The debt levels that are rising nearly a decade after anti-poverty activists Bono and Bob Geldof persuaded the rich world to forgive Africa's crushing debts, are worrying. Developing countries - especially in Africa - seem to be engrossed in what the eminent Ghanaian Economist George Ayittey describes as ''one step forward, two steps backwards.' An estimated $100 billion of debt in loans taken by corrupt regimes saw more cash spent on debt servicing at the expense of other vital sectors.
In Ghana, Uganda, Mozambique, Senegal, Niger, Malawi, Benin, Sao Tome, Principe, Ethiopia, Tanzania and Burkina Faso, debt levels are rising. While Africa’s previous debt crisis retarded growth, undermined poverty reduction and degraded the environment, international development experts in cahoot with Africa’s leaders are keen on lending and receiving. It is imperative that African countries learn from the past and reduced financial wastage, drew a blue-print for an attractive return on investment in business deals and created a suitable environment for citizens to be productive. Africa must probe where it sidetracked and work at gaining sustainable economic development and freedom.