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 sighted 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.

The businessman said he unwillingly paid the Board Chair GHS50,000 as well as the loan of 2 million cedis from the amount disbursed to him by the bank.

According to him, the Chief was to pay the money in two weeks but refused to pay after several months as the interest accrued. He said the chief only paid $20,000 of the amount after consistent pressure.

Read Also: Kwahumanhene allegedly uses ADB Board Chair role to extort GHS2m from loan applicant

The Chief’s appointment as ADB Board Chair

Known in private life as Eugene Asante Boadi, Daasebre Akuamoah Agyapong II, the chief is a chartered accountant by profession.

He was appointed as Board Chair of ADB in August 2021 by President Akufo-Addo. In 2017, at the age of just 34, he was enstooled as the Paramount Chief of Kwahu.

In his role as Board chair, Daasebre Akuamoah Agyapong II was expected to support the management and staff of ADB to pursue the company’s vision, which is to be the people’s bank, harnessing the transformational power of agribusiness for wealth creation.

Agricultural Development Bank (ADB) Ltd is a universal bank offering a full range of banking products and services in consumer, corporate, parastatals/public sector, small and medium-sized enterprises, agriculture, trade and e-banking services.

Its business focus is universal banking, with a developmental focus on agriculture and more.