The Office of the President has written to the Paramount Chief of Kwahu, who’s the Board Chairman of the Agricultural Development Bank (ADB) to respond to allegations of extortion and abuse of office brought against him by a businessman.

The businessman, Collins Darkwah Aboagye, a Director and shareholder of PRABHAT Trading Limited in the petition dated September 12, 2024, and sighted by Myjoyonline.com, said the Board Chair of the state-owned Agricultural Development Bank (ADB used his influence to help him secure a loan from the Agricultural Development Bank.

According to him, he was in urgent need of a loan in 2021 to facilitate his business of trading in commodities like cashews and soybeans for both local and international markets.

Having struggled to secure the loan directly from the bank and being concerned about meeting business timelines, he was introduced by a sub-chief to the Board Chairman in the early part of 2022, who agreed to facilitate the loan process quickly but on two conditions – That he would pay him GHȼ50, 000 cedis for the facilitation, and will also loan him an amount of two million cedis from the 12 million cedis loan once the loan was approved for him.

He said he approached the Kwahumanhene through the Ankobeahene of Kwahu Abetifi, Nana Anim Dwumfuor II.

"As I agreed, I paid an amount of GHS50,000 in the presence of Ankobeahene."

“Under pressure from my suppliers to procure logistics for the cashews to be supplied, I had no other choice than to agree to the conditions. Three months after I agreed to the terms, the Bank approved a total credit facility of Twelve Million Ghana Cedis (12,000,000.00) to the company. As agreed, I paid an amount of GHS50, 000.00 in the presence of Ankobeahene” a portion of the petition read.

He narrated that shortly after this payment, the Board Chairman started calling him to redeem the other part of the two conditions.

“I went cold because I realized that I would not be able to repay the loan if I gave him the money.”

He said the Kwahumanhene persisted through an intermediary, in the person of the Tema Branch Manager of ADB, Kwame Peasah, who called him to remind him of his pledge to the Board Chairman, and the fact that he [The Board Chairman] urgently needed the loan to sort out an emergency.

He noted that the intermediary promised that the Kwahumanhene was going to repay the loan in two weeks.

“I reached out to Daasebre who confirmed what the Branch Manager had told me. At this point, considering the intense pressure coming from Daasebre, on the condition that the loan be repaid in two weeks. Daasebre then sent an account number through the Branch Manager on WhatsApp, who forwarded the same to me after which I issued a transfer order on the 7th of July 2023 for the sum of Two Million Ghana Cedis (2,000,000.00).

The businessman provided the ADB account details through which he made the payment in his petition to the presidency.

According to him, the Board chairman failed to repay the loan by the two-week deadline.

“After the third month when he failed to repay the money, I went to his Palace with Ankobeahene to demand a repayment as the interest on the two million was beginning to pile up. Daasebre then told me that the Bank would give me a six-month moratorium within which to pay the money so I should not worry.

He revealed that after intensifying his demand for the money, the Board Chairman sent his driver to deliver to him an amount of 20,000 US dollars.

He said after this payment, the Paramount Chief of Kwahu Traditional Area never responded to his calls or messages again to clear the balance. He said when he reached out to the Tema ADB
Branch Manager to intervene, he also said he was unable to reach the chief.

The businessman stated in the petition that the Tema ADB Branch Manager had warned him to be careful in his dealings with the Chief as he was powerful and could use his influence to force him to flee the country.

Despite this warning, Mr Darkwah Aboagye said he gathered courage and stormed the Chief’s palace in the company of the Ankobeahene on 30th August 2024, but he could still not get the rest of his balance.

He said he reminded the Chief that the interest on the Two Million Cedis had accrued up to 640,000 cedis, but the Chief said he was the Board chairman of the bank and could cross that bridge, and walked away on them.

This state of affairs forced him to petition President Akufo-Addo to compel the Board Chairman to repay his money and also prevent him from using his influence to intimidate him and frustrate his business.

Presidency’s Response

In a letter cited by Myjoyonline.com and dated October 4th, 2024, the presidency in response to the businessman’s petition, asked Daasebre Akuamoah Agyapong II to respond to the allegations in seven days.

Myjoyonline.com is yet to confirm whether the Chief has responded to the allegations or not since the 7-day deadline expired by September 20, 2024.

The Chief’s appointment as ADB Board Chair

Known in private life as Eugene Asante Boadi, Daasebre Akuamoah Agyapong II, the chief is a chartered accountant by profession.

He was appointed as Board Chair of ADB in August 2021 by President Akufo-Addo. In 2017, at the age of just 34, he was enstooled as the Paramount Chief of Kwahu.

In his role as Board chair, Daasebre Akuamoah Agyapong II was expected to support the management and staff of ADB to pursue the company’s vision, which is to be the people’s bank, harnessing the transformational power of agribusiness for wealth creation.

Agricultural Development Bank (ADB) Ltd is a universal bank offering a full range of banking products and services in consumer, corporate, parastatals/public sector, small and medium-sized enterprises, agriculture, trade and e-banking services.

Its business focus is universal banking, with a developmental focus on agriculture and more.