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ABSTRACTOur study provides fresh insights into FDI's impact on carbon emissions across 51 African nations. Analysing data from 1990 to 2021, we use ARDL estimates and wavelet coherence analysis. While ARDL shows insignificant cointegration for most countries, wavelet coherence reveals: (i) 17 countries with a positive FDI-emissions link, (ii) 16 countries with a negative association, and (iii) 18 countries with ‘sign switching’ nonlinear dynamics. With no clear regional patterns, our main policy implication stresses the need for aligning regional efforts, like AfCFTA, with tailored country-specific strategies to guide capital flows towards cleaner industries. We advocate for industry-level FDI data in Africa to pinpoint sectors needing monitoring for greener production. On the global policymaking level, we assert that FDI cannot significantly address climate justice for most African countries.

AbstractThis study seeks to find out whether climate finance (CF) geared toward 35 Sub Saharan Africa (SSA) countries is assisting to achieve food security in the continent. To achieve this objective, we adopted FAO’s classification of food security of 4 main dimensions: food availability, access, stability and utilization and use principal component analysis (PCA) to generate food security indexes corresponding to the different dimensions of food security. The data was analyzed using system generalized methods of moments (GMM) whereas panel quantile regression (PQR) was employed as a sensitivity analysis. Our findings show that climate finance is more useful in securing food availability but fails to enhance food access, stability and utilization. Further analysis shows that other factors such as foreign direct investment and government readiness have more impact in enhancing the different dimensions of food security whilst rural population, agricultural spending, agricultural land and capacity have more adverse effects on food security. Relevant policy implications based on our analysis are discussed.

AbstractThis paper investigates the role of corporate board size and board independence on the volatility of stock returns of Ghanaian-listed firms. A sample of 22 listed firms on the Ghana Stock Exchange was used, between 2011 and 2019. The study adopted the panel-corrected standard error (PCSE) regression technique supported by Driscoll-Kraay and robust ordinary least square (OLS) approaches as robustness measures. It was found that corporate board size of listed firms must be sizeable enough to reduce the volatility of stock returns. More specifically, the findings demonstrate that firms with large corporate board sizes are associated with lower stock returns volatility in support of the agency theory. Moreover, board independence indicates a positive and significant relationship with stock return volatility in support of the risk-seeking hypothesis. This implies that increasing the number of outside board executives on corporate boards is not enough to reduce stock return volatility perhaps due to a high level of information asymmetry between outside board members and insiders. Similarly, large firms are more volatile in terms of stock returns than smaller firms. Thus, this study recommends stricter enforcement of monitoring and disclosure of relevant market information on listed firms as well as strengthening the capacity of independent board executives via appropriate training.

AbstractThis article aims to explore the interplay between financial stability, financial inclusion, and inclusive growth in 40 African countries during the period 2004–2020. It acknowledges that an unstable financial system has the potential to erode confidence and hinder the essence of financial inclusion in promoting inclusive growth. However, studies regarding the combined effect of financial inclusion and financial stability on inclusive growth are hard to find, especially in Africa. By examining the effects of financial inclusion on inclusive growth and the synergistic relationship between financial stability and inclusive growth, this study seeks to shed light on how these factors interact in the context of African economies. To cater for endogeneity issues, we used a two-step system generalized method of moment. Our result reveals three outcomes: First, financial inclusion promotes inclusive growth. Second, financial stability alone is less effective to enhance inclusive growth. Lastly, financial stability forms synergy with financial inclusion to further spike inclusive growth. It is recommended that policymakers should strive to enhance financial inclusion by promoting financial stability.

Background: Family socioeconomic status (SES) is related to a child’s educational success. Intermediate pathways for this relationship, such as through pubertal timing and reserve capacity, occur in adolescence. Aim: To study whether family SES affects a child’s adult education through a psychosocial and behavioural pathway (reserve capacity) and/or a biological pathway (pubertal timing) or only through school achievement in adolescence. Subjects and methods: Finnish adolescents sampled in five cross-sectional surveys from 1985 to 1995 (n = 37,876) were followed through the Registry of Completed Education and Degrees until 2009, when they were 29–43 years old. Family SES data also came from this registry. Structural equation modelling adjusted for ages at baseline and follow-up was used. Results: Low family SES increased the probability of low adult education, delayed pubertal timing (in boys), weak reserve capacity and low school achievement. Reserve capacity and school achievement directly affected adult education and mediated the relationship of family SES with the outcome. Delayed pubertal timing predicted low adult education, except when school achievement was added to the model. Conclusions: The results show that family SES affects the child’s adult education level through psychosocial and biobehavioural pathways, but the biological pathway is mediated by school achievement.

What are the characteristics of recipient countries that attract more climate finance in mitigating and adapting to climate change? In this study, we address this question by looking at recipients in 43 Sub-Sahara African countries for the period 2006–2017, and implement several panel regression techniques, including system generalized methods of moments estimations to address potential endogeneity concerns. We also performed sensitivity analysis using panel quantile regressions. The findings show that Sub-Sahara African countries with higher population growth rate, higher poverty levels, better ease of doing business profile, weaker governance policies, weaker control of corruption, stronger rule of law enforcement, deepened social inequality, and better ICT usage, have attracted more climate finance. Policy implications of the study are discussed.

The purpose of this study is to examine the impact of climate finance on pollutant emissions (CO2, CH4 and N2O) for a sample of 19 Sub-Sahara Africa (SSA) countries over the period 2006 to 2017. Our study augments the traditional Environmental Kuznets Curve (EKC) with climate finance and our findings affirm the existence of an inverted U-shaped relationship between per capita income and emissions (i.e. traditional EKC) as well as between climate finance and emissions (Climate finance-induced EKC). We particularly compute turning points of $3,690 (CO2); $5,710 (CH4) and $6,420 (N2O) for per capita GDP levels and $910 million (CO2), $1.2 billion (CH4) and $1. 6 billion (N2O) for climate finance funds. These turning points are above the current averages observed for the SSA countries hence implying that these African countries are not developed enough and neither receive sufficient climate funding to address the challenges arising from climate change.

Family socioeconomic circumstances directly influence adult education level. Adolescent psychosocial resources and health-promoting behaviour collectively termed as ‘reserve capacity’ and school achievement may likely mediate the effect of family socioeconomic circumstances on adult education level. We tested these relationships using 1985–1995 survey data on 12–18-year-old Finns (N = 41,822) linked with three-generation registry data of Statistics Finland until 2009. Results of the multinomial logistic regression models, adjusted for sex and age at end of follow-up, showed that socioeconomic circumstances of parents and grandparents predicted adult education level. School achievement and reserve capacity dimensions of perceived health, health-promoting behaviour and social support in adolescence also positively predicted adult education. Moreover, these tended to decrease the effect of family socioeconomic circumstances on educational level. Our findings suggest that formulating interventions which build reserve capacity and improve school performance, especially among adolescents from disadvantaged socioeconomic backgrounds, could likely reduce educational inequalities.

Background: Families and friends who give care to people with mental disorders (MDs) are affected in a variety of ways and degrees. The interplay of caregiving consequences: poverty, discrimination and stigma, lack of support from others, diminished social relationships, depression, emotional trauma, and poor or interrupted sleep are associated caregiver burden. Objective: The burden of care on caregivers of people living with MDs was assessed in two districts located in the middle part of Ghana. Coping strategies and available support for caregivers of MDs were also assessed. Design: A qualitative study was carried out involving 75 caregivers of participants with MDs registered within the Kintampo Health and Demographic Surveillance Systems. Data were gathered from caregivers about their experiences in providing care for their relations with MDs. Results: Caregivers reported various degrees of burden, which included financial, social exclusion, emotional, depression, and inadequate time for other social responsibilities. Responsibilities around caregiving were mostly shared among close relatives but to a varying and limited extent. Religious prayers and the anticipation of cure were the main coping strategies adopted by caregivers, with expectation of new treatments being discovered. Conclusions: Emotional distress, stigma, financial burden, lack of support networks, social exclusion, health impact, and absence of decentralised mental health services were experienced by family caregivers. These findings highlight the need for interventions to support people with MDs and their caregivers. This might include policy development and implementation that will decentralise mental health care provision including psychosocial support for caregivers. This will ameliorate families’ financial and emotional burden, facilitate early diagnosis and management, reduce travel time to seek care, and improve the quality of life of family caregivers of persons with MDs.