Ghana and several other African countries are grappling with mounting debt burdens, largely due to excessive borrowing and the mismanagement of allocated funds.<\/p>\n Speaking on the issue during GhanaWeb TV\u2019s BizTech program, hosted by Ernestina Serwaa Asante, Banking and Finance Expert, Dr. Christian Ayiku, emphasised the need for African governments to prioritize citizens\u2019 basic needs before seeking financial assistance from institutions like the International Monetary Fund (IMF), World Bank, and other global lenders.<\/p>\n Dr. Ayiku, who serves on the Board of Trustees for the African Forum and Network on Debt and Development (AFRODAD), stated, \u201cIn accruing debt, we need to look at the basics, the needs of the country. At the most fundamental level, people need food, shelter, and disposable income to improve their lives. When it comes to food, it\u2019s not just about planting; it involves irrigation, crop and soil science, drought resistance, and setting up infrastructure for processing to enhance shelf life.\u201d<\/p>\n Currently, some African nations are spending more on debt service interest payments than on public service investments.<\/p>\n Ghana, for example, is projected to pay approximately GH\u00a2150.3 billion in debt servicing by 2028.<\/p>\n For this financial year alone, the debt service obligations are substantial, with major payments scheduled in February (GH\u00a29.9 billion), July (GH\u00a26.2 billion), and August (GH\u00a210.1 billion).<\/p>\n The government has pledged to implement expenditure cuts to reduce the country\u2019s fiscal deficit and overall public debt.<\/p>\n SA\/MA<\/p>\n Watch the latest edition of BizTech below:<\/b><\/p>\n![\"Dr](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/189\/18920373.295.jpg\" "\\"Dr")
play video<\/span>Dr Christian Ayiku speaking to GhanaWeb’s Ernestina Serwaa Asante<\/span><\/span><\/p>\n<\/div>\n