Exports, finance, and economic growth: does financial development boost the impact of exports on economic growth in Sub-Saharan Africa?

Faustin Maniraguha and Etienne Ndemezo

Macroeconomics and Finance in Emerging Market Economies, 2025, vol. 18, issue 3, 591-634

Abstract: This paper examines whether financial development can boost the contribution of exports to economic growth in Sub-Saharan Africa. The paper constructed an interaction index customized to the Sub-Saharan African context in terms of financial developments and exports growth. The analysis considers data from 2004 until 2019 for 28 selected countries from SSA. After applying econometric techniques, the findings indicated that the level of the interaction index and its effect on growth is country and regional-specific. Indeed, the interaction index showed greater effect on economic growth. Policymakers should focus on the development of the financial sector, particularly financial institutions, as well as on financing exports, to stimulate economic growth.

Date: 2025
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DOI: 10.1080/17520843.2022.2160077

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