The Paramount Chief of Kwahu in the Eastern Region, Daasebre Akuamoah Agyapong II, who also serves as the Board Chairman of the state-owned Agricultural Development Bank (ADB), has been instructed to resign immediately from his position.
This directive was issued by the central bank following a petition from a businessman who accused Agyapong of abusing his office and extorting GH₵2 million. In a letter dated October 10, the Bank of Ghana stated that the chief’s continued role as ADB director had become untenable due to the serious damage these allegations have caused to the bank’s reputation.
According to the letter, “In accordance with Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), you are directed to resign immediately and properly hand over your responsibilities.”
Background
The businessman, Collins Darkwah Aboagye, a Director and shareholder of PRABHAT Trading Limited, submitted the petition on September 12, 2024. He claimed that Agyapong used his influence to help him secure a loan from ADB after he struggled to obtain it on his own.
Aboagye recounted that he was introduced to the Board Chairman by a sub-chief in early 2022, after facing difficulties in securing a loan. Agyapong allegedly agreed to expedite the process under two conditions: a payment of GH₵50,000 for his assistance and an additional loan of GH₵2 million from the approved loan amount of GH₵12 million.
Aboagye stated that he reluctantly paid the GH₵50,000 and also took the GH₵2 million loan from the bank. He claimed that Agyapong was supposed to repay the money within two weeks but failed to do so for several months, leading to accruing interest. Eventually, the chief only repaid $20,000 after persistent pressure.
Chief’s Background
Daasebre Akuamoah Agyapong II, whose real name is Eugene Asante Boadi, is a chartered accountant by profession. He was appointed as the Board Chair of ADB by President Akufo-Addo in August 2021. In 2017, he became the Paramount Chief of Kwahu at the age of 34.
As Board Chair, Agyapong was expected to support ADB’s management and staff in fulfilling the bank’s vision of being a people’s bank, leveraging the power of agribusiness for wealth creation. ADB Ltd is a universal bank offering a wide range of banking products and services, focusing on agriculture and developmental banking.
