Renowned Ghanaian-American comedian and actor Michael Blackson has voiced his frustration over Ghana’s debt restructuring, revealing it has significantly impacted his finances and derailed a major investment in the country.
In a series of social media posts on Tuesday, September 17, Blackson shared that he had invested $1 million in Ghanaian bonds, with plans to use the returns to fund a free school he built for underprivileged children. However, Ghana’s recent debt haircut has drastically reduced his expected returns, leaving him and other bondholders shortchanged.
“Ghana is a great peaceful place to visit, but be careful when it comes to any business move,” Blackson warned. “Ghana has set me back financially, and I’ll never forgive them for this.”
The comedian explained that his investment, which was supposed to yield 10% interest over a shorter period, will now return just 1.95% over 15 years due to the restructuring.
“I had no plans to open a nonprofit because I hate asking for anything, but Ghana took the $1 million I invested to fund the life of the school,” he added.
Ghana’s debt restructuring proposal, submitted to bondholders in October 2023, involved a 30% to 40% cut on principal amounts, a maximum coupon rate of 5%, and a final maturity term of no more than 20 years. This move has affected numerous investors, including Blackson, who now faces diminished returns on his significant financial commitment.
Fans and followers of the comedian expressed sympathy for his situation, with many questioning the country’s economic future.
Check out his full posts below:
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