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Financial inclusion and post-harvest losses in West African economic and Monetary Union

Armand Fréjuis Akpa (Department of Economics, University of Abomey-Calavi, Abomey-Calavi, Benin)
Romanus Osabohien (Department of Economics and Development Studies, Coveneant University, Ota, Nigeria)
Junaid Ashraf (School of Statistics, Jiangxi University of Finance and Economics, Nanchang, China)
Mamdouh Abdulaziz Saleh Al-Faryan (Faculty of Business and Law, School of Accounting, Economics and Finance, University of Portsmouth, Portsmouth, UK) (Consultant in Economics and Finance, Riyadh, Saudi Arabia)

Agricultural Finance Review

ISSN: 0002-1466

Article publication date: 19 December 2022

Issue publication date: 14 March 2023




Post-harvest losses are major problems faced by farmers and this is due to their poor access to credit considered as a low rate of financial inclusion. This paper aims at analysing the relationship between financial inclusion and post-harvest losses in the West African Economic and Monetary Union (WAEMU).


The study engaged data from the Food and Agriculture Organisation [FAO] for post-harvest losses. Also, it engaged data from Banque Centrale des Etats de l’Afrique de l’Ouest [BCEAO] for financial inclusion over the period 2000 to 2020. The study applied the Instrumental Variable Two-Stage Least Squares (IV-2SLS) and Generalised Method of Moments (GMM) to test the robustness of the results.


The results show that financial inclusion reduces post-harvest losses by 1.2%. Therefore, given this result, policies to improve farmers’ access to credit by increasing the rate of financial inclusion, is a necessary condition for the reduction of post-harvest losses.

Social implications

Social implication of this study is that it contributes to the policy debate on the enhancement of food security by reducing post-harvest losses. The reduction in post-harvest losses and food security, will improve the welfare and livelihood of the society. This aims for the actualization of sustainable development goal of food and nutrition security (SDG-2).


The findings imply that efforts by governments and policymakers to improve farmers’ access to credit by increasing the rate of financial inclusion would reduce post-harvest losses in West African countries that are members of the WAEMU. Also, investment in education, ICT and building warehouse for farmers will help in reducing post-harvest losses. It implies that educated farmers have more opportunities to be financially inclusive than those who are not educated.



Akpa, A.F., Osabohien, R., Ashraf, J. and Al-Faryan, M.A.S. (2023), "Financial inclusion and post-harvest losses in West African economic and Monetary Union", Agricultural Finance Review, Vol. 83 No. 2, pp. 320-332.



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