Former Cal Bank CEO Frank Adu Jnr has expressed that he will never forgive former Finance Minister Ken Ofori-Atta and former President Nana Akufo-Addo for the financial losses he incurred during the controversial domestic debt exchange program. Speaking on JoyNews’ PM Express on Monday, June 30, the prominent banker recounted losing money on Eurobonds and sharply criticised the decision to involve pensioners in the country’s debt restructuring efforts.
“I lost money,” he stated. “Pensioners protested, and the former Chief Justice, Sophia Akuffo, joined us in the demonstration. I didn’t participate in the protest, but my fellow pensioners did. Some were handling the technical details behind the scenes, while others actively voiced their concerns. However, I personally lost money in the Eurobond.”
He said the inclusion of pensioners in the debt programme was not just a bad policy decision, but a moral failure. “Why would you do that? Why would you go after pensioners’ money? It’s one thing that people can never forgive Akufo-Addo and Ken Ofori-Atta for.” When asked directly by host Evans Mensah if he personally had forgiven them, Mr Adu was emphatic.
“No, I will not because I saw them live large. And so why do you want to live large at the expense of my pension? It’s something that should not be trivialised at all, to have a Cabinet meeting and decide that in solving the country’s debt problems we would include pensioners, that’s dark.”
Despite having a close personal relationship with Ofori-Atta, Frank Adu Jnr did not hold back in his assessment of the former minister’s performance. “We are kind of family with Ofori-Atta. So on my first trip to the US, I stayed with Ken. We slept in the same bed. So that’s the relationship.” But when asked to evaluate Ofori-Atta’s tenure as finance minister, the renowned banker didn’t mince words.
“Disaster. Disastrous. Look, if it wasn’t disastrous, between him and the president, the people of Ghana wouldn’t have voted the way they voted in 2024. It’s not me saying it. The verdict is captured in the results of the elections. “It’s as simple as that. You do not run the economy where almost everybody is suffering and expect that the people will not object. And that’s what the voters of this country did last year.”
Reflecting on the early hopes that surrounded Ofori-Atta’s appointment, Frank Adu Jnr said he, like many others, believed Ofori-Atta’s international experience and background would translate into sound economic leadership. “I don’t know what happened. I mean, I remember when he was appointed. I sent him a message congratulating him and urging him to do the best he could for this country and leave a legacy. “And that’s what we all expected. We were all very hopeful. But subsequent events have betrayed that hope.”
By: Abubakar Ibrahim
