In Ghana’s banking history, few stories capture the drama of ambition, loyalty, and betrayal quite like the battle at CalBank. At its heart lies a classic struggle: the founder who built a vision from scratch, and the protégé who rose through the ranks, only to face him in a clash that would define the future of the institution.
Dr. Joseph Siaw Agyepong? No. This was the world of Frank Adu Jr. and his mentor, Mr. George Donkor. Together, they represented two different eras of CalBank — one the pioneering hand that laid the groundwork, the other the ambitious student who embodied the promise of the future. Under their leadership, CalBank transformed from a modest institution into one of Ghana’s most respected banks, admired for its innovation and local ownership.
But as with many business dynasties, the handover of power was never going to be smooth. The founder’s instincts to protect his legacy clashed with the protégé’s hunger to modernize and leave his own imprint. Boardroom debates turned into subtle turf wars. What was once mentorship soon became rivalry.
The clash came to a head when the courts were petitioned to decide the fate of CalBank’s leadership. In a twist worthy of a movie script, while the verdict was being delivered to remove Frank Adu from his role, legend has it he was on the golf course — and not only playing, but winning. That victory became symbolic. For many, it reflected his mental strength, his calm under pressure, and perhaps even his silent defiance of fate.
The CalBank saga was never just about balance sheets or banking licenses. It was about power, loyalty, and legacy. It was about how institutions built on personal trust must eventually navigate the cold realities of governance, regulation, and politics. And most of all, it was about how even the strongest mentor-protégé bond can unravel when destiny calls for one to step aside.
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