BoG orders Kwahumanhene to resign as Board Chairman over alleged GH¢2 million fraud

The Bank of Ghana (BoG) has ordered Daasebre Akuamoah Agyapong II, the Board Chairman of the Agricultural Development Bank (ADB), to step down immediately.

This directive follows serious allegations of misconduct involving a transaction worth GH¢2 million, raising significant concerns about the leadership of ADB.

BoG’s letter, dated 10th October, indicated that the allegations have caused irreparable damage to the bank's image. Daasebre Akuamoah Agyapong II, who also serves as the Kwahumanhene, was instructed to resign in accordance with Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930). The BoG also emphasised the need for an immediate handover of his position as Board Chairman.

In the letter, dated 10th October, the Bank of Ghana (BoG) instructed Daasebre Akuamoah Agyapong II, who serves as the Board Chairman of the Agricultural Development Bank (ADB) and is also the Kwahumanhene, to step down immediately. The BoG cited allegations of misconduct involving a GH¢2 million transaction, which have severely tarnished the image of the bank.

The letter stated that his continued holding of office as a Director of the ADB has become untenable due to the irreparable damage these events have caused to the image of the bank. This directive aligns with Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), further emphasising the gravity of the situation.

Collins Darkwah Aboagye, a whistleblower, filed an official appeal to the Office of the President, which brought the accusations against Daasebre Akuamoah Agyapong II to the public's attention.

Mr Aboagye included specific allegations of wrongdoing against the Board Chairperson in his petition, pertaining to the aforementioned GH¢2 million transaction. The allegations include possible conflicts of interest, financial mismanagement, and other actions that could have jeopardised the fiduciary duties expected of an individual in such a prominent position.

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