American comedian and actor of Ghanaian descent, Michael Blackson, has repurposed money he invested in Eurobonds to pay their Chinese debt.
In a series of posts on X, Michael disclosed that he invested in Eurobonds to use proceeds run his feee school at Agona Nsaba (Michael Blackson Academy), but now cannot recoup his investment, with him possibly losing a significant amount of his principal if he decides to halt it all together.
The Comedian regrets ignoring warnings from his financial adviser who cautioned him against investing in Ghana.
“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 and gave us two options. Either take a 37% cut and receive 5% interest with 11 yrs maturity date or no cut but 1.9% interest with 15 yrs maturity date. I’m very disappointed in my people for this.
I did the euro bonds because I figured that will help pay for the life span of the free school I built. Ghana decided to use our money to pay their debt to china or whoever and leave us hanging.
When I bought the euro bonds it was paying 10% interest which will pay for the school and then Ghana kidnapped the money to use to pay their debt. Almost 3 yrs later tells me oh we are sorry but we can only pay u 1.95% and we will hold your money for 15 yrs. Smh,” some of his posts read.
Michael Blackson who pledged to make sure Ghana pays for this financial crisis says he is “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.”
The Michael Blackson Academy, founded three years ago offers free education to children from kindergarten to Basic 3. They also provide free uniforms to the pupils.
With all this happening, Michael Blackson still wants to hold unto his school, and providing support to the Ghanaian youth.
