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Michael Blackson: US Comedian Rants At Akufo-Addo Government Over Debt Exchange: “Ghana Robbed Me”
Ghana

Michael Blackson: US Comedian Rants At Akufo-Addo Government Over Debt Exchange: “Ghana Robbed Me”

by  Delali Adogla-Bessa 2 min read
  • Comedian Michael Blackson has complained about lost investments under the Akufo-Addo administration because of lost investments
  • Blackson suggested he may have to rely on charity to run a school he set up at Agona Nsaba
  • Ghana launched a domestic debt exchange in December 2022 after defaulting on most of its debt amid the ongoing economic crisis

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Michael Blackson, a US comedian of Ghanaian descent, has been ranting online at the Akufo-Addo administration because of lost investments.

Blackson said he purchased Eurobonds to run his school at Agona Nsaba but suffered significant losses because of his investment in Ghana bonds.

Michael Blankson Rants At Ghana Government Over Debt Exchange
Michael Blackson has expressed frustration over losses from the domestic debt exchange programme.
Source: Getty Images

With his tweets, he directed his frustration at the finance minister, who was Ken Ofori-Atta at the time.

He suggested he may have to rely on charity to run his school, which serves children from kindergarten to Basic 3.

Read also

Michael Blackson weeps about his $1m investment in his school: "Ghana robbed me"

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“Ghana stole the money I invested to keep my free school going, so now I might have to do a GoFundMe.”

Regardless of the hardship, Blackson said he has no intention of handing the school to the public sector.

About the domestic debt exchange

Ghana launched a domestic debt exchange on December 5, 2022, after defaulting on its debt, which included $55 billion in public debt.

The Bank of Ghana notably lost GH¢55.12 billion due to haircuts that its investments suffered under the controversial Domestic Debt Exchange Programme (DDEP)

Under the domestic debt exchange, local bonds will be exchanged for new ones maturing in 2027, 2029, 2032, and 2037.

Their annual coupon will be set at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity.

Read also

NDC manifesto: KOD rehashes NDC's plans for the entertainment industry

Local pension funds were exempted from the domestic debt exchange after unions threatened a general strike.

Micheal Blackson asks Tyler Perry to build studio in Ghana

YEN.com.gh reported that Blackson called on Tyler Perry to help build a film studio in Ghana.

This move followed an interview Michael Blackson had with Joy News, where he expressed his desire to develop the Ghanaian movie industry.

He also wanted to attract and bring more investors into the movie industry in Ghana.

Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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