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.<\/p>\n
Speaking on JoyNews\u2019\u00a0PM Express<\/em> on Monday, June 30, the renowned banker responded candidly when asked about the circumstances surrounding his exit.<\/p>\n \u201cYou mean my forced retirement from Cal Bank?\u201d he asked, before confirming, \u201cWell, I say forced because I had a contract which hadn\u2019t 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\u2019ve profited from that.\u201d<\/p>\n He made it clear that his grievance was with the administrative process, not with individuals often blamed for shakeups in the financial sector.<\/p>\n Mr. Adu described how he could have challenged the legality of the Bank of Ghana\u2019s action.<\/p>\n \u201cI know I made him (Dr Ernest Addison) aware of the fact that it is not right for him to do what he\u2019s doing. Because you cannot use an administrative fiat to frustrate an existing contract, that\u2019s what the lawyers say.\u201d<\/p>\n Despite strong advice to pursue legal action, Adu chose a different path.<\/p>\n \u201cThere are very powerful people who suggested that I should take the issue up in court. But for me, it wasn\u2019t necessary. What do I go to court for?\u201d<\/p>\n He explained that his own vision of retirement had always been flexible.<\/p>\n \u201cI 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.\u201d<\/p>\n Reflecting on his post-retirement life, Frank Adu Jnr showed no signs of regret.<\/p>\n \u201cToday, when I go to bed, I sleep. I don\u2019t have to worry about bad loans and capital adequacy ratios and all these things. So I think he did me a favour.\u201d<\/p>\n 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\u2019\u00a0PM Express on Monday, June 30, the renowned banker responded candidly when asked about the circumstances surrounding […]<\/p>\n","protected":false},"author":123457,"featured_media":11505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[41],"tags":[3654,3653],"class_list":["post-11504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news","tag-cal-bank","tag-frank-adu"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11504"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11504\/revisions"}],"predecessor-version":[{"id":11506,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11504\/revisions\/11506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/11505"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Disclaimer: The content provided on Fish FM Online is for informational and entertainment purposes only. While we strive for accuracy, we do not guarantee the completeness, reliability, or timeliness of the information presented. Fish FM Online and its affiliates are not responsible for any errors or omissions, nor for any decisions made based on the content available on our platform.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"