18th September 2024 9:31:44 AM
2 mins readAmerican comedian and actor of Ghanaian descent, Michael Blackson, has publicly expressed his dissatisfaction with the Ghanaian government, specifically targeting the Finance Minister.
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In a series of posts on X (formerly Twitter), Blackson shared his frustration over difficulties in recovering funds he had invested in Eurobonds, which were intended to support the Michael Blackson Academy, a free school he established in Agona Nsaba.
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Blackson explained that he invested in Eurobonds with the aim of using the returns to fund the long-term operation of his school. However, he claims the government diverted the funds to settle debts. "Ghana decided to use our money to pay their debt to China or whoever and leave us hanging," he wrote.
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Questioning the leadership responsible, Blackson called out the Finance Minister, saying, "Who’s the Minister of Finance in Ghana? I have beef with this guy. People of the diaspora decided to invest in our continent, and they used our money to pay their debt and gave us two options: Either take a 37% cut and receive 5% interest with 11 years maturity date, or no cut but 1.9% interest with a 15-year maturity date. I’m very disappointed in my people for this."
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The Michael Blackson Academy, which was founded three years ago, provides free education to children from kindergarten to Basic 3, along with free uniforms. Despite the financial challenges, Blackson remains committed to his school and the children it serves.
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“If it wasn’t for the love and passion I have for the unprivileged youth of Ghana, I would just hand my school to the people and walk away,” he added.
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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.
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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.. 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.
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