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:
Ghana 🇬🇭 stole the money I invested to keep my free school going so now I might have to do a go fund me smh.
— Michael Blackson (@MichaelBlackson) September 17, 2024
I feel your pain, Mike. I stopped chasing my locked up 💰 at GCFM around 2021 after losing hope of ever getting it back.
— Gary Al-Smith (@garyalsmith) September 17, 2024
3 years on, I'm still getting texts from the Aggrieved GCFM Customers group.
This is real. This is life. This is @NAkufoAddo's legacy that we feel. Daily. https://t.co/Qbia6gT8ue pic.twitter.com/0uNztXAoyF
No Ghanaian citizen should take these allegations lightly. They will resonate throughout the investment sector, causing hesitation among potential investors worldwide.
Akufo Addo and his administration must be thoroughly investigated for these corrupt practices. pic.twitter.com/uZxbWUcKqt
— Scott (@scottbolshevik) September 17, 2024
"There will be no haircut." It was delivered with conviction and precision. Today as we speak, a former GM at my ex work is fighting for his investments, like many others who feel betrayed by that quote. Lots of homes with parents turning 60 are deeply troubled as a result
— PrampramFisherman (@AnnyOsabutey) September 17, 2024
I worked so hard in my 20s.. made great money and invested in supposed govt bonds which were supposed to be ‘safe’ only for DDEP to wipe out my entire life savings! God will punish this govt beyond measure. Thank God for life and the many years ahead of me.. Recovery is sure🙏🏾
— Adwoa Aidoo (@_mAdjuwah_) September 17, 2024
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.
— Melanin Monroe (@Aku__Addy) September 17, 2024
Year of Return will go down as one of the biggest Ponzi schemes ever. Just watch.
👨🏾🍳🇬🇭: 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.
— Ölele | DTS👨🏾🍳🇬🇭 (@OleleSalvador) September 18, 2024
Make he find some World Bank or USaid funding for ein school cuz aha de33….
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
I’m very happy this Ken Ofori Atta mess is back up again. He was going under the radar and I disliked it.
— Aurélien (@Decipher7_) September 17, 2024
As Finance Minister, the damage Ken Ofori-Atta caused to the economy of Ghana from 2017-2023 and the financial implications, we owe a duty to future generations to document it properly so nobody tries to whitewash him 30 years down the line pic.twitter.com/T8O1dRA0c3
— Austine Woode (@obiMpenaAustine) September 17, 2024
Pres Akufo-Addo, DMB and Ken Ofori Atta gave @MichaelBlackson SMALL haircut norrr and he is all over the place ranting.
— roland walker👣 (@rowalkerghana) September 17, 2024
Ah🤔 pic.twitter.com/nPHPtUs4Np
There is corruption and there is whatever Ken Ofori Atta is doing
— Hazel Kaizoku (@meister_kwame) July 22, 2024
The sad thing is you will see some educated youth come and defend this online..this government has pushed so many people backwards financially, never again
— Nungua Burnaboy (@views09) September 17, 2024
Michael Blackson is going through it. And I don't even have 1/10 of his wealth and connections. Herh Akufo-Addo. I curse you!!
— Taj Osaze Mensa (@tomkadelik) September 17, 2024
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