOD for work the agency had owed his company for nearly three years. He has also insisted that the payment followed proper procedures and was not an improper appropriation of public funds.
The matter remains under scrutiny as authorities continue to review the circumstances surrounding the payment and the subsequent use of the funds.
Source: Omanghana
