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Remittances, financial development and poverty reduction in Sub-Saharan Africa: Implications for post-COVID-19 macroeconomic policies

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  • Acheampong, Alex O.
  • Appiah-Otoo, Isaac
  • Dzator, Janet
  • Agyemang, Kwabena Koforobour

Abstract

To design and implement effective post-COVID-19 macroeconomics policies to tackle poverty in sub-Saharan Africa (SSA), policymakers need to understand the factors shaping poverty in the region. This paper investigates the effect of international remittances and financial development on poverty alleviation in 44 sub-Saharan African SSA countries from 2010 to 2019. The instrumental variable generalised method of moment technique results indicated that while remittances increase poverty, financial development contributes significantly to poverty reduction. The results consistently revealed that remittances increase both male and female poverty rates, while financial development significantly reduces male and female poverty rates. Other factors such as economic growth, foreign direct investment, and trade openness contributed significantly to reducing poverty. In contrast, government expenditure and foreign aid were found to increase poverty rate in SSA. These results are robust to the Lewbel two-stage least squares estimator. The practical implications of these findings for post-COVID-19 macroeconomic policies in SSA are discussed.

Suggested Citation

  • Acheampong, Alex O. & Appiah-Otoo, Isaac & Dzator, Janet & Agyemang, Kwabena Koforobour, 2021. "Remittances, financial development and poverty reduction in Sub-Saharan Africa: Implications for post-COVID-19 macroeconomic policies," Journal of Policy Modeling, Elsevier, vol. 43(6), pages 1365-1387.
    • Handle: RePEc:eee:jpolmo:v:43:y:2021:i:6:p:1365-1387
    DOI: 10.1016/j.jpolmod.2021.09.005
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    16. Appiah, Michael & Frowne, Doreen Idan & Tetteh, Derrick, 2020. "Re-examining the Nexus Between Financial Development and Poverty Reduction: Evidence from Emerging Economies," Asian Journal of Applied Economics, Kasetsart University, Center for Applied Economics Research, vol. 27(2).
    17. Boukhatem, Jamel, 2016. "Assessing the direct effect of financial development on poverty reduction in a panel of low- and middle-income countries," Research in International Business and Finance, Elsevier, vol. 37(C), pages 214-230.
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    More about this item

    Keywords

    Financial development; Remittances; Poverty; Sub-Saharan Africa;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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