The Bank of Ghana (BoG) has directed Daasebre Akuamoah Agyapong II, the Kwahumanhene, to step aside from his position as the Board Chairman of the Agricultural Development Bank (ADB) following allegations of misconduct involving a GH¢2 million transaction.
In an October 10 letter, the BoG indicated that Daasebre Akuamoah Agyapong II’s “continued holding of office as a Director of the ADB has become untenable due to the irreparable damage these events have caused to the image of the bank.”
The directive was issued in accordance with Section 103 (2)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), and ordered him to “immediately resign from your position as a director of the ADB and appropriately handover.”
The allegations first surfaced when a whistleblower, Collins Darkwah Aboagye, filed a formal petition to the Office of the President.
In the petition, Mr. Aboagye detailed accusations of misconduct related to the GH¢2 million transaction, which reportedly involved potential conflicts of interest, financial mismanagement, and actions that compromised the fiduciary responsibilities of Daasebre Akuamoah Agyapong II in his role as Board Chairperson of ADB.
Agricultural Development Bank PLC (ADB) is a universal bank offering a full range of banking products and services in Consumer, Corporate, Parastatals/Public Sector, SME, Agribusiness, Trade and E-Banking services. Its business focus is universal banking with a developmental focus on Agriculture and more.
The Bank successfully listed on the Ghana Stock Exchange (GSE) on December 20, 2016. The new ownership structure of the Bank is:
- Financial Investment Trust -64.05%
- Government of Ghana – 21.50%
- Ghana Amalgamated Trust PLC- 11.26%
- Retail investors and ADB staff – 3.2%.
