Former Cal Bank CEO Frank Adu Jnr has revealed he was forced into early retirement by the Bank of Ghana, but says he holds no bitterness about how his nearly two-decade leadership at the bank ended.
Speaking on JoyNews’ PM Express on Monday, June 30, 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 that 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 made it clear that his grievance was with the administrative process, not with individuals often blamed for shakeups in the financial sector.
“I did not blame anything on Ken Ofori-Atta,” he stated.
Mr. Adu described how he could have challenged the legality of the Bank of Ghana’s action.
“I know 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 strong advice to pursue legal action, Adu chose a different path.
“There are 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 explained that his own vision of retirement had always been 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 his post-retirement life, Frank Adu Jnr showed no signs of regret.
“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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