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Knowledge-Driven Economic Growth: The Case of Sub-Saharan Africa

Author

Listed:
  • Stephen Oluwatobi

    (Covenant University, Ota, Ogun State, Nigeria)

  • Isaiah Olurinola

    (Covenant University, Ota, Ogun State, Nigeria)

  • Philip Alege

    (Covenant University, Ota, Ogun State, Nigeria)

  • Adeyemi Ogundipe

    (Covenant University, Ota, Ogun State, Nigeria)

Abstract

The experience of South Korea, India, China and Singapore reveals that developing economies can fasttrack development, leapfrog the stages of development and catch up with advanced economies by putting knowledge capital as the driver of development. If the knowledge economy is therefore an accelerant of development for both advanced and developing economies, it is possible for Sub-Saharan African (SSA) economies to also catch up with advanced economies. It was on this basis that this study assessed the knowledge capacity of SSA and the effect it has on its economic advancement. Given the importance of the interrelatedness among the knowledge economy elements, this study, thus, examined how the interaction effect between the elements of the knowledge economy affects economic growth in 32 SSA countries, for which data were available, over the period of 17 years (1996-2012). Using the System Generalized Method of Moments (SGMM), the study found out that institutions and human capital in SSA mitigate the effect of innovation on economic growth in the region, thus, making it a lean knowledge economy.

Suggested Citation

  • Stephen Oluwatobi & Isaiah Olurinola & Philip Alege & Adeyemi Ogundipe, 2018. "Knowledge-Driven Economic Growth: The Case of Sub-Saharan Africa," AFEA Working Papers 18/025, African Finance and Economic Association (AFEA).
    • Handle: RePEc:afe:wpaper:18/025
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    File URL: http://afeawpapers.org/RePEc/afe/afe-wpaper/Knowledge-Driven-Economic-Growth-in-SSA.pdf
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    Cited by:

    1. Olatunji A. Shobande & Simplice A. Asongu, 2021. "Has Knowledge Improved Economic Growth? Evidence from Nigeria and South Africa," Working Papers 21/059, European Xtramile Centre of African Studies (EXCAS).
    2. Simplice A. Asongu & John Kuada, 2020. "Building knowledge economies in Africa: an introduction," Contemporary Social Science, Taylor & Francis Journals, vol. 15(1), pages 1-6, January.
    3. Simplice A. Asongu, Nicholas M. Odhiambo, 2021. "Taxation, foreign aid and political governance in Africa," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 18(2), pages 217-249, December.
    4. Xia Cao & Tianjiao Zhao & Zeyu Xing, 2022. "How Do Government Policies Promote Green Housing Diffusion in China? A Complex Network Game Context," IJERPH, MDPI, vol. 19(4), pages 1-23, February.
    5. Simplice A. Asongu & Nicholas M. Odhiambo, 2022. "The of role economic growth in modulating mobile connectivity dynamics for financial inclusion in developing countries," Working Papers of the African Governance and Development Institute. 22/013, African Governance and Development Institute..
    6. Mohsen Ahmadi, 2021. "A Computational Approach to Uncovering Economic Growth Factors," Computational Economics, Springer;Society for Computational Economics, vol. 58(4), pages 1051-1076, December.
    7. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Foreign aid volatility and lifelong learning," International Journal of Education Economics and Development, Inderscience Enterprises Ltd, vol. 11(4), pages 370-406.
    8. Koketso Phale & Fanglin Li & Isaac Adjei Mensah & Akoto Yaw Omari-Sasu & Mohammed Musah, 2021. "Knowledge-Based Economy Capacity Building for Developing Countries: A Panel Analysis in Southern African Development Community," Sustainability, MDPI, vol. 13(5), pages 1-28, March.
    9. Adeyemi A. Ogundipe & Favour O. Olarewaju, 2020. "Manufacturing Output and Labour Productivity: Evidence from ECOWAS," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 9, September.
    10. Joy V. Nyondo & Patrício V. Langa, 2021. "Emerging Research University in Africa: Divergent Views on Relevance and Experiences," Voprosy obrazovaniya / Educational Studies Moscow, National Research University Higher School of Economics, issue 1, pages 237-256.
    11. Voxi Heinrich Amavilah & Antonio Rodriguez Andres, 2022. "Knowledge Economy and the Economic Performance of African Countries: A Seemingly Unrelated and Recursive Approach," Working Papers 57, The German University in Cairo, Faculty of Management Technology.
    12. Favour O. Olarewaju & Oluwafadekemi S. Areo & Adeyemi A. Ogundipe & Toun Y. Ogunbiyi & Abiola J. Asaleye, 2020. "Capital and Labour Productivity: A Comparative Study of Nigeria and South Africa," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 10(12), pages 1384-1395, December.
    13. Simplice A. Asongu & Raufhon Salahodjaev, 2023. "Demand-Side Mobile Money Drivers of Financial Inclusion: Minimum Economic Growth Thresholds for Mobile Money Innovations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 4848-4865, December.
    14. Mohd Nadeem Bhat & Firdos Ikram & Mohd Nayyer Rahman, 2024. "Foreign Direct Investment and Imports in India: Exploring Institutional Dimensions," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 1386-1417, March.
    15. Dokas, Ioannis & Panagiotidis, Minas & Papadamou, Stephanos & Spyromitros, Eleftherios, 2023. "Does innovation affect the impact of corruption on economic growth? International evidence," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 1030-1054.
    16. Voxi Heinrich Amavilah & Antonio Rodríguez Andrés, 2024. "Knowledge Economy and the Economic Performance of African Countries: A Seemingly Unrelated and Recursive Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 110-143, March.

    More about this item

    Keywords

    Economic Growth; Human Capital; ICT; Innovation; Institutions; Knowledge Economy;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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