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All Journal Solo International Collaboration and Publication of Social Sciences and Humanities
Baba Abba, Falmata
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Humanities Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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External Reserves and Macroeconomic Stability: Evidence from Sub-Saharan African Countries Baba Abba, Falmata; Alhaji Baba, Yagana; Ahmed Idris, Amina
Solo International Collaboration and Publication of Social Sciences and Humanities Vol. 2 No. 02 (2024): Main Thema: Social Sciences and Humanities in the Dynamics of Society, Culture
Publisher : Walidem Institute and Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61455/sicopus.v2i02.188

Abstract

This study investigates the effect of foreign exchange reserves accumulation on macroeconomic stability proxied by inflation, unemployment, exports, and GDP for a sample of 49 Sub-Saharan African countries from 2009 to 2021 using a panel (longitudinal) fixed model. Findings from this study reveal that foreign exchange reserves have a significant negative effect on unemployment and inflation; however, it shows a significant positive effect on exports, while gross domestic product (GDP) shows no significant relationship with foreign exchange reserves. To improve the overall economy of the listed sub-Saharan countries, the paper, therefore, recommends that sub-Saharan African countries adopt a mixture of investment-friendly and unemployment reduction policies by reinvesting investible surplus into inflationary controllable and productivity-boosting policies that will stimulate economic growth rather than keeping this huge amount of resources redundant. The study adopted a qualitative research methodology where the study uses panel data, the data is secondary and is sourced from the World Bank Development Indicators.
Co-Authors Ahmed Idris, Amina Alhaji Baba, Yagana