The Paramount Chief of Kwahu in the Eastern Region who doubles as the Board Chairman of the State-owned Agricultural Development Bank, ADB, Daasebre Akuamoah Agyapong II, has been asked to resign immediately from his role.
The central bank gave the directive after a businessman petitioned President Akufo-Addo and accused the Board Chair of abuse of office and extortion to the tune of GH₵2 million.
The Bank of Ghana in a letter dated October 10, said 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." It said, "In accordance with Section 103 (2)(d) Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), you are directed to immediately resign from your position as a director of the ADB and appropriately handover." Background The businessman, Collins Darkwah Aboagye, a Director and shareholder of PRABHAT Trading Limited in the petition dated September 12, 2024, and cited by Myjoyonline.com, said the Board Chair of the state-owned Agricultural Development Bank (ADB used his influence to help him secure a loan from the Agricultural Development Bank after he had struggled to get it by himself.
Having struggled to secure the loan directly from the bank and being concerned about meeting business timelines, he was introduced by a sub-chief to the Board Chairman in the early part of 2022, who agreed to facilitate the loan process quickly but on two conditions - That he would pay him GHC50, 000 cedis for the facilitation, and will also loan him an amount of two million cedis from the 12 million cedis loan once the loan was approved for him.