Michael Blackson says his NPP criticism over debt crisis led to party’s 2024 defeat

Speaking in an interview on The Breakfast Club in the United States, Blackson recounted how his personal investment in Ghana’s Eurobond programme, intended to fund his charitable school project in the country, was caught up in the controversial debt restructuring exercise.

The comedian revealed that he had invested $1 million in the Eurobond scheme, lured by its promise of high returns.

“I had about four to ten employees at my school, and I could run the entire place with $10,000 a month,” he explained. “So, I asked myself, how can I earn $10,000 every month for life? The government had this Eurobond thing where your money stays in the same currency—whether dollars, pounds, or euros—and it paid about 10% interest. I thought, if I invest $1 million, that gives me $10,000 a month, and when it matures after three years, I can just renew it.”

However, Blackson said the payments stopped abruptly after only one or two instalments.

“I got like one or two payments, and then it stopped,” he said. “I contacted my financial adviser, and he told me there were just some issues that would soon be resolved. Two years later—still nothing. Then I heard excuses about COVID, Ghana owing China money, and some restructuring going on.”

According to Blackson, the restructuring left investors like him with two difficult options: either accept a 37% loss on their capital while extending the bond’s maturity to 11 years, or retain the principal but take a drastic cut in interest—from 10% down to 1.5%—over 15 years.

Frustrated, the comedian took to social media to express his outrage.

“I went on Twitter, and I lit them up,” he admitted. “I think I might have been part of the reason the last government lost the election, because the issue went global.”

Eventually, he settled for the second option, which protected his principal but reduced his expected monthly income from $10,000 to $1,500. To keep his school running, Blackson said he later established a non-profit organisation to raise additional funds.