Former CalBank CEO Frank Adu Jnr has disclosed that his departure from the bank was the result of a forced early retirement orchestrated by the Bank of Ghana. Despite the nature of his exit, he says he holds no resentment over the way his 20-year leadership came to a close.
In an interview on JoyNews’ PM Express, Adu addressed the issue openly when questioned about the end of his tenure.
“You mean my forced retirement from CalBank?” he responded, confirming: “Yes, I say forced because my contract hadn’t ended, but the Governor of the Bank of Ghana used an administrative decision to push me into early retirement—and I bless him for it. In hindsight, I’ve benefitted from it.”
Adu emphasized that his concern was with the process used—not with individuals typically associated with regulatory changes in the banking sector.
“I didn’t blame Ken Ofori-Atta,” he clarified.
He further noted that he had informed Dr. Ernest Addison, Governor of the Bank of Ghana, that the move was inappropriate: “I told him what he was doing wasn’t right. You can’t use an administrative fiat to override a valid contract—that’s the legal position.”
Although encouraged by influential figures to pursue legal action, Adu chose not to.
“Some powerful people suggested I take it to court, but I didn’t see the need. What would I be going to court for?”
He added that retirement had always been on his terms to some extent.
“My plan was to retire at 55. I retired at 57. I never intended to work until 60.”
Reflecting on life post-banking, Adu expressed satisfaction and peace of mind.
“Now when I sleep, I sleep. No more stress over bad loans or capital adequacy ratios. Honestly, I think he did me a favour.”
