The Impact of Microfinance and Development Aid on Sustainable Development in Sierra Leone: Evidence Toward Achieving SDG 1

John Albert Sankoh, Chimwemwe Lusekelo Mwamsamali and Samuel Conteh
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John Albert Sankoh: School of International Development and Cooperation, University of International Business and Economics (UIBE), Beijing, China.
Chimwemwe Lusekelo Mwamsamali: China School of Banking and Finance, University of International Business and Economics (UIBE), Beijing, China.
Samuel Conteh: School of Economics and Management, Beihang University, Beijing, China.

Journal of Scientific Reports, 2025, vol. 9, issue 1, 80-116

Abstract: This study examines the effects of microfinance and development aid on poverty alleviation and sustainable development in Sierra Leone, with a specific focus on progress toward Sustainable Development Goal 1 (No Poverty). Based on a quantitative survey of 398 households, the findings reveal that microfinance is associated with improved financial inclusion and entrepreneurial activity; however, it also has constraints, including high interest rates and limited rural availability. Development aid helps improve household income and community infrastructure, but questions remain regarding transparency and long-term sustainability. The results emphasize the complementary nature of these interventions. Microfinance encourages individual empowerment, whereas development aid targets systemic barriers. The study suggests using participatory planning, financial literacy programs, and integrated approaches to enhance the effectiveness of interventions. These findings provide actionable insights for policy and inclusive development strategies in Sierra Leone and other contexts.

Keywords: Microfinance; Development Aid; Poverty Alleviation; Socio-economic Wellbeing; Entrepreneurial Skills; Sustainable Development (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aif:report:v:9:y:2025:i:1:p:80-116

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