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Michael Blackson, an American comedian and actor of Ghanaian heritage, has taken issue with the Ghanaian government for mishandling his Eurobond investment.
In a series of posts on X, Blackson revealed that he had purchased Eurobonds to help fund the Michael Blackson Academy in Agona Nsaba, but he had trouble getting his money back.
According to him, the institution’s long-term funding was the aim of the Eurobonds. “Ghana decided to use our money to pay their debt to China or whoever and leave us hanging,” he said, expressing his disappointment.
Remember that Ghana agreed to give some holders of Eurobonds a haircut when it started a debt restructuring procedure in 2022? Following his $1 million investment in the Eurobond, Michael disclosed in his post that he was presented with two options by the government.
Either a 37% cut with 5% interest and an 11-year maturity date, or no cut with 1.9% interest and a 15-year maturity date, were the options available.
“Who is Ghana’s minister of finance? I don’t like this person. We have two choices since people from the diaspora chose to invest in our continent and utilized our money to settle their debt. Choose between receiving 1.9% interest with a 15-year maturity date and taking a 37% cut and receiving 5% interest with an 11-year maturity date. He wrote, “I’m really disappointed in my people for this.
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
Established three years ago, the Michael Blackson Academy offers free kindergarten through Basic 3 instruction along with free uniforms.
Blackson said that despite his past experiences making investments in Ghana, his love and enthusiasm for Ghanaian students will keep him committed to keeping the school running.”I would simply hand my school to the people and walk away if it weren’t for the love and passion I have for the underprivileged youth of Ghana,” he wrote on X.
The comedian has stated that he plans to take the matter to court.
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
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
