Michael Blackson was caught up in the government’s debt restructuring programme
American-Ghanaian comedian Michael Blackson has speculated that his public criticism of the New Patriotic Party (NPP) government over Ghana’s Domestic Debt Exchange Programme (DDEP) may have influenced the party’s defeat in the 2024 general elections.
Speaking in an interview on The Breakfast Club in the U.S., Blackson recounted how his $1 million eurobond investment, intended to generate income to support his school project in Ghana, was caught up in the government’s debt restructuring programme.
He shared how he was attracted to the Eurobond programme, which offered a juicy 10% monthly interest on investments, irrespective of the currency.
“So, I had about 4-10 employees in the school, and I guess I could run the whole school for $10k in a month. And I said, ‘How can I get 10 grand a month for a lifetime?’
“They (the government) gave out these things called Eurobonds. Where the money stays in whatever currency you put it in. So euro or pounds or dollars, it stays in that currency. And it was paying a very high interest rate, like 10%. And I’m like, OK, I’ll put in $1,000,000 so they give me $10,000 a month. And once they expire after three years, I renew it again and again, right?” he recounted.
Michael Blackson to sue Ministry of Finance over locked-up Eurobond investment
However, according to him, after initially receiving just one or two payments, his returns were suddenly halted.
“I got, like, 1-2 payments, and then it stopped. So I hit up the financial guy, and I’m like, ‘What’s going on?’ He said, ‘Well, we are just having some issues, but everything’s going to be OK. Two years later, no payment.
“And I asked them again. They said COVID and Ghana owed China money and all that, and they were doing some sort of restructuring,” he added.
He shared how he was then offered two options: either lose 37% of his money with an extension of his 3–4-year bond to 11 years, or keep the principal but accept a drastic reduction in interest from 10% to 1.5%, with a new 15-year maturity period.
Frustrated, the comedian took to social media to vent.
“I went on Twitter, and I lit them up. I think I was probably the cause of the last government losing the election. Because the issue became worldwide,” he said.
Michael Blackson said he eventually chose the second option, which preserved his principal, though his monthly returns dropped from $10,000 to $1,500.
He added that he had to set up a nonprofit to help raise additional funds to ensure his school continues to run.
About the Domestic Debt Exchange Programme (DDEP)
The programme, launched in December 2022, was a scheme to exchange about GH¢ 137 billion of domestic government bonds for new ones under revised terms, aiming to ease the debt burden, reduce interest costs, and extend maturities.
While it provided the government with significant cash relief, it also imposed losses on investors through coupon reductions, extended tenures, and occasional “haircuts.”
The programme’s fallout affected banks, pension funds, and other financial institutions, raising concerns about liquidity, impaired assets, and investor confidence.
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