Cassiel Ato Forson, a ranking member of the finance committee of parliament, lamented how quickly Ghana's narrative transformed from one of highly potential nations to one of the world's suffering economies.

He responded to a Bloomberg article headlined "Why Ghana from Hero to Zero for Investors," which was the source of his information.

According to Bloomberg, "Ghana, once an example of economic stability in Africa, has ceased to make interest payments on its foreign debt.How did things get so bad off course?

“Ghana is learning the hard way why oil can be a blessing and a curse. The onset of commercial crude production helped turn the West African nation into one of the continent’s top investment destinations but also prompted successive governments to borrow to the hilt. Skittish investors offloaded Ghana’s bonds and currency, the cedi, amid doubts over its ability to settle its debts.

“The concern proved to be well-founded: In December, the government caught bondholders by surprise by unilaterally suspending interest payments on its external debt ahead of restructuring talks aimed at pinning down a $3 billion loan from the International Monetary Fund,” it added.

Ato Forson said on December 28, 2022, “The world cannot understand how Ghana has sunk so low! The PR diverted attention from this government’s mismanagement of the economy since 2018! The lesson is obvious: not all that glitters is gold!”

Ghana has announced a debt exchange programme that is calling on domestic bondholders to exchange their bonds for fresh ones with new maturity dates.

The government also suspended debt payments for external debts.It is however seeking to get financial support from the International Monetary Fund. The government reached a staff-level agreement with the IMF awaiting approval from its board.