Ghanaian-American comedian and actor Michael Blackson has voiced his frustration with the Ghanaian government, claiming that its policies and debt restructuring efforts have severely affected his investments, which he intended to use to fund his free school in Agona Nsaba, the Michael Blackson Academy. Blackson, who is known not just for his comedy but also for his philanthropic efforts in Ghana, took to social media to express his concerns over the situation that has impacted his ability to provide continued support for the school.
In a series of posts on X (formerly Twitter), Blackson laid out his grievances, explaining how he had invested in Eurobonds with the intent of securing long-term funding for the academy. Eurobonds, which are used by countries like Ghana to raise capital, seemed like a stable investment for Blackson to channel returns toward running and maintaining the academy. The school offers free education to children from underprivileged backgrounds and is one of Blackson’s most notable philanthropic endeavors in Ghana. However, the returns on those investments have taken a significant hit due to recent economic decisions made by the Ghanaian government.
The issue centers around Ghana’s current debt restructuring efforts, which have left investors like Blackson facing significant financial losses. He explained that the returns he expected from his Eurobond investments have been drastically reduced as a result of the government’s approach to managing its debt crisis. According to Blackson, the restructuring efforts have been particularly unfavorable for investors, which has put his ability to continue funding the school at risk.
Blackson did not hold back in his criticism, stating, “Ghana decided to use our money to pay their debt to China or whoever and leave us hanging.” His frustration is rooted in the fact that the government’s decision to prioritize its debt obligations to other countries has left domestic bondholders like him in a precarious position. This has directly impacted the funding he planned to use to sustain his academy, which provides free education and uniforms to children from kindergarten to Basic 3.
The financial terms offered by the government to bondholders have been a major sticking point for Blackson. He outlined two particularly harsh options given to investors: one involves a 37% cut in investment returns with an interest rate of 5% spread over 11 years, while the other offers a smaller cut but with an even lower interest rate of only 1.9% over a 15-year period. For someone like Blackson, who was counting on these investments to generate the necessary funds for his school, these terms are far from ideal and threaten the long-term viability of his plans for the academy.
Despite these challenges, Blackson has remained steadfast in his commitment to the Michael Blackson Academy and the children it serves. He has poured his energy and resources into creating an educational environment that gives young Ghanaians from disadvantaged backgrounds the opportunity to receive a quality education. His goal has always been to provide these children with a better chance at success, and he is not giving up on that vision despite the financial difficulties he now faces.
“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,” Blackson wrote in his posts. This statement reflects the depth of his frustration with the current situation, but it also highlights his determination to continue providing for the children who rely on his academy. The school, founded three years ago, has become a vital resource in Agona Nsaba, offering children free education, uniforms, and an opportunity to escape the cycle of poverty.
The financial strain Blackson is experiencing is not just a personal issue but one that speaks to broader challenges facing private investors and philanthropists in Ghana. The country’s ongoing debt crisis has forced the government to make tough decisions, but those decisions have had unintended consequences for individuals like Blackson, who are working to improve the lives of Ghanaians through charitable efforts. For Blackson, the frustration stems from the fact that his desire to give back to the community is being undermined by financial policies that make it difficult to sustain such efforts.
Despite these setbacks, the Michael Blackson Academy continues to operate, and Blackson is determined to find ways to keep the school running. He has made it clear that his commitment to the children of Agona Nsaba remains his top priority, even as he navigates the financial challenges created by the government’s debt restructuring. The school provides an invaluable service to the community, offering free education to children who might otherwise not have access to formal schooling. In addition, the school provides free uniforms, removing another financial barrier for parents who might struggle to send their children to school.
As the situation unfolds, Blackson’s dedication to his school serves as a reminder of the importance of philanthropy and the role individuals can play in supporting education in developing countries. While the challenges he faces are significant, Blackson’s passion for helping the youth of Ghana remains unshaken. He has expressed hope that the situation can be resolved in a way that allows him to continue providing the much-needed support to the students of his academy.
For now, Blackson is focused on ensuring that the Michael Blackson Academy continues to fulfill its mission, even as he deals with the fallout from the government’s financial decisions. His frustration with the situation is clear, but so is his resolve to overcome these obstacles and keep his school thriving. Blackson’s investment in the future of Ghana’s youth is a testament to his character, and despite the financial hurdles, his commitment to making a difference in the lives of the children at the Michael Blackson Academy remains unwavering.
