BoG Orders Daasebre Akuamoah Agyapong II to Step Down as ADB Board Chair Amid GHS 2m Loan Transaction Controversy

BoG Orders Daasebre Akuamoah Agyapong II to Step Down as ADB Board Chair Amid GHS 2m Loan Transaction Controversy

The Bank of Ghana has instructed Daasebre Akuamoah Agyapong II, chairman of Agricultural Development Bank (ADB), to resign following allegations of misconduct relating to a GH¢2 million transaction.

The central bank, in a letter dated October 10, cited the reputational damage caused by the accusations as the basis for its decision.

The directive, issued under Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), requires Agyapong, who also holds the title of Kwahumanhene, to step down immediately and hand over his duties.

The Bank of Ghana noted that his continued presence in the role had become “untenable” in light of the allegations.

The controversy stems from a petition submitted to the Office of the President by whistleblower Collins Darkwah Aboagye.

The petition accuses Agyapong of misconduct related to the GH¢2 million transaction, raising concerns over potential conflicts of interest and possible breaches of fiduciary duty.

The move by the Bank of Ghana comes as it continues to tighten governance standards across the financial sector in the wake of broader reforms designed to restore confidence in the country’s banking system.