Bank of Ghana Orders Kwahumanhene to Resign as ADB Board Chair Over Alleged GH¢2 Million Fraud

In a shocking development, the Bank of Ghana (BoG) has directed Daasebre Akuamoah Agyapong II, the Paramount Chief of Kwahu and Board Chairman of the Agricultural Development Bank (ADB), to resign from his position due to allegations of fraud and extortion. The allegations came to light after businessman Collins Darkwah Aboagye accused the chief of extorting GH¢2 million from him in exchange for facilitating a loan from the ADB.

According to the complaint, Aboagye sought a loan from the bank but faced delays. The chief allegedly offered to expedite the process on the condition that Aboagye pays him GH¢50,000 upfront and lends him GH¢2 million from the loan proceeds. Despite promising to repay the money within two weeks, Daasebre Agyapong failed to do so, only repaying part of the amount after several months of pressure.

In response to the allegations, the BoG cited irreparable damage to the reputation of the ADB, making it untenable for Daasebre Agyapong to continue in his role as Board Chairman. The central bank invoked Section 103(2)(d) of the Banks and Specialized Deposit-Taking Institutions Act, 2016, to mandate his immediate resignation.

This scandal has attracted significant public attention, raising concerns about governance and accountability in state institutions.