Economic Transformation and Financial Literacy: Impacts on Human Capital Development in Africa DOI Creative Commons

Nicholas Bamegne Nambie,

Evans O. N. D Ocansey,

O. K. Ababio

et al.

African Journal of Economics and Sustainable Development, Journal Year: 2025, Volume and Issue: 8(2), P. 17 - 34

Published: April 28, 2025

This study examines the interrelationship between economic transformation and financial literacy, as well their collective influence on development of human capital in Africa. Utilizing a quantitative research methodology, analysis incorporated data obtained from sources including World Development Indicators (WDI) United Nations (UN), encompassing timeframe 2003 to 2024. The Generalized Method Moments (GMM) was utilized estimation technique mitigate potential endogeneity ensure robustness findings. findings underscore that although plays crucial role advancement capital, its complete is only actualized when it accompanied by extensive literacy. Financial literacy enhances individuals' ability make informed decisions, thereby magnifying advantages growth. policy implications necessity incorporating into educational curricula, advocating for inclusive policies, utilizing technology enhance access education. Future endeavors should investigate regional disparities effects significance digital inclusion, interaction governance within African context.

Language: Английский

Economic Transformation and Financial Literacy: Impacts on Human Capital Development in Africa DOI Creative Commons

Nicholas Bamegne Nambie,

Evans O. N. D Ocansey,

O. K. Ababio

et al.

African Journal of Economics and Sustainable Development, Journal Year: 2025, Volume and Issue: 8(2), P. 17 - 34

Published: April 28, 2025

This study examines the interrelationship between economic transformation and financial literacy, as well their collective influence on development of human capital in Africa. Utilizing a quantitative research methodology, analysis incorporated data obtained from sources including World Development Indicators (WDI) United Nations (UN), encompassing timeframe 2003 to 2024. The Generalized Method Moments (GMM) was utilized estimation technique mitigate potential endogeneity ensure robustness findings. findings underscore that although plays crucial role advancement capital, its complete is only actualized when it accompanied by extensive literacy. Financial literacy enhances individuals' ability make informed decisions, thereby magnifying advantages growth. policy implications necessity incorporating into educational curricula, advocating for inclusive policies, utilizing technology enhance access education. Future endeavors should investigate regional disparities effects significance digital inclusion, interaction governance within African context.

Language: Английский

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