Africa is facing a dire debt crisis that is crippling development projects and threatening the future of millions. In South Africa alone, the government spends an astonishing $56 million daily just to cover interest on its national debt—a staggering figure that could instead fund over 3,000 government-subsidized homes for the countless families living in makeshift shelters made of metal and plastic. These homes lack basic sanitation and running water, leaving residents to collect water from distant sources, often at great personal expense and frustration.

The situation is not unique to South Africa. More than half of African nations are now diverting more funds to debt repayment than to essential services such as infrastructure, health, and education. Countries like Zambia and Ghana have already defaulted, while others, including Tunisia and Ethiopia, are grappling with harsh budget cuts imposed by the International Monetary Fund, igniting protests and civil unrest.

The stakes are alarmingly high. In Kenya and Nigeria, half of government revenues are consumed by debt payments, leaving little room for growth or development. As national debts soar—having more than doubled in the last decade—the cracks in these economies are becoming increasingly visible. The looming threat of default hangs over nations, with the potential to plunge entire economies into chaos.

Urgent discussions are underway to not only address the symptoms of this crisis but to confront its root causes. If left unchecked, Africa’s debt crisis could drown economies and extinguish the hopes of millions, jeopardizing the continent’s future. The world must pay attention—time is running out.