Ghanaian American comedian Michael Blackson has revealed in a recent interview with VladTV that he lost $1.2 million in an investment linked to Ghana’s euro bonds.
The entertainer explained that his decision was initially motivated by his desire to support education in Ghana after witnessing children out of school due to financial constraints.
The Investment and Its Fallout
Blackson recounted that he was drawn to Ghana’s euro bonds due to their attractive 9% interest rate, a stark contrast to what he was familiar with in the United States.
His financial advisors expressed concerns, but after conducting his own research, he felt confident in the investment, especially since it was a government-backed scheme.
He expected a return of $10,000 monthly to help fund the operational costs of the Michael Blackson Academy in Nsaba.
However, after receiving an initial payment, the disbursements suddenly stopped. He later learnt that Ghana was prioritising debt repayments to China, which led to disruptions in interest payments.
Blackson also recalled losing money in Ghana’s Treasury bills due to the depreciation of the cedi in past years.
This time, his frustration peaked when he was allegedly approached by an individual from the then-ruling New Patriotic Party (NPP), who claimed he could recover the funds but for a 10% commission—an offer Blackson ultimately declined after consulting with a bank official.
The Revised Euro Bond Terms
In an effort to recover his investment, Blackson sought help from higher-ranking officials, including someone connected to the presidency. However, months before Ghana’s 2024 elections, he was informed of two restructuring options for euro bond investors:
- Convert a 3-to-4-year bond into an 11-year bond, forfeiting 37% of the principal while the interest rate dropped from 9% to 5%.
- Retain the full principal but extend the investment period to 15 years with a drastically reduced interest rate of 1.5%.
According to Blackson, these changes rendered his investment virtually useless for funding his school, leaving him feeling deceived.
Political Fallout and Future Hopes
Expressing regret over his decision, Blackson admitted that he had been warned against such an investment.
He also suggested that his public outcry over the issue may have contributed to the NPP’s electoral defeat in 2024, which saw the National Democratic Congress (NDC) return to power. Now, he hopes to secure a meeting with Ghana’s current president, H.E. John Dramani Mahama, to discuss possible solutions.
Despite the financial setback, Blackson reaffirmed his commitment to Ghana and his vision for improving education in the country.
