BoG orders ADB board chair to resign over GH₵2m extortion allegations

The Bank of Ghana in a letter dated October 10, said the chief’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.”

It said, “In accordance with Section 103 (2)(d) Banks and Specialised Deposit-Taking Institutions Act, 2016 (ACT 930), you are directed to immediately resign from your position as a director of the ADB and appropriately handover.”

The businessman, Collins Darkwah Aboagye, a director and shareholder of PRABHAT Trading Limited, submitted a petition to President Akufo-Addo on September 12, 2024, alleging that the Board Chair of the Agricultural Development Bank (ADB) misused his influence to help him secure a loan after he had struggled to obtain it on his own.

In a letter dated September 12, 2024, the presidency responded to the businessman’s petition by requesting that Daasebre Akuamoah Agyapong II address the allegations within seven days.

As of now, it remains unclear whether the chief has provided a response, as the deadline expired on September 20, 2024.

In early 2022, after facing difficulties with the loan process, Aboagye was introduced to the board chairman by a sub-chief, who agreed to expedite the loan application under two conditions: a payment of GH₵50,000 for facilitation and a loan of GH₵2 million from the approved GH₵12 million loan.

The businessman said he unwillingly paid the board chair GH₵50,000 as well as the loan of 2 million cedis from the amount (GH₵12 million) disbursed to him by the bank.

According to him, the chief was to pay the money in two weeks but refused to pay after several months as the interest accrued. He said the chief only paid $20,000(GH₵319,200) of the amount (2 million cedis) after consistent pressure.