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.
The choices were to obtain 1.9% interest with a 15-year maturity date or suffer a 37% cut and receive 5% interest with an 11-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.
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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.
