Conversations about haircuts and the loss of investments due to the Domestic Debt Exchange Program (DDEP) launched by the current NPP government have resurfaced on social media, especially on X (formerly Twitter).
The outcries were sparked by Micheal Blackson, a Ghanaian actor based in the US, who expressed his frustration over losing his investments in Ghana.
He mentioned that he had purchased Eurobonds with the intention of funding his free school project with the returns.
Last year, the actor established a school in Ghana where he offers free education to underprivileged students.
In a series of posts on X, he shared the advice his financial advisor had given him regarding investing in Ghana.
He wrote: “Who’s the minister of finance in Ghana? I have beef with this guy. People of the diaspora decided to invest in our continent, and they used our money to pay their debt and gave us two options. Either take a 37% cut and receive 5% interest with 11 years maturity date or no cut but 1.9% interest with 15 years maturity date. I’m very disappointed in my people for this.
“I did the euro bonds because I figured that will help pay for the life span of the free school I built. Ghana decided to use our money to pay their debt to China or whoever and leave us hanging,” he added.
Blackson noted that he has been forced to hand over the school, but he is being restrained by the love he has for the country’s youth.
“If it wasn’t for the love and passion, I have for the underprivileged youth of Ghana 🇬🇭 I would just hand my school to the people and walk away but I can’t. I’ll have to work a little longer than I expected to help those kids out,” he said.
Sharing similar sentiments, other users noted that they have been robbed off years of hardwork and labour to the haircuts they had to suffer under the program.
One user wrote: “They lured foreigners to “come home” and “invest in Ghana” only for them to use their monies to pay off debts. It’s cruel. Year of Return will go down as one of the biggest Ponzi schemes ever. Just watch.”
Sports journalist, Fentuo Tahiru Fentuo wrote: Welcome to all of our reality. I went to Databank yesterday for the first time since debt exchange began – more than two years since. My investment was down 60% on its original value. My heart sunk as I left the banking hall.
“It’s a nightmare. A government should not do this to its citizens,” he said.
See more tweets below:
There will be no “haircuts”, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits.
— Nana Akufo-Addo (@NAkufoAddo) October 30, 2022
Wait so who holds a President accountable cos how can one wreak so much havoc with zero consequence? https://t.co/eJafV1xCnX
— Dr. alleunammE💊🎤🎶 (@Dr_nuellie_) September 18, 2024
https://t.co/DzPe6uGiHz pic.twitter.com/DbXImMs9IY
— Melanin Monroe (@Aku__Addy) September 18, 2024
lmao you tell diaspora say make they come home, them come home too you dey kwashey them😭
— dracojeremy🔫 (@jeremyb___) September 17, 2024
They lured foreigners to “come home” and “invest in Ghana” only for them to use their monies to pay off debts. It’s cruel.
Year of Return will go down as one of the biggest Ponzi schemes ever. Just watch.— Melanin Monroe (@Aku__Addy) September 17, 2024
👨🏾🍳🇬🇭: Michael Blackson want take kiddies bait somebody he get vim scam a whole Otwediapon plus cathedral? Wei? Yahweh kraaa, your man fraud um, na nkwaada sukuu fees.
Make he find some World Bank or USaid funding for ein school cuz aha de33….
— Ölele | DTS👨🏾🍳🇬🇭 (@OleleSalvador) September 18, 2024
This tweet alone will cause a leader to lose his job in a country that is serious with their lives and future. The bar was very low and now we have allowed these ones to remove it completely. https://t.co/2FQdR0TF1f
— eddie bamba. (@edasiamah_) September 18, 2024
SSD/MA
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