The Paramount Chief of Kwahu, Daasebre Akuamoah Agyapong II, has resigned as the Board Chairman of the Agricultural Development Bank (ADB) PLC. The resignation, which took place in late 2024, followed a formal directive from the Bank of Ghana (BoG).
The central bank invoked Section 103(2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016, stating that the chief’s continued presence on the board was “untenable” due to “irreparable damage” to the bank’s reputation.
The scandal surfaced after Collins Darkwa Aboagye, a director of Prabhat Trading Limited, petitioned the Office of the President.
According to the petition, the businessman sought a GH₵12 million export credit facility from ADB to fund a cashew supply contract. He alleged that the Kwahumanhene facilitated the loan under the following conditions:
- An upfront “facilitation fee” of GH₵50,000.
- A personal loan of GH₵2 million to be paid from the disbursed funds.
Mr. Darkwa claimed that although the chief promised to repay the GH₵2 million within two weeks, he failed to do so, eventually returning only $20,000 after months of pressure. The total amount the businessman sought to recover, including interest, was GH₵2,408,000.
The fallout from the ADB scandal extended beyond the financial sector into traditional leadership. In October 2024, following a petition from the Concerned Youth of Kwahu, the Kwahu Traditional Council performed rites to destool Daasebre Akuamoah Agyapong II. The council cited the “shame” and “disrepute” brought upon the Kwahu stool as the primary reason for stripping him of his chieftaincy titles and privileges.
Despite the controversy, the Agricultural Development Bank issued a statement acknowledging the resignation and thanking the former chairman for his role in spearheading growth strategies during his tenure. The bank emphasized its commitment to good corporate governance and assured customers that the transition would not affect its operational stability or the safety of their deposits.
