Michael Blackson Reveals $1.2 Million Eurobond Investment Loss Intended for Ghanaian School

Ghanaian-American comedian Michael Blackson has recently opened up about a significant financial setback involving a $1.2 million investment in Ghana’s Eurobonds. In an interview with VladTV, Blackson detailed how this investment, intended to fund the operational costs of his free school in Agona Nsaba, has been compromised due to governmental financial decisions.

Blackson’s commitment to education led him to establish the Michael Blackson Academy, offering free education to underprivileged children in Ghana. To ensure the school’s sustainability, he invested $1.2 million in Ghana’s Eurobonds, attracted by a promising 9% interest rate. This investment was projected to yield approximately $10,000 monthly, covering the school’s operational expenses.  

Despite an initial interest payment, subsequent disbursements ceased unexpectedly. Investigations revealed that the Ghanaian government prioritized debt repayments to other nations, notably China, leading to disruptions in Eurobond interest payments. This development jeopardized the financial foundation of Blackson’s educational initiative.  

In his efforts to recover the lost funds, Blackson was approached by an individual claiming close ties to the then-ruling New Patriotic Party (NPP). This person offered to retrieve the investment for a 10% commission—a proposition Blackson declined after consulting with banking officials. Reflecting on the situation, he expressed regret over not accepting the offer, considering the subsequent challenges faced.  

As the 2024 elections approached, the government proposed restructuring options for Eurobond investors:

1. Option One: Accept a 37% reduction in principal, with the bond’s maturity extended to 11 years and the interest rate lowered to 5%.

2. Option Two: Retain the full principal amount, but extend the maturity to 15 years with a reduced interest rate of 1.5%.

These terms rendered the investment ineffective for sustaining the academy. Blackson’s public criticism of the situation is believed to have influenced the NPP’s electoral defeat, leading to the National Democratic Congress (NDC) regaining power. He now seeks a meeting with President John Dramani Mahama to discuss potential remedies.  

Despite the financial hurdles, Blackson remains dedicated to his mission of providing free education in Ghana. He has expressed a willingness to explore alternative funding avenues to ensure the continued operation of the Michael Blackson Academy, reaffirming his unwavering commitment to the country’s youth.