Michael Blackson, the American comedian of Ghanaian descent, has revealed how his $1 million Eurobond investment intended to fund the Michael Blackson Academy was “sabotaged” by the Ghanaian government.

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Blackson shared in a series of posts on X that he had purchased the Eurobonds to ensure the longevity of his free school in Agona Nsaba, but the government allegedly diverted his investment to pay off debts to foreign creditors, including China.Blackson wrote, “I did the Eurobonds because I figured that will help pay for the lifespan of the free school I built.

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Ghana decided to use our money to pay their debt to China or whoever and leave us hanging.” Despite initial promises of a 10% return on his investment, Blackson claims he was left with two unsatisfactory options: either accept a 37% cut with a reduced 5% interest over 11 years or maintain the principal amount with a mere 1.95% interest and a 15-year wait.Michael Blackson has threatened to take the Ghanaian government to the World Court.

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In June 2024, Ghana reached an agreement in principle with private creditors to restructure about $13 billion of debt, a key milestone in the West African country’s efforts to overhaul its loans. The nation’s bonds rallied.Under terms of an accord announced on Monday, investors accepted nominal losses of 37% on their holdings, according to a statement issued by the advisers to an international creditor committee and the government..

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Bondholders will forego $4.7 billion of their claims, while providing cash flow relief of about $4.4 billion during an International Monetary Fund loan program, it said.<img src="

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