BoG Directs Kwahumanhene to Resign as ADB Board Chair for Allegedly Extorting GH₵2m from loan Applicant

The Bank of Ghana (BoG) has instructed the Paramount Chief of Kwahu, Daasebre Akuamoah Agyapong II, who also serves as the Board Chairman of the Agricultural Development Bank (ADB), to resign immediately. The directive follows serious allegations of misconduct involving a GH¢2 million transaction.

In a statement signed by Osei Gyasi, Head of Banking Supervision, the BoG cited Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) to justify the decision. The allegations have reportedly damaged the reputation of ADB, making it untenable for Daasebre Akuamoah Agyapong II to continue in his role as board chairman.

The BoG’s decision reflects concerns about the leadership of ADB and the potential impact of the misconduct allegations on the bank’s image.