Former CalBank CEO Frank Adu Jnr has issued a strong rebuke of former Finance Minister Ken Ofori-Atta and former President Nana Addo Dankwa Akufo-Addo, holding them personally responsible for his financial losses during Ghana’s Domestic Debt Exchange Programme (DDEP).
In an emotional appearance on JoyNews’ PM Express on Monday, June 30, the prominent banker revealed that he lost money invested in Eurobonds, and criticized what he called a “morally bankrupt” decision to include pensioners in the controversial debt restructuring plan.
“I lost money,” he said. “Pensioners picketed. Even the former Chief Justice Sophia Akuffo joined the picketing. I didn’t go, but my colleagues did. Some worked behind the scenes. Others were vocal. But I lost money in the Eurobond.”
⚖️ “It Was a Dark, Unforgivable Decision”
Adu Jnr was especially outraged by the government’s decision to go after pensioners’ funds during the DDEP. He described it as a policy and moral failure, declaring:
“Why would you go after pensioners’ money? It’s one of the things many Ghanaians will never forgive Akufo-Addo and Ken Ofori-Atta for.”
When asked by host Evans Mensah whether he had personally forgiven the two, he replied flatly:
“No, I will not. I saw them live large. So why do you want to live large at the expense of my pension? That decision was made in a Cabinet meeting, and it was dark.”
👥 Longtime Friends, Sharp Criticism
Despite having a long-standing personal relationship with Ken Ofori-Atta, Frank Adu Jnr didn’t hold back:
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“We’re kind of family. On my first trip to the U.S., I stayed with Ken. We slept in the same bed. That’s the level of closeness.”
However, when asked to rate Ofori-Atta’s performance as Finance Minister, Adu Jnr was blunt:
“Disaster. Disastrous. If it wasn’t, Ghanaians wouldn’t have voted the way they did in 2024. The election results were the people’s verdict.”
📉 Broken Promises and Shattered Expectations
Adu Jnr also reflected on the initial optimism surrounding Ofori-Atta’s appointment, given his international finance background and co-founding of Databank.
“I remember when he was appointed. I sent him a congratulatory message, urging him to leave a lasting legacy. We were hopeful. But subsequent events have betrayed that hope.”
His sentiments reflect a broader national disappointment over the management of the IMF-backed economic recovery plan, which came at a high cost to many Ghanaians.
source: Myjoyonline
