Development Economics and Finance in Africa

Joshua Yindenaba Abor is a Financial Economist and Professor of Finance with expertise in development finance and economics research, as well as in senior–level policy roles. He is a former Dean at the University of Ghana Business School.Oliver Morrissey is Professor of Development Economics and Director of CREDIT, School of Economics, University of Nottingham, and a Managing Co-Editor of the Journal of Development Studies.Abbi M. Kedir is the Director of Research, African Economic Research Consortium (AERC) based in Nairobi, Kenya.

"This book provides a compelling and wide-ranging examination of development economics and finance in Africa, bringing together high-quality scholarship across multiple dimensions of economic transformation. The chapters balance conceptual clarity with detailed empirical analysis, offering insights that are both academically rigorous and practically relevant. By covering issues spanning household welfare, firm behaviour, fiscal systems, financial reform and sustainable development, the volume captures the interconnected nature of Africa’s development challenges. The emphasis of the book on contemporary policy debates, institutional design and emerging financial instruments makes it a valuable resource for researchers, policymakers and practitioners. The collection stands out as an authoritative and thoughtfully structured contribution to the study of Africa’s economic development." — Joe Nellis, Emeritus Professor of Global Economy, Cranfield University, UK"A timely and rigorous set of analytical surveys on critical issues in development economics and finance in Africa, mainly written by African economists themselves—an approach that remains rare, yet is badly needed." — Stefan Dercon, Professor of Economic Policy, University of Oxford, UK"This volume brings together development economics and development finance to examine critical issues faced by African countries in their quest for sustainable path towards higher living standards for their populations. The editors have assembled a team of world-renown experts in the topics covered in the book that has produced cutting-edge analysis that competently combines sound theoretical grounding with up-to-date empirical illustrations to shed light on the key constraints hampering economic development in Africa in a way that enables us to distill insightful practical and contextualized policy recommendations. The volume is a valuable resource for scholars of African development and especially for African policymakers who face the pressing need of tackling the various challenges discussed in the book." — Léonce Ndikumana, Distinguished Professor of Economics and Director of the African Development Policy program (Political Economy Research Institute, PERI), University of Massachusetts Amherst, USA

• 1. Introduction to Development Economics and Finance in Africa Joshua Yindenaba Abor, Abbi M. Kedir and Oliver Morrissey Part I: Households and Firms 2. Employment, Poverty and Inequality in Africa Gloria Afful-Mensah 3. Microfinance for Households Daniel Osarfo, Lwanga Elizabeth Nanziri and Peter Quartey 4. Finance and SME Development in Africa: New Approaches George Nana Agyekum Donkor, John Kwaku Darko Okrah and Dimy Doresca 5. Between Global Frustrations and Continental Aspirations: Rethinking Regional Integration in Africa Andrew Mold 6. Trade Costs and Performance of Firms Abdoulaye Seck and F. Ebo Turkson Part II: Public Finance 7. Taxation and Government Spending in Sub-Saharan Africa Abrams Tagem and Oliver Morrissey 8. Tax Modelling and Distribution Abdul Malik Iddrisu, David Phillips, Martin Miklos and Edward Abrokwah 9. Tax Behaviour and Compliance Adrienne Lees and Giulia Mascagni 10. Debt Sustainability and Management Jephthah Owusu Osei, Raymond Boumbouya and Felix Oppong Part III: Financing for Development 11. Reforms of Domestic Financial Systems Ebenezer Bugri Anarfo, Zakari Mumuni and Christopher J. Green 12. Digital Finance, Financial Inclusion, and Economic Development Ayse Demir, Joseph Muniu and Peter Muriu 13. Project and Infrastructure Finance for Development: Theory and Evidence Paul Gbahabo, George Nana Agyekum Donkor and John Macomber 14. Financing Sustainable Development in Africa Lordina Amoah, Stéphanie Giamporcaro and Xolisa Dhlamini 15. The Role of Development Finance Institutions in Climate Action Joshua Yindenaba Abor and Abbi M. Kedir 16. Emerging Issues in Development Banking in Africa Daniel Ofori-Sasu, Kanayo Awani, Anthony Kyereboah-Coleman and MacDonald Goanue 17. Global Financial Architecture and Africa’s Economic Development Daniel Ofori-Sasu, Joshua Yindenaba Abor, Victor Murinde and Abbi M. Kedir