Wontumi misused GH¢50m COCOBOD funds for T-Bills and insurance, Kwakye Ofosu alleges

A former Deputy Minister of Communications, Felix Kwakye Ofosu, has alleged that Bernard Antwi Boasiako, popularly known as Chairman Wontumi, misappropriated a GH¢50 million payment from the Ghana Cocoa Board (COCOBOD) by investing it in Treasury Bills and an insurance company.

Chairman Wontumi, who serves as the Ashanti Regional Chairman of the New Patriotic Party (NPP), has not yet publicly responded to the allegations.

According to Kwakye Ofosu, the funds, which were ostensibly paid by COCOBOD for a specific purpose, were diverted for personal financial gain rather than used as intended. He claimed that instead of applying the money to its designated use, Wontumi channeled it into short-term government securities and an insurance firm.

The allegations add to a growing list of financial controversies surrounding the use of state resources and funds related to COCOBOD. Kwakye Ofosu’s comments are likely to reignite discussions about financial discipline and accountability in the management of public funds and resources linked to the cocoa sector.

Neither Chairman Wontumi nor official representatives of COCOBOD have issued a statement regarding the specific allegations at the time of this report. The claims are expected to be a subject of intense political debate in the coming days.