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Adjenim Boateng Adjei could not explain the source of his wealth – CHRAJ report

Page 164 of the 188-page report of the Commission on Human Right and Administrative Justice (CHRAJ) indicates that Adjenim Boateng Adjei, the dismissed CEO of the Public Procurement Authority (PPA) was unable explain the source of large volumes of financial transactions that passed through his bank accounts between March 2017 and August 2019.

In what is termed“unexplained wealth”, CHRAJ stated that Adjenim Boateng Adjei “handled large volumes of cash exceedingly in excess of his known income as CEO of PPA”.

Data provided by the Financial Intelligence Centre (FIC) and analysed by CHRAJ puts the total transaction during the period within which Adjenim Boateng Adjei assumed office at GH¢ 14.8 million, a combined figure from four USD and Euro accounts held at two banks.

The report explained: “The Respondent [Adjenim Boateng Adjei] opened USD Account No. 9040002473180 at Stanbic Bank on 03 April 2017, after his appointment as CEO of PPA. As of 28 August, 2019, a total amount of USD 516,225 had been credited to the account, and his debits stood at USD 504,607.87. In respect of his Cedi Account No. 9040002313337 at the same bank opened on 21 January, 2017 before his appointment, a total of 3.83 million Cedis was credited and 3.81 million Cedi debited to the account between the date of his appointment as CEO and 29 August, 2019.”

The report continued: “His Euro Account at the same bank also had EU54,500.00 credited and EU37,333 debited for the same period, in addition to his UMB USD Account No. 428872 which had seen cash flow of over 110,000 USD between December 2018 and March 2019 alone.”

CHRAJ said when Adjenim Boateng Adjei was confronted with the evidence of the sheer volume of cash that passed through his account, he denied vehemently and said the amount of money was proceeds from sale of water by Frosty Ice Natural Mineral Water Ltd.

He explained that Frosty Ice Natural Mineral Water Ltd, a company he [Boateng Adjei] owns with his wife, Mercy Adjei, does not have a bank account, the reason the sale of the water is lodged in his account.

Adjenim Boateng Adjei claimed that he received money from other family businesses he had but could not name the family businesses to CHRAJ.

Upon checks from the Registrar-General’s Department, CHRAJ noted that Frosty Ice Natural Mineral Water Ltd was incorporated on January 29, 2019.

“So, how could a company established in 2019 accumulate so much revenue in 2017 and 2018, before its establishment?” CHRAJ quizzed in their report.

The report further stated that Adjenim Boateng Adjei is a director of over 19 companies, but he claims that he did not receive any director’s fee from any of those companies “except Beachfront Stevedoring Company Limited”.

CHRAJ has since referred these findings to the Economic and Organized Crimes Office for further investigations for possible money laundering investigations.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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