The Board Chairman of the Agricultural Development Bank (ADB), Daasebre Akuamoah Agyapong II, has resigned with immediate effect following allegations of extortion made against him by a customer of the bank.

His resignation came after an emergency board meeting, during which Daasebre Akuamoah Agyapong II, who is also the Kwahumanhene, stepped down in what is believed to be an effort to protect the bank’s reputation.

The allegations stem from a petition filed by businessman Collins Darkwa to the Office of the President, accusing the Board Chairman of extorting a substantial sum in exchange for facilitating a GH¢12 million loan.

According to the petition, Mr. Darkwa claims Daasebre Agyapong demanded an initial payment of GH¢50,000 and additional amounts, totalling GH¢2,408,000, in exchange for approving the loan.

He detailed how, under pressure to meet his suppliers’ demands for logistics related to a cashew supply contract, he felt forced to comply with the Chairman’s conditions.

Despite fulfilling these demands, Mr. Darkwa alleges that Daasebre Agyapong continued to pressure him for further payments, even threatening to use his influence as Board Chairman to obstruct his business if he did not comply.

The resignation of Daasebre Akuamoah Agyapong II is seen as a significant step in addressing the allegations, although the matter remains under review.