Abstract:
This study departs from empirical literature by considering the moderating role of
financial stability in the nexus of financial inclusion and economic growth in Sub-
Saharan Africa. An explanatory research design was employed to achieve this, and data
was collected from twenty (20) Sub-Saharan African countries from 2012 to 2022. This
is a quantitative study that utilizes the Generalized method of moments (GMM)
estimation technique to analyse the collected data. The study's findings revealed that
financial inclusion positively and significantly influenced economic growth.
Additionally, it was observed that financial stability also played a significant role in
predicting the growth trajectory of Sub-Saharan African countries. Furthermore, the
study discovered that financial stability positively and significantly moderated the
relationship between financial inclusion and economic growth. Based on these
findings, the study recommends policymakers in developing countries to prioritise
implementing financial inclusion policies. It also suggests implementing
complementary policies to enhance financial development, institutional quality, and
trade openness. Moreover, the study proposes that future research should focus on
exploring the impact of financial inclusion on other dimensions of development, such
as poverty reduction and income inequality.
Description:
A Dissertation in the Department of Applied Finance and Policy Management,
School of Business, submitted to the School of
Graduate Studies, in partial fulfilment
of the requirements for the award of the degree of
Master of Business Administration
(Finance)
in the University of Education, Winneba
FEBRUARY 2024
