Alleged GH¢2m ADB Fraud: Kwahu youth demand action against Paramount Chief

A group calling itself Concerned Youth of Kwahu in the Eastern Region on Saturday morning embarked on a peaceful march to petition the Kwahu Traditional Council, expressing their dissatisfaction with Daasebre Akuamoah Agyapong II (Kwahumanhene) following alleged extortion and fraud leading to his resignation as the Board Chairman of the Agricultural Development Bank (ADB).

The group claims that his tenure has brought disrepute to the Kwahu Kingdom due to allegations of misconduct, including inducement and extortion, which led to his forced resignation.

Daasebre Akuamoah Agyapong II, known in private life as Eugene Asante Boadi, a Chartered Accountant, resigned with immediate effect on Friday following serious allegations of extortion brought against him by a customer of the ADB bank.

The resignation comes in the wake of an emergency board meeting, where the Kwahumanhene decided to step down in an effort to safeguard the bank’s reputation.

In the petition signed by Mr. Ayim Benjamin, Acting Chairman of Concerned Youth of Kwahu, and Kwabena Boateng, who is Etena Abusuapanin of Abetifi/Kumasi, addressed to the Paramount Queen Mother (Kwahu Hemaa) Nana Adwoa Gyamfua III, and the Kwahu Adontenhene, Akyeamfour Asiedu Agyeman III, on Saturday, October 12, the concerned youth expressed their disappointment over the damage caused to the Kwahu reputation.

“We, the youth of Kwahu, with heavy hearts, express our utmost shock at the turn of events leading to the pressed-upon resignation of Daasebre Akuamoah Agyapong II as the Board Chairman of the Agricultural Development Bank,” the statement reads.

The petition cites a letter from the Bank of Ghana which reportedly called for Daasebre’s resignation, stating that his continuous hold on office had become “untenable due to the irreparable damage it had caused to the image of the bank.”

The youth are particularly concerned about the impact this incident has had on the Kwahu community, both in Ghana and abroad, as it has subjected them to public ridicule. “It has reduced us to public ridicule among other tribes that we encounter in our daily engagements since the break of the story in the media, both print and electronic, particularly on the Internet and social media,” the petition adds.

In their call to action, the group is requesting the Kwahu Hemaa and Kwahu Adontenhene to address the matter swiftly, urging the need to protect the integrity of Kwahu’s traditional chieftaincy. “We are respectfully requesting the Kwahu Hemaa and Kwahu Adontenhene, as a matter of urgency, to save the kingdom and take decisive action to restore the sanctity of the Kingdom of Kwahu.”

The Concerned Youth of Kwahu have therefore given the traditional leaders a seven-day ultimatum to respond to their petition. “If Nananom fails to honour our humble requests within the given time frame, we will resort to other means available to us under the 1992 Constitution of the Republic of Ghana and as demanded by the customs of Kwahu to press home our demand.”

The resignation of the Kwahumanhene follows a petition to the Presidency on September 12, 2024, by Collins Darkwa Aboagye, the Chief Executive Officer of Prabhat Trading Limited, pleading for presidential intervention to help retrieve the GH¢2,406,000.00 owed to him by the ADB Chairman.

According to the petitioner, in 2021, he approached ADB Bank on behalf of Prabhat Trading Limited for an export credit facility to support his business, but the bank’s processing procedures were unduly delayed. In early 2022, he approached Nana Anim Dwumfour II, Ankobeahene of Kwahu Abetifi, to speak to Daasebre, the bank’s board chairman, to intervene.

“Ankobeahene and I met Daasebre at a house in Christian Village, where he pledged to facilitate the loan on certain conditions:

That I pay him GH¢50,000, and That I give him a loan from the total disbursed amount,” he explained. Under pressure from his suppliers, Aboagye agreed to these terms. Three months later, ADB approved a GH¢12,000,000.00 credit facility for Prabhat Trading Limited.

“I paid GH¢50,000 in the presence of Ankobeahene, Nana Anim Dwumfour II, to Daasebre Akuamoah Agyapong II,” he stated.

Shortly after the facility was approved, Daasebre began calling Aboagye frequently, demanding that he fulfil the agreement by giving him the loan.

“On July 7, 2023, Aboagye transferred GH¢2,000,000.00 to the ADB account of GoodRide Enterprise, as per the instructions sent via WhatsApp by Daasebre through the Branch Manager. I went cold because I realized that I could not repay the Bank if I gave him the money. He (Daasebre) finally came through the Tema Branch Manager of the Bank-Kwame Peasah, who called to remind me of Daasebre’s loan and the fact that he needed it to solve an emergency and would repay in two weeks. I reached out to Daasebre who confirmed what the Branch manager had told me. At this point, considering the intense pressure from Daasebre, I agreed to his request on the condition that the loan be paid in two weeks. Daasebre then sent an account number on WhatsApp through the Branch Manager, who forwarded the same to me, after which I issued the transfer order on 7th July 2023 for the sum of GH¢2,000,000.00 to the following account details: Account Name: GoodRide Enterprise. Account Number: 1061010159648601 Account Branch: ADB head office,” Collins Darkwa Aboagye said.

However, two weeks passed, and Daasebre failed to repay the money. Three months later, Aboagye, accompanied by Ankobeahene, visited Daasebre’s palace to demand repayment, as the interest on the sum began to accumulate. Daasebre assured him that the bank would offer a six-month moratorium for repayment.

“As time went on, I intensified my efforts to retrieve the money. Eventually, Daasebre sent his driver to deliver USD$20,000 in cash. Since then, all attempts to reach Daasebre for the remaining balance have been unsuccessful, as he has not answered my calls or responded to my messages,” Aboagye said.

The Office of the President directed Daasebre Akuamoah Agyapong II to provide a response within 7 days of receiving the directive, but he failed.

Subsequently, the Bank of Ghana in a letter dated October 10, 2024, formally directed Daasebre Akuamoah Agyapong II, Board Chairperson of Agricultural Development Bank PLC (ADB), to resign from his position following allegations of misconduct. This directive follows a petition submitted to the Presidency by Mr. Collins Darkwah Aboagye, accusing the Chairperson of improper conduct in his role. The allegations have since gained widespread media attention.

In a letter signed by Osei Gyasi, Head of the Banking Supervision Department, it was stated that the Chairperson’s continued tenure at ADB has become “untenable” due to the reputational damage caused by these events. The letter cited Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930) as the legal basis for the directive, empowering authorities to take action against directors whose conduct may negatively impact an institution.

The letter instructed Daasebre Akuamoah Agyapong II to immediately resign and ensure a proper handover, stressing that the directive must be complied with without delay.