American comedian and actor of Ghanaian descent, Michael Blackson has expressed his displeasure with the Ghanaian government for mismanaging his investment in Ghana’s Eurobond.
Blackson disclosed in a series of posts on X that he had bought Eurobonds to finance the Michael Blackson Academy in Agona Nsaba, however, he faced difficulties recouping his investment.
He stated that the goal of the Eurobonds was to fund the institution for the duration of its existence. But he was disappointed: “Ghana decided to use our money to pay their debt to China or whoever and leave us hanging.”
It can be recalled that Ghana begun a debt restructuring process in 2022 where it decided to issue an haircut on the investment of some Eurobond holders. Michael in his post revealed that the government offered him two options after his $1m investment in the Eurobond.
The options were; to either take a 37% cut and receive 5% interest with an 11-year maturity date or no cut but 1.9% interest with a 15-year maturity date.
“Who’s the minister of finance in Ghana? I have beef with this guy. People of the diaspora decided to invest in our continent, and they used our money to pay their debt, giving us two options. Either take a 37% cut and receive 5% interest with an 11-year maturity date or no cut but 1.9% interest with a 15-year maturity date. I’m very disappointed in my people for this,” he posted.
Ghana 🇬🇭 stole the money I invested to keep my free school going so now I might have to do a go fund me smh.
— Michael Blackson (@MichaelBlackson) September 17, 2024
The Michael Blackson Academy, founded three years ago, provides free education to children from kindergarten to Basic 3, as well as free uniforms.
Despite his experience with investments in Ghana, Blackson stated his passion and love for Ghanaian youth will keep him determined to keep the school open.”If it wasn’t for the love and passion I have for the unprivileged youth of Ghana, I would just hand my school to the people and walk away,” he posted on X.
The comedian has disclosed his intention to seek legal redress on the issue.
I’m taking Ghana to the world court they won’t get away with this. Bonds only goes bad if there’s some time of civil war, you don’t take your customers money and pay your debt with it.
— Michael Blackson (@MichaelBlackson) September 17, 2024
https://twitter.com/MichaelBlackson/status/1836109352794755136
I had no plans on opening up a nonprofit because I hate asking for anything but Ghana 🇬🇭 took the $1m I invested to use to pay for the life of the school.
— Michael Blackson (@MichaelBlackson) September 17, 2024
