A public controversy has erupted in Ghana following former Cal Bank CEO Frank Adu’s vehement condemnation of the nation’s Domestic Debt Exchange Programme (DDEP). Adu’s remarks, made during a June 30 JoyNews interview, were swiftly dismissed by Agyemang Richard, the former Suame Youth Organiser of the opposition New Patriotic Party (NPP), who characterized them as a “personal vendetta.” Richard’s statement, issued on July 4, suggested Adu was using the platform to settle old scores with former President Nana Akufo-Addo and former Finance Minister Ken Ofori-Atta.

Frank Adu had expressed his strong conviction that he would “never forgive” the former officials for their decision to include pensioner savings in the 2023 debt restructuring initiative. He cited personal financial losses incurred from Eurobonds and sharply criticized the government’s spending patterns during a period of national austerity. Adu also underscored the widespread public outrage by referencing protests that saw the participation of prominent figures, including former Chief Justice Sophia Akuffo.

However, Agyemang Richard countered Adu’s criticisms by asserting that the former CEO had overlooked the significant banking sector reforms implemented by the NPP administration. Richard argued that these reforms were instrumental in preventing a systemic collapse of the banking system and, crucially, had “safeguarded [Adu’s] investments” at Cal Bank. While acknowledging Adu’s esteemed stature within the financial industry, Richard firmly labeled his criticisms as “factually inaccurate” and politically motivated, urging a shift in focus towards national recovery under the current administration of President Mahama.

The New Patriotic Party has yet to formally address the allegations and counter-allegations surrounding Adu’s comments. This ongoing dispute serves to underscore the lingering tensions and contentious public discourse surrounding the DDEP’s widespread impact, especially given its implementation during Ghana’s critical negotiations for an International Monetary Fund (IMF) bailout.