Frank Adu Jnr is a former Chief Executive Officer of CalBank

Former Chief Executive Officer of CalBank, Frank Adu Jnr, has disclosed that his exit from the bank was not voluntary but the result of an administrative decision by the Bank of Ghana.

Speaking on JoyNews’ PM Express on Monday, June 30, 2025, he revealed that his contract had not yet expired when the decision was made.

“You mean my forced retirement from CalBank? 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,” he said.

He emphasised that he harbours no resentment over how his nearly two-decade tenure ended.

“I bless him for it because I think I’ve profited from that,” he added.

Frank Adu clarified that his concerns were with the administrative process, not with any individuals often blamed for changes within the financial sector.

He said he could have legally challenged the Bank of Ghana’s decision to end his tenure, as it violated an active contract.

Although urged by influential figures to take legal action, he chose not to pursue the matter.

He explained that his retirement plan was always flexible, and stepping down at 57 was close to his original goal of retiring at 55.

He expressed no regrets and said he feels at peace, viewing early retirement as a blessing that freed him from the stress of handling bad loans and regulatory demands.

His comments come amid ongoing discussions about regulatory interventions and leadership changes in Ghana’s banking industry.

DR/MA

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