BoG demands immediate resignation of ADB Board Chair over GH₵2 million extortion claims

The Bank of Ghana (BoG) has directed Daasebre Akuamoah Agyapong II, the Paramount Chief of Kwahu and Board Chairman of the Agricultural Development Bank (ADB) to resign immediately following allegations of extortion.

A businessman petitioned the Office of the President, accusing Daasebre Agyapong of abusing his position to extort GH₵2 million.

In a letter dated October 10, the BoG emphasised that the chief’s "continued holding of office as a Director of ADB has become untenable due to the irreparable damage these events have caused to the image of the bank."

The central bank cited Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930) to compel him to "immediately resign from your position as a director of ADB and appropriately hand over."

The businessman behind the petition, Collins Darkwah Aboagye, a Director and shareholder of PRABHAT Trading Limited, explained in a document dated September 12, 2024, that he had struggled to secure a loan from ADB to meet business deadlines.

He claimed that after several failed attempts, a sub-chief introduced him to Daasebre Akuamoah Agyapong II in early 2022.

The Board Chair allegedly agreed to facilitate the loan on two conditions: Aboagye had to pay GH₵50,000 upfront for the facilitation and once the GH₵12 million loan was approved, he must loan him GH₵2 million.

Aboagye stated that he reluctantly paid both the facilitation fee and the GH₵2 million from the loan once it was disbursed. According to him, the Board chair was supposed to repay the GH₵2 million within two weeks but failed to do so for several months, allowing interest to accrue. After persistent pressure, the Board Chair only paid back $20,000 of the amount.

These revelations have led to the central bank's decision to request the Board Chair’s resignation, citing concerns over the integrity and reputation of the state-owned bank.