BoG directs Kwahumanhene to resign as ADB Board chair over GH¢2m fraudulent transaction

The Bank of Ghana (BoG) has directed Daasebre Akuamoah Agyapong II, the Board Chairman of the Agricultural Development Bank (ADB), to step down from his position with immediate effect.

This move comes in the wake of serious allegations of misconduct involving a transaction amounting to GH¢2 million, which has cast a shadow over the leadership of ADB.

BoG in an October 10 letter addressed to Daasebre Akuamoah Agyapong II, who is also the Kwahumanhene, indicated that his “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 directive according to the BoG is “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.”

The allegations against Daasebre Akuamoah Agyapong II first came to public attention following a formal petition submitted to the Office of the President by a whistleblower identified as Collins Darkwah Aboagye.

In his petition, Mr. Aboagye provided detailed accusations of misconduct involving the Board Chairperson in relation to the said GH¢2 million transaction, which is said to be fraught with potential conflicts of interest, financial mismanagement, or other actions that may have compromised the fiduciary duties expected of a person in such a high-ranking position.