Following allegations of misconduct, Daasebre Akuamoah Agyapong II has officially resigned as the Board Chair of the Agricultural Development Bank (ADB), effective immediately.
This resignation comes just a day after the Bank of Ghana (BoG) issued a directive for his immediate resignation due to claims of financial impropriety involving a GHS 2 million loan facilitation.
The allegations arose when businessman Collins Darkwah Aboagye, Director of PRABHAT Trading Limited, lodged a petition accusing Daasebre of extortion and abuse of office. Aboagye claimed that Daasebre had facilitated a GH¢12 million Ghana loan in exchange for an upfront payment of GH¢50,000, followed by an additional GH¢ 2 million loan kickback.
When Daasebre reportedly failed to return the GH¢2 million loan as promised, Aboagye escalated the matter to the Office of the President, alleging misconduct.
In response, the BoG took swift action, citing Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) to demand Daasebre’s resignation.
This provision allows the central bank to take immediate corrective measures in cases where the conduct of board members jeopardizes the integrity of financial institutions.
ADB, in a formal update issued on October 11, 2024, confirmed that Daasebre Akuamoah Agyapong II had stepped down from his position as Independent Non-Executive Director and Chairperson.
The bank acknowledged the severity of the allegations, which centered on irregularities in a loan facilitation process, raising concerns over governance and financial integrity at the institution.
