Bright Simons, the vice president of IMANI Africa, called Ghana's approach to the debt exchange programme "very uncommon."

He claims that in order to reach an agreement, nations and institutions that have undertaken debt restructuring have consulted investors and creditors.

However, in the instance of Ghana, the proposed initiative has faced strong opposition because, according to stakeholders, they weren't consulted.

The Ghana Chamber of Trustees, the Ghana Medical Association, and the Trades Union Congress were among the organisations and unions that strongly opposed the initiative.

Bright Simons in a series of tweets on December 9, 2022, said “1 week after presenting creditors an offer to restructure Ghana's debt, the govt is facing rejection by those who hold ~70% of the debt:

1. Securities dealers & funds

2. Private banks.

3. Insurance schemes

4. Pension funds

5. Non-resident investors

With 10 days b4 the deadline”

He further said that the “Success rate in sovereign debt restructuring is 90%+ so govt has a long way to go. It may have to contend with a "Dominica situation" where the process ended up taking months. Expert Trebesch shows that virtually all recent restructurings have been co-designed with creditors.

“Thus Ghana's "take it or leave it" model with no menu of options to suit different creditor circumstances is highly unusual. Even stranger is the total lack of creditor input in the design of the program. Another serious credibility crisis is now brewing for govt,” he added.