Daasebre Akuamoah Agyaong II Resigns As ADB Board Chair Over Extortion Allegation

• A Ghanaian businessman accused the Board Chairman of the Agricultural Development Bank (ABD) of extortion
• Collins Darkwa filed a petition to the Office of the President against Daasebre Akuamoah Agyapong II
• This has caused the Kwahumanhene to resign to allow for a thorough investigation into the matter

The Board Chairman of the Agricultural Development Bank (ADB), Daasebre Akuamoah Agyapong II, left his position immediately after a bank customer accused him of extortion.

His resignation followed an emergency board meeting after the matter became public. The Kwahumanhene resigned to protect the bank's reputation.

A Ghanaian businessman, Collins Darkwa, filed a petition against the Board Chairman to the Office of the President. He accused the board chair of extorting him to facilitate a GH¢12 million loan.

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Collins Darkwa said Daasebre Akuamoah Agyaong II asked for an initial payment of GH¢50,000 and additional amounts, totalling GH¢2,408,000, to approve the loan.

He added that he fulfilled Daasebre's requests because he was under pressure to meet his suppliers' logistics demands for a cashew supply contract.

However, the Kwahumanhene did not fulfil his part of the bargain. Collins said he instead used his position to threaten him for further payments. The chief threatened to use his position as board chair to stop his business if he did not comply.

Daasebre Akuamoah Agyapong II was appointed board of directors chairman in 2021.

BoG directs ADB Board Chair to resign

The chief's resignation came after the Bank of Ghana demanded he vacate his position to allow for an investigation into the accusations.

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In a letter to Agyapong II, the central bank said his position was untenable after his purported malfeasance.

Citi News reported that the directive is by Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930).

Bank of Ghana launches gold coins

In another development, YEN.com.gh reported that the Bank of Ghana launched gold coins as an alternative investment asset available to the general public.

The Central Bank said the coins would be in three different ounces and be made available in commercial banks in Ghana.

BoG added that the coins will help solve some of the liquidity challenges in the banking sector. It has indicated that people will need at least GH¢10,000 for the Ghana Gold Coin.

Source: YEN.com.gh