Kwahumanhene removed as ADB board chair over GH¢2m fraudulent transaction

Oct 11, 2024 - 16:34

The Bank of Ghana (BoG) has directed Daasebre Akuamoah Agyapong II, Board Chairman of the Agricultural Development Bank (ADB), to step down immediately due to serious misconduct allegations involving a GH¢2 million transaction

Accra, Ghana - October 11, 2024 - The Bank of Ghana (BoG) has directed Daasebre Akuamoah Agyapong II, Board Chairman of the Agricultural Development Bank (ADB), to step down immediately due to serious misconduct allegations involving a GH¢2 million transaction.

This move follows a formal petition submitted to the Office of the President by whistleblower Collins Darkwah Aboagye, detailing accusations of conflicts of interest, financial mismanagement, and compromised fiduciary duties.

In a letter dated October 10, the BoG stated that Daasebre Akuamoah Agyapong II's continued leadership has become untenable due to the irreparable damage caused to the bank's image. The directive cites Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), mandating his immediate resignation and handover.

As the Kwahumanhene, Daasebre Akuamoah Agyapong II's removal marks a significant development in the ongoing efforts to address misconduct in Ghana's banking sector.

The ADB has undergone leadership changes in recent years, with Alhassan Yakubu-Tali appointed as Managing Director in December 2022.

Source: Lead News Online