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International Review of Applied Economics Volume 37, 2023 - Issue 3
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Research Article

Public debt and economic growth nexus in sub-saharan Africa: does institutional quality matter?

Clement OppongDepartment of Accounting and Finance, School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, GhanaCorrespondence[email protected]
,
Abukari Salifu AtchuloDepartment of Accounting and Finance, School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
&
Shenell Fatia OmanDepartment of Accounting and Finance, School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
Pages 311-323 | Received 20 Feb 2023, Accepted 12 Apr 2023, Published online: 20 Apr 2023
 
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ABSTRACT

This paper investigates the effect of institutional quality and public debt on economic growth among sub-Saharan African countries. The study employs the System Generalized Method of Moments (SGMM) and the Fixed Effect techniques on data from 35 Sub Saharan African countries (sourced from the World Development Indicators (WDI) and the World Governance Index (WGI) databases from 2010 to 2020). The results reveal that institutional quality has a significantly negative effect on public debt; public debt has a significantly negative effect on economic growth; and institutional quality has a significantly positive effect on economic growth. This suggests that countries with weak institutions may have debt overhang deleterious to economic growth.

JEL CLASSIFICATION:

Disclosure statement

No potential conflict of interest was reported by the authors.

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