Due to misplaced investments, American comedian of Ghanaian heritage Michael Blackson has been venturing out against the Akufo-Addo administration on the internet.
Michael Blackson claimed that although he bought Eurobonds to operate his school at Agona Nsaba, his investment in Ghanaian bonds resulted in large losses.
He vented his annoyance on Twitter at the finance minister, 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.
“Ghana stole the money I invested to keep my free school going, so now I might have to do a GoFundMe.”
Notwithstanding the difficulties, Blackson declared he had no plans to turn the institution over to the government.
About the domestic debt exchange
On December 5, 2022, Ghana initiated a domestic debt swap subsequent to its default on debt, encompassing $55 billion in public debt.
Notably, the Bank of Ghana lost GH¢55.12 billion as a result of the contentious Domestic Debt Exchange Programme (DDEP) haircuts on its investments.
Local bonds with maturities in 2027, 2029, 2032, and 2037 will be swapped for new ones under the terms of the domestic debt exchange program.
The annual coupon rate for them will be 10% till maturity in 2025, 5% in 2024, and 0% in 2023.
