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Kwahumanhene resigns as ADB Board Chairman amid extortion allegations

Daasebre Akuamoah Agyapong II, the Board Chairman of Agricultural Development Bank (ADB), who doubles as Kwahumanhene, has tendered his resignation with immediate effect following extortion allegations made by a customer.

Daasebre Akuamoah Agyapong II

The bank announced his resignation after an emergency board meeting on Thursday, October, 10, 2024, where he chose to step down for the bank’s benefit.

The resignation follows Bank of Ghana’s recent directive to Daasebre Akuamoah Agyapong II to resign immediately. In a letter dated October 10, 2024, the Bank of Ghana stated that his continued role as a Board Chair of ADB was untenable due to the damage these events had caused to the bank’s reputation.

The directive, in accordance with Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), required him to resign and hand over his duties immediately.

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The directive followed allegations from an ADB customer, Collins Darkwa, who petitioned the Office of the President. Darkwa claimed that the Board Chairman, who also serves as the Kwahumanhene, extorted a significant sum from him in exchange for approving a GH₵12 million loan.

Darkwa detailed in his petition that the Chairman demanded GH₵50,000 upfront and additional funds for the loan approval, and he appealed to the Presidency to help recover a total of GH₵2,408,000 from the Chairman.

Under pressure from my suppliers to procure logistics for the cashew to be supplied, I had no other choice than to agree to the conditions”, Mr. Darkwa stated.

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This resignation has been a relief for the bank, which is regarded as one of the top-performing local banks and a reassurance if the bank's commitment to good corporate governance practices.

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