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Daasebre Akuamoah Agyapong II, the Board Chairman of the Agricultural Development Bank (ADB) and Kwahumanhene, has resigned with immediate effect following extortion allegations made by a customer.
The bank announced his resignation after an emergency board meeting on October 10, 2024, where he chose to step down for the benefit of the institution.
This resignation follows a directive from the Bank of Ghana (BoG), which stated that his continued role as Board Chair was untenable due to the damage these events had caused to the bank’s reputation.
In a letter dated October 10, 2024, the BoG emphasized that his position had become untenable in accordance with Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930).
The allegations against Daasebre Akuamoah Agyapong II first came to light through a formal petition submitted to the Office of the President by a whistleblower named Collins Darkwah Aboagye. The petition detailed accusations of misconduct related to a GH¢2 million transaction, suggesting potential conflicts of interest and financial mismanagement.
In response to these allegations, Daasebre Akuamoah Agyapong II has stepped down to protect the bank’s image and ensure a smooth transition. The situation has raised concerns about the stability of ADB’s leadership and its operations moving forward.
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