American comedian of Ghanaian descent, Michael Blackson has sadly revealed how he lost money meant for his school after investing in Ghana’s Eurobonds.
During a conversation with comedian Kwaku Sintim-Misa (KSM), Blackson explained his intention to ensure the school’s financial stability by investing in high-yield Ghanaian bonds.
“When I built the school, I tried to have a lifetime plan for the school. Because, let’s say, five years from now, I don’t want to tell jokes anymore. Then what will happen to the school?
“How can I make sure this thing lasts forever? So what I did was… that the difference between Ghana and America is that Ghana will give you a higher interest rate on your money.
“Because the Ghana bonds will give you a very high percentage. So I said to myself, ‘I’m going to invest money in my country and use that interest to manage the school forever’,” he said.
Furthermore, Blackson emphasized that despite the cautionary advice from his American bankers regarding the potential risks associated with investing in a developing nation, he maintained unwavering confidence in Ghana’s stability. Nevertheless, the unforeseen reduction in the Eurobond’s value resulted in him not receiving the expected returns he had anticipated.
“I remember when I was sending the money little by little, my bankers in America were like, ‘Mike, this is a third world country. Are you sure you want to send your money?’
“I told them not to talk crap about my country. Because I know for a fact the only way a bond could go bad was through a civil war.
“And Ghana can’t have a civil war. We are too peaceful. We’re too loving. We’re not going to hurt each other. Nothing will happen. So I said, there’s no way my money could go wrong. And guess what? I was wrong.
“I did a Eurobonds thing and now… nothing,” he said.
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