Michael Blackson has voiced sharp criticism against Ghana’s government for its handling of Eurobond investments, which he claims has undermined his philanthropic school project, prompting him to consider taking legal action.
The comedian and philanthropist has publicly condemned the West African nation’s management of its Eurobond investments, citing how poor financial decisions have disrupted his plans to fund a free school for underprivileged children in Ghana. In a series of impassioned social media posts, Blackson disclosed that he had made significant investments in the country’s Eurobonds, enticed by the promise of a 10% interest rate. His expectation was that the returns would cover the operational expenses of his school, which he built to support underserved youth.
However, Blackson’s confidence in the country’s financial system was shaken when Ghana, burdened with debt repayments, offered bondholders two unfavorable options. According to Blackson, the government proposed either accepting a 37% cut on their investment, with a 5% interest and an 11-year maturity period, or avoiding the haircut but settling for a mere 1.9% interest over 15 years. The comedian accused Ghana’s financial authorities of providing little transparency or consideration for individual investors, many of whom—like Blackson—are part of the African diaspora who had placed their trust in Ghana’s economic potential.
For Blackson, this mismanagement has had personal consequences. “The money I was using to keep this school going, you have kidnapped it,” he stated, expressing frustration at the government’s decision to divert funds that were meant to sustain his charitable work. “I figured that would help pay for the life span of the free school I built,” he added, lamenting how his vision for the school has been jeopardized by what he considers a reckless financial policy. “Ghana decided to use our money to pay their debt to China or whoever and leave us hanging.”
Ghana’s debt restructuring strategy is part of a larger plan to stabilize its troubled economy, but it has left many bondholders facing unexpected financial losses. Once a symbol of political stability in the region, the country is now struggling with foreign debt obligations, exacerbated by borrowing in foreign currencies like the U.S. dollar, especially as global financial conditions tighten.
Blackson’s criticism goes beyond economic missteps, framing the government’s actions as a betrayal of trust, particularly for the diaspora who have long sought to contribute to Ghana’s development. “You don’t take your customers’ money and pay your debt with it,” he wrote. Blackson noted that his decision to invest in Ghana wasn’t purely financial; it was also rooted in his belief in the country’s potential. “When I was wiring the money from the States, my financial advisor advised me not to, but I had confidence in my motherland—and they proved me wrong.”
His sentiments resonate with many individuals affected by distressed finance. Unlike large institutional investors, many bondholders are ordinary people—teachers, small business owners, or philanthropists—who saw these bonds as a secure investment. “Bonds only go bad if there’s some kind of civil war,” Blackson argued, questioning why the government would default on its obligations in a time of peace.
Ghana, like many other emerging markets, has faced mounting debt due to external shocks, including the COVID-19 pandemic and rising global interest rates. These pressures have forced the government into tough financial decisions, but for investors like Blackson, the narrative is one of mismanagement. Those who believed they were investing in the country’s future are now paying the price for past fiscal mistakes.
The implications extend beyond finances. Blackson, who built his school as a way to give back to the land of his heritage, now faces the challenge of keeping it operational. “If it wasn’t for the love and passion I have for the underprivileged youth of Ghana, I would just hand my school to the people and walk away,” he admitted. For now, he remains committed to supporting the school, while exploring legal options to recover his lost investments. “I’m taking Ghana to the world court—they won’t get away with this.”
