The Bank of Ghana (BoG) has instructed Daasebre Akuamoah Agyapong II, the Board Chair of the Agricultural Development Bank (ADB), to step down immediately following allegations of improper conduct.
The directive, issued in an official letter dated October 10, 2024, comes in response to a petition sent to the Presidency by Mr. Collins Darkwah Aboagye.
The petition accused Daasebre Akuamoah Agyapong II of conduct that has reportedly tarnished ADB’s reputation. In the letter signed by Osei Gyasi, the Head of the Banking Supervision Department, BoG emphasized the need to address the “irreparable damage” caused by these events.
Acting under Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), BoG mandated that Daasebre Agyapong resign as ADB’s Board Chair and complete an immediate handover of his duties.
The story began in early 2022 when Collins Darkwah Aboagye, a businessman and Director of PRABHAT Trading Limited, sought a loan from ADB. Struggling to secure the funding, Aboagye was introduced to Daasebre Akuamoah Agyapong II, who allegedly agreed to facilitate a 12 million Ghana Cedis loan.
However, this assistance reportedly came with conditions: an upfront payment of 50,000 Ghana Cedis and a loan of 2 million Ghana Cedis from the approved amount.
According to Aboagye’s claims, he reluctantly agreed to these terms due to pressure from his suppliers. After the loan’s approval, he paid the 50,000 Ghana Cedis facilitation fee and transferred 2 million Ghana Cedis to Daasebre’s account. The total sum involved in the alleged misconduct amounted to 2,050,000 Ghana Cedis (approximately $350,000 USD).
The situation escalated when Daasebre allegedly failed to repay the 2 million Ghana Cedis as promised. This led Aboagye to file a formal petition with the Office of the President, accusing Daasebre of extortion and abuse of office.
In response, BoG is demanding the immediate resignation of Daasebre Akuamoah Agyapong II as the Board Chair of the Agricultural Development Bank (ADB).
