Last week news that Moodyâ€™s Investors Service lowered its sovereign rating by one notch from B1 to B2 and maintained its negative outlook.
For Ghana, it was just the latest blow in a week full of them.
The countryâ€™s woes began Thursday when the Black Stars, Ghanaâ€™s national menâ€™s soccer team, expelled two of its star players, Sulley Muntari and Kevin-Prince Boateng, for launching verbal and physical attacks against team management.
That put the team in a tough spot ahead of its do-or-die game against Portugal at the World Cup
A half hour into the game, Ghanaâ€™s slim chances of advancing took a hit when defenceman John Boye saw the ball spin off his leg and into the net â€“ a demoralizing own-goal.
Sixty minutes later the teamâ€™s World Cup hopes were dashed as Portugol won 2-1.
Todayâ€™s credit rating downgrade was largely driven by two factors. The first is a high and rising debt burden that has led to greater interest expenses.
Ghanaâ€™s interest payments have increased from 14% of revenues in 2012 to 23% in 2013.
This has triggered the second main cause: higher exposure to event risk due to the governmentâ€™s surging financing needs.
An early World Cup exit and an ominous financial forecast â€“ it is sure to be a somber week in the West African nation.