Development Economics and Finance in Africa

Joshua Yindenaba Abor is Financial Economist and Professor of Finance with expertise in development finance and economics research, as well as in seniorlevel policy roles. He is a member of the Monetary Policy Committee of the Bank of Ghana.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 Director of Research, African Economic Research Consortium (AERC), based in Nairobi, Kenya.

• 1 Introduction to Development Economics and Finance in Africa JOSHUA YINDENABA ABOR, ABBI M. KEDIR, AND OLIVER MORRISSEYPART IHouseholds and Firms 2 Employment, Poverty, and Inequality in Africa GLORIA AFFUL-MENSAH3 Microfinance for Households DANIEL OSARFO, LWANGA ELIZABETH NANZIRI, AND PETER QUARTEY4 Finance and SME Development in Africa: New Approaches GEORGE NANA AGYEKUM DONKOR, JOHN KWAKU DARKO OKRAH,AND DIMY DORESCA5 Between Global Frustrations and Continental Aspirations: Rethinking Regional Integration in AfricaANDREW MOLD6 Trade Costs and Performance of Firms ABDOULAYE SECK AND FESTUS EBO TURKSONPART IIPublic Finance7 Taxation and Government Spending in Sub-Saharan Africa ABRAMS TAGEM AND OLIVER MORRISSEY8 Tax Modelling and Distribution ABDUL MALIK IDDRISU, MARTIN MIKLOŠ, DAVID PHILLIPS, AND EDWARD ABROKWAH9 Tax Behaviour and Compliance ADRIENNE LEES AND GIULIA MASCAGNI10 Debt Sustainability and Management in Africa JEPHTHAH OWUSU OSEI, RAYMOND BOUMBOUYA, AND FELIX OPPONGPART IIIFinancing for Development 11 Reforms of Domestic Financial Systems EBENEZER BUGRI ANARFO, ZAKARI MUMUNI, AND CHRISTOPHER J. GREEN12 Digital Finance, Financial Inclusion, and Economic DevelopmentAYSE DEMIR, JOSEPH MUNIU, AND PETER MURIU13 Project and Infrastructure Finance for Development: Theory and Evidence PAUL GBAHABO, GEORGE NANA AGYEKUM DONKOR, AND JOHN MACOMBER14 Financing Sustainable Development in Africa LORDINA AMOAH, STÉPHANIE GIAMPORCARO, AND XOLISA DHLAMINI15 The Role of Development Finance Institutions in Climate Action JOSHUA YINDENABA ABOR AND ABBI M. KEDIR16 Emerging Issues in Development Banking in AfricaDANIEL OFORI-SASU, KANAYO AWANI, ANTHONY KYEREBOAH-COLEMAN,AND MACDONALD GOANUE17 Global Financial Architecture and Africa’s EconomicDevelopmentDANIEL OFORI-SASU, JOSHUA YINDENABA ABOR, VICTOR MURINDE,AND ABBI M. KEDIRIndex

"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