Speaking on JoyNews’ PM Express on Monday, June 30, the veteran banker recounted the pain of losing his investment in Eurobonds and sharply criticised the government’s decision to include pensioners in the debt restructuring process.

“I lost money,” he said. “Pensioners picketed and the former Chief Justice, Sophia Akuffo, came to picket with us, etc. I didn’t go to picket but my colleagues pensioners did. Some were working the technical details behind the scenes, and those who were vociferous out there, but I lost money in the Eurobond.”

Mr Adu condemned the policy as not only financially reckless but also morally indefensible. “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,” he stated.

When asked by host Evans Mensah whether he had forgiven them personally, he replied without hesitation: “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 acknowledging a personal relationship with Ofori-Atta, Mr Adu 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.”

However, when asked to rate Ofori-Atta’s tenure as finance minister, he was unequivocal in his criticism. “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.”

He argued that the economic hardship experienced by the majority of Ghanaians during the New Patriotic Party’s second term was the catalyst for the party’s electoral defeat. “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 Ofori-Atta’s initial appointment, Mr Adu admitted that he, like many others, had high hopes based on the minister’s background in international finance. “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.”

He concluded, “And that’s what we all expected. We were all very hopeful. But subsequent events have betrayed that hope.”

Frank Adu Jnr’s remarks add to the chorus of criticism levelled against the former administration’s handling of Ghana’s economic crisis, particularly the unpopular decision to involve pensioners in debt restructuring efforts.