African J. of Economic and Sustainable Development (8 papers in press)

Regular Issues

• Private investment in Guinea-Bissau : main determinants and key reforms  
  by Cheikh Ahmed T. Sall 
  Abstract: There is a dearth of knowledge on the determinants of private investments in Guinea-Bissau. This paper aims to fill this gap, using the autoregressive distributed lag (ARDL) approach, in order to identify short-term and long-term determinants. Our results reveal an increasing importance of international drivers, in particular remittances and foreign direct investment. Demand, proxied by real GDP, is significant only in the short term and, socio-political instability negatively affects private investment. These results confirm the need to accelerate reforms aimed at improving the business environment and promoting the diversification of the financial sector. Indeed, domestic credit to the private sector generally stimulates private investment, but its impact does not appear to be significant in Guinea-Bissau according to our estimation results. Therefore, it may be useful to put in place more suitable financing structures, in particular a viable micro-credit infrastructure, and sectoral banks for agriculture, housing and investment.
  Keywords: private investment determinants; low income country; model ARDL; break tests; Guinea-Bissau.
  
  
• Household savings in informal social groups in Kenya: does accountability matter?  
  by Jacqueline Agesa, Richard U. Agesa 
  Abstract: Social groups play a vital role in providing informal financial services in sub-Saharan Africa. This study offers the first examination of the impact of social group accountability on savings contributions to informal market social groups (Chamas) in Kenya. Specifically, we utilise a national dataset to examine the impact of accountability on household contributions to Kenyan Chamas. We find evidence that low-cost accountability initiatives such as securing Chama funds in a money lock box, or a bank account, and the separation of the Chama chair and treasurer positions increase Chama contributions. These findings provide insight into how low-cost accountability initiatives enhance contributions in informal financial markets. By contrast, registering a Chama with the Kenya government significantly reduces Chama contributions. Moreover, Chama registration is accompanied by non-trivial costs and members of registered Chamas are required to pay the appropriate tax liability on their portion of Chama generated income. Such findings serve as a cautionary tale that cost inducing accountability initiatives may inadvertently suppress households’ willingness to contribute to informal social groups, possibly stifling households’ propensity to save.
  Keywords: Chamas; informal social groups; informal financial markets; rotating savings and credit organisations; ROSCAs; accumulated savings and credit associations; ASCAs; Kenya; Africa.
  
  
• Effect of taxation on the productivity of firms in Ivory Coast  
  by Nohoua Traore 
  Abstract: This paper analyses the effects of taxation on the firm productivity using a Probit model with instrumental variables based on data collected from 560 firms in Ivory Coast. Results indicate that the taxation and the performance of the firm are not antinomic objectives contrary to neo-liberal thinking. On the contrary, there is a positive correlation between these objectives. Informal enterprises which partially formalise themselves also improve their labour productivity of 40.2%, and this increase in productivity is greater (54%) when the enterprise is fully taxed. Moreover, analyses show a greater positive effect of taxation on the labour productivity by an average of 48.9% when the manager is a man rather than a woman (41.7%). Thus, the analysis is unequivocal about the idea that tax levies would reduce the productivity efforts of enterprises in the same way as any cost of legality.
  Keywords: effect; taxation; firm; productivity; Ivory Coast.
  
  
• Urban agriculture between territorial anchoring and challenges of urbanisation: case of Guersif City (Eastern Morocco)  
  by Mohammed Elyaagoubi 
  Abstract: Faced with the rise of a neoliberal economy, urban agriculture is being put into contention with other, more profitable activities. Preserving urban agriculture in Guersif represents a real challenge for the city's various stakeholders. This article attempts to account for the decline in agricultural land in the town of Guersif, which is subject to galloping urbanisation, especially following the promotion of the town to the status of provincial capital following Morocco's administrative division in 2009. Based on sociological surveys of urban farmers, consumers, and local decision makers in Guersif, and assisted by technical data from the 1954 topographical map and sentinel-2 satellite images, this study identifies and quantifies the rate of loss of agricultural land between 1954 and 2021.
  Keywords: urban agriculture; territorial anchoring; Guersif; urbanisation; surveys.
  DOI: 10.1504/AJESD.2025.10067800
   
  
• Gearing up for sustainability and climate change disclosures in Ghana: a qualitative study  
  by Newman Amaning, Reindolph Anim Osei, Robertson Amoah, Peter Kwarteng 
  Abstract: Environmental degradation through greenhouse gas emission, irregular mining practices, sand winning, indiscriminate timber logging, bush-fire, etc. has reached alarming rate in Sub-Saharan Africa. Some studies blame the accounting profession for these threats. The International Federation of Accountants (IFAC), in their quest to resolve the situation, through the International Sustainability Standards Board (ISSB), have issued International Financial Reporting Standards (IFRS) on sustainability and climate change disclosures. In this study, we assess how accountants in Ghana are geared up for the implementation of these standards using a qualitative study approach. The results of the study show that accountants in Ghana are generally aware of sustainability accounting. Nevertheless, most of them lack the requisite knowledge of the thematic areas of the IFRS sustainability disclosure and reporting standards issued by IFAC's ISSB to facilitate their implementation. The implications of the results are discussed. This study, thus, makes a significant contribution to the extant literature on sustainability reporting by soliciting the opinion of accountants in Ghana.
  Keywords: gearing up; implementation; IFRS sustainability disclosure standards; accountants; Ghana; qualitative study.
  DOI: 10.1504/AJESD.2025.10067798
   
  
• Foreign aid towards accelerated economic growth in Africa: the role of independent central banks, political institutions and monetary integration  
  by Abel Mawuko Agoba, Odunayo Magret Olarewaju 
  Abstract: We explore the impact of various dimensions of foreign aid and central bank independence (CBI) on economic growth in Africa. The aim is to highlight which types of aid and central bank reforms will be most beneficial for Africa. The study also examines the impact of monetary integration on aid and CBI's effectiveness. We achieve these using two stage GMM and error correction two stage least squares estimators with data spanning 1970-2017. We find that, aside economic, infrastructure and services aid, other forms of aid had a direct negative impact on economic growth. Goal, personal, instrument and financial independence did not have any significant impact on economic growth. CBI does not enhance the impact of foreign aid on economic growth except in the presence of high levels of political institutional quality. Financial independence had the strongest impact on enhancing aid effectiveness. Foreign aid has a stronger impact in fixed exchange regimes. CBI impacts economic growth more in the non-CFA Zone, reflecting the role of flexible exchange regimes in improving CBI effectiveness.
  Keywords: foreign aid effectiveness; central bank independence; CBI; economic growth; monetary integration; institutions; developing countries; Africa.
  DOI: 10.1504/AJESD.2025.10067802
   
  
• Effect of education on adoption and continued use of improved maize seeds in Burkina Faso  
  by Lwungili Justin Bationo, Omer Combary, Youssoufou Hamadou Daouda 
  Abstract: This paper analyses the effect of education on the adoption and continued use of improved seeds in maize production. A bivariate probit model with sample selection was used on four years' panel data with 529 farmers per year-making a total of 2,116 observations. The results show that levels of primary and secondary education, agricultural supervision and adult literacy encourage the adoption of improved seeds. Secondary education, adult literacy and social capital were found to improve the continued use of improved seeds. The results suggest the need to strengthen extension services and literacy for adults working in agriculture. This could involve increasing the number of literacy centres as well as increasing the number of agricultural technical agents in rural areas.
  Keywords: adoption; Burkina Faso; education; extension services; improved seeds; continued use; bivariate probit model.
  DOI: 10.1504/AJESD.2025.10067799
   
  
• Comparative study of doing business in Kenya and Vietnam  
  by Khairun Nadiyah, Maria Isfus Senjawati, Lisa Nesti 
  Abstract: The main objective of this research is to propose an analytical study for companies in expanding business to achieve beneficial outcome by comparing between two emerging countries, Kenya and Vietnam, in respect of their distinctive cultural norm and value system as well as the cultural differences and others supported data analysis. The method used is qualitative using secondary data from reputable sources such as reputable journals and websites, private institutions, and public institutions. The analysis is included cultural norms and value systems (language, social structure, religion, political philosophy, economic philosophy, education), cultural differences by adopting Hofstede study (power distance, individualism, masculinity, uncertainty avoidance, long term orientation and indulgence), geopolitical comparison and doing business criteria (working aged, GDP, GNI, FDI, inflation, corruption level and education). The result reveals that Vietnam is a better preferred destination for company to expand its business.
  Keywords: expand; doing business; Kenya; Vietnam; Hofstede; cultural; norm; value system; comparative study.
  DOI: 10.1504/AJESD.2025.10067801