Former Cal Bank CEO Frank Adu Jnr has revealed that he was forced into early retirement by the Bank of Ghana, but says he holds no bitterness over how his nearly two-decade leadership at the bank came to an end.
Speaking on JoyNews’ PM Express, the renowned banker responded candidly when asked about the circumstances surrounding his exit.
“You mean my forced retirement from Cal Bank?” he asked, before confirming: “Well, I say forced because I had a contract which hadn’t expired, and the Bank of Ghana Governor thought he would use this administrative decision to cause me to take early retirement—and I bless him for it, because I think I’ve profited from that.”
He clarified that his grievance was with the administrative process, not with individuals often blamed for changes in the financial sector.
“I did not blame anything on Ken Ofori-Atta,” he stated.
Mr. Adu explained that he could have challenged the legality of the Bank of Ghana’s decision.
“I made him (Dr. Ernest Addison) aware of the fact that it is not right for him to do what he’s doing. Because you cannot use an administrative fiat to frustrate an existing contract—that’s what the lawyers say.”
Despite receiving strong advice to take legal action, Adu opted against it.
“There were very powerful people who suggested that I should take the issue up in court. But for me, it wasn’t necessary. What do I go to court for?”
He also noted that his personal retirement plans were always flexible.
“I started work with the intention of retiring at 55, and I retired at 57, so it was never my intention to get to 60 years.”
Reflecting on life after banking, Frank Adu Jnr expressed peace and contentment.
“Today, when I go to bed, I sleep. I don’t have to worry about bad loans and capital adequacy ratios and all these things. So I think he did me a favour.”
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