American-based Ghanaian comedian Michael Blackson has highlighted what he sees as a major factor responsible for the country’s problems.
He cited the tax culture of the United States, where high earners contribute a significant portion of their income taxes.
Blackson noted that in Ghana, the affluent are not taxed heavily.
“We’ve been known to be selfish, and that’s why sometimes we go through the struggles that we go through because we don’t know how to give. A lot of rich people here just care about themselves.
“These guys have a break here. In America, if you make a million dollars a year, you’re going to be giving 200,000 of that to the IRS. Here we don’t; you guys are not paying taxes. You are saving a lot of money.”
Michael Blackson
According to him, this is an opportunity for the rich to consider their social responsibilities and to give back to their communities.
“What are you doing for your people? Open your eyes. Find a way to give back, one way or another,” he urged.
His comments came amid discussions about his ‘Michael Blackson Academy’, which offers free education to young children in the Central Region.
According to him, the gesture was an opportunity to influence more wealthy people to give to the country’s less privileged.
“I’m hoping I can open their eyes and hopefully change people’s hearts and make everybody a better person,” he said.
Lost Funds Intended To Support School
Comedian Michael Blackson narrated how he lost funds that were intended to support his school after he invested in Ghana’s Eurobonds.
Blackson revealed how he planned to secure the school’s future through high-interest 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’.”
Michael Blackson
Despite warnings from his American bankers about the risks of investing in a developing country, Blackson remained confident in Ghana’s stability.
However, the unexpected Eurobond haircut left him without the returns he had counted on.
“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.”
Michael Blackson
Determined to keep the school operational, Blackson noted that he has turned to nonprofits and is planning on organizing fundraising events in the United States.
In 2023, Ghana undertook a debt restructuring initiative, which included a reduction in the principal amount of its Eurobonds, aiming to alleviate $20 billion in external debt.
The government sought a 30 to 40 percent cut in principal and forgiveness of interest payments. Following the announcement, the value of Ghana’s sovereign dollar bonds fell sharply.
This restructuring aligned with IMF conditions to assist Ghana with its Balance of Payments, requiring $15 billion over three years.
Without effective debt management, Ghana risked financial strain on its reserves and currency. The Eurobond haircut was part of Ghana’s strategy for economic relief, despite facing potential creditor resistance.
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