American comedian and actor of Ghanaian descent, Michael Blackson, has expressed his frustration with the Ghanaian government over what he describes as the mishandling of his $1 million Eurobond investment.
In a recent tweet, Blackson criticized the government’s debt restructuring program, which significantly reduced the returns on his investment, and called on Ghanaians to elect a God-fearing leader in the upcoming December 7 elections.
Blackson, who had invested $1 million in Ghana’s Eurobonds to fund his free school project for underprivileged children, stated that he had only received one interest payment before the government restructured its debts.
“I got one payment and it stopped. It’s been two years, mind you they had my $1 million, and I had to find $10,000 each month [to run the school],” he lamented.
As part of the debt restructuring program, bondholders were given two difficult options: take a 37% cut with a 5% interest rate and an 11-year maturity date, or retain the principal amount with a lower 1.9% interest rate but wait 15 years for maturity.
Meanwhile, Blackson described the situation as unfair, accusing the government of using investors’ funds to settle foreign debts.
“They used our money to pay their debt to China or whoever and left us hanging,” he said.
He voiced his disappointment, noting that the government’s actions have set him back financially.
“Ghana has set me back financially, and I’ll never forgive them for this. Ghana robbed me and a lot of other people that trusted them enough to invest in that country,” he tweeted.
Despite his frustration, Blackson expressed his love for the youth of Ghana, particularly those who depend on his free school.
He promised to continue supporting the school despite the financial strain but indicated that the government’s actions have made it harder for others to invest in the country.
“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, but I can’t,” he added.
Blackson also hinted at taking legal action against the Ghanaian government at the International Court of Justice.
“Bonds only go bad if there’s some kind of civil war. You don’t take your customers’ money and pay your debt with it” he stated,
In his message to Ghanaians on X, Blackson urged the citizens to make wise choices in the upcoming elections.
“If we want to be respected like other great countries of the world, we have to do better,” he tweeted, adding, “Hopefully, we select a God-fearing person that will do the right thing.”
Check out the tweet below:
