IMF Working Papers

Growth in Sub-Saharan Africa

By Dhaneshwar Ghura, Michael T. Hadjimichael

December 1, 1995

Preview Citation

Format: Chicago

Dhaneshwar Ghura, and Michael T. Hadjimichael Growth in Sub-Saharan Africa, (USA: International Monetary Fund, 1995) accessed September 18, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.

Subject: Expenditure, Foreign exchange, Human capital, Labor, National accounts, Population and demographics, Population growth, Private investment, Public investment spending, Real effective exchange rates

Keywords: Budget deficit, CFA franc, Comparable indicator, Government budget deficit, Government involvement, Human capital, Investment decision, Per capita income, Population growth, Private investment, Private sector, Private sector development, Private sector saving, Production function, Public investment spending, Rate of inflation, Real effective exchange rates, Sub-Saharan Africa, Terms of trade, Terms of trade loss, WP

Publication Details

  • Pages:

    32

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 1995/136

  • Stock No:

    WPIEA1361995

  • ISBN:

    9781451855753

  • ISSN:

    1018-5941

Notes

Also published in Staff Papers, Vol. 43, No. 3, September 1996.