The Board Chairman of the Agricultural Development Bank (ADB), Daasebre Akuamoah Agyapong II, has resigned with immediate effect following serious allegations of extortion brought against him by a customer of the bank. The resignation comes in the wake of an emergency board meeting, where the Chairman, who is also the Kwahumanhene, decided to step down in an effort to safeguard the bank’s reputation.
The allegations were made by businessman Collins Darkwa, who filed a formal petition to the Office of the President. In his petition, Mr. Darkwa accused Daasebre Agyapong of extorting significant sums of money in exchange for approving a GH¢12 million loan he had applied for. According to Mr. Darkwa, the Board Chairman demanded an initial payment of GH¢50,000, followed by additional payments, ultimately totaling GH¢2,408,000.
Mr. Darkwa claims that the payments were made under duress, as he urgently needed to secure logistics for a cashew supply contract. Despite making the payments, Mr. Darkwa alleges that the Chairman continued to demand more, threatening to use his position to obstruct the businessman’s operations if he did not comply.
Daasebre Akuamoah Agyapong II’s resignation is seen as a crucial step toward addressing the serious accusations, although the case is still under review by authorities.
Background
In a letter issued by the Bank of Ghana and signed by Osei Gyasi, Head of the Banking Supervision Department, it was noted that the Board Chairman’s continued role at ADB had become “untenable” due to the reputational damage caused by the misconduct allegations. The letter referenced Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), which grants regulatory authorities the power to act against directors whose actions could negatively impact an institution.
The directive instructed Daasebre Agyapong to immediately resign and proceed with a formal handover process. While the specifics of the alleged extortion remain under scrutiny, concerns have emerged regarding the stability of ADB’s leadership and the potential effect on its operations moving forward.
Source: Ghana/Starrfm.com.gh/103.5FM/Emmanuel Mensah
