Bank of Ghana calls for the resignation of ADB Board Chair, also Kwahu Chief, over loan facilitation extortion

The Paramount Chief of Kwahu in the Eastern Region, Daasebre Akuamoah Agyapong II, who also serves as the Board Chairman of the state-owned Agricultural Development Bank (ADB), has been instructed to resign immediately from his role. This directive was issued by the Bank of Ghana following a petition from a businessman accusing the chief of abuse of office and extortion.

The petition, addressed to President Akufo-Addo and filed by businessman Collins Darkwah Aboagye, alleges that Daasebre Akuamoah Agyapong II engaged in corrupt practices, extorting GH₵2 million. In response, the Bank of Ghana issued a letter on October 10, stating that the chief’s “continued holding of office as a Director of the ADB has become untenable due to the irreparable damage these events have caused to the image of the bank.”

The letter further invoked Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), directing the chief to “immediately resign from your position as a director of the ADB and appropriately handover.”

According to Collins Darkwah Aboagye, a Director and shareholder of PRABHAT Trading Limited, the Board Chairman allegedly used his position to help him secure a loan from ADB after he had struggled to get approval on his own. The businessman claimed that in early 2022, after facing delays in securing a loan, he was introduced to the Board Chair by a sub-chief. Daasebre Akuamoah Agyapong II reportedly agreed to hasten the loan approval process, but with two conditions: first, Aboagye would pay GH₵50,000 for facilitation, and second, he would lend the chief GH₵2 million from the GH₵12 million loan once it was approved.

Aboagye admitted to reluctantly paying the facilitation fee of GH₵50,000 and loaning the Board Chairman GH₵2 million after receiving the approved loan from the bank. The businessman stated that the chief was supposed to repay the loan within two weeks but failed to do so, allowing interest to accrue over several months. Under pressure, Daasebre Akuamoah Agyapong II eventually paid only $20,000 of the amount.

The unfolding events have placed immense pressure on the chief, with the Bank of Ghana taking decisive action to protect the reputation of the Agricultural Development Bank.