Ghana’s ADB Board Chairman Faces Allegations of Extortion in Loan Facilitation Scandal

Ghana’s Office of the President has called upon the Board Chairman of the Agricultural Development Bank (ADB), Daasebre Akuamoah Agyapong II, Paramount Chief of Kwahu, to respond to allegations of extortion and abuse of office following a petition filed by businessman Collins Darkwah Aboagye.

The claims centre on a loan facilitation agreement in which Mr Aboagye, a director of PRABHAT Trading Limited, alleges the ADB board chairman demanded a GH₵50,000 facilitation fee and an additional GH₵2 million from a GH₵12 million loan granted to his business. The businessman, who operates in the commodities sector, claims the board chair failed to honour his pledge to repay the GH₵2 million loan within two weeks, as interest on the sum continued to accumulate.

The businessman further alleges that despite several attempts to recover the funds, including direct engagement with the chief and his intermediary at ADB, no substantial progress has been made. According to Mr Aboagye, the ADB chairman eventually sent him a partial payment of $20,000 but has since ceased communication.

A letter from the presidency, dated September 12, 2024, has given the chief a seven-day window to respond to the allegations, but as of now, it remains unclear whether a formal response has been submitted. The incident raises concerns over governance and potential conflicts of interest at the state-owned bank, where the chief has served as board chairman since 2021.

Mr Aboagye, in his petition to President Akufo-Addo, sought redress to compel the board chair to repay the remaining funds and shield his business from undue influence, citing fears of intimidation. The case highlights broader questions around the influence of prominent figures within Ghana’s public institutions, as well as the need for stronger oversight mechanisms.

Daasebre Akuamoah Agyapong II, known in private life as Eugene Asante Boadi, has held the position of ADB board chairman since his appointment by President Akufo-Addo in August 2021. A chartered accountant by profession, he also serves as the paramount chief of Kwahu, a role he assumed in 2017 at the age of 34.

ADB, a state-owned entity, plays a key role in Ghana’s financial sector, with a developmental focus on agriculture. However, the controversy surrounding its leadership could impact its reputation and raise questions about its internal governance.

Source:norvanreports.com