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<p>Foreign direct investment (FDI) has become crucial for the successful implementation of the 2030 Sustainable Development Agenda, particularly for the most vulnerable populations in Africa. Spanning 2004 to 2020, this study examines the influence of FDI on sustainable development through the lens of financial inclusion across 48 African countries. To mitigate endogeneity, the research employs both IV-3SLS and two-step system GMM methodologies. A multidimensional composite index was utilized to assess financial inclusion, encompassing both traditional and digital finance. Empirical findings reveal that while FDI alone may have a detrimental impact on sustainable development in Africa, this effect becomes positive when moderated by financial inclusion. Furthermore, a U-shaped relationship emerges, suggesting that the benefits of FDI for sustainable development are amplified at higher levels of financial inclusion, particularly in low-income countries with robust governance. These results suggest that policymakers should prioritize developing governance frameworks that facilitate FDI’s contribution to sustainability while simultaneously expanding financial inclusion through digital financial services.</p>

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Africa’s roadmap to 2030: harnessing inclusive investment for a sustainable future

  • 期刊论文

  • 发表日期：

    2026年7月20日

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  • Benedict Arthur,
  • Francis Atta Sarpong,
  • Ebenezer Nana Yeboah,
  • Yedidya Abera

摘要

Foreign direct investment (FDI) has become crucial for the successful implementation of the 2030 Sustainable Development Agenda, particularly for the most vulnerable populations in Africa. Spanning 2004 to 2020, this study examines the influence of FDI on sustainable development through the lens of financial inclusion across 48 African countries. To mitigate endogeneity, the research employs both IV-3SLS and two-step system GMM methodologies. A multidimensional composite index was utilized to assess financial inclusion, encompassing both traditional and digital finance. Empirical findings reveal that while FDI alone may have a detrimental impact on sustainable development in Africa, this effect becomes positive when moderated by financial inclusion. Furthermore, a U-shaped relationship emerges, suggesting that the benefits of FDI for sustainable development are amplified at higher levels of financial inclusion, particularly in low-income countries with robust governance. These results suggest that policymakers should prioritize developing governance frameworks that facilitate FDI’s contribution to sustainability while simultaneously expanding financial inclusion through digital financial services.