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This paper aims at identifying the major obstacles to business enterprise in an emerging economy and how these obstacles are associated with different characteristics of the enterprises.

The study relied on the World Bank Enterprise Survey data on Ghana and applied binary and ordinal probit regression techniques to estimate the associations between the characteristics of the enterprises and the identified obstacles. Significance testing of the associations is also conducted.

The five main obstacles perceived by most of the enterprises in the study are access to finance, electricity, access to land, customs and trade regulations and tax rates. These obstacles are associated in different ways to growth rate (high vs low growth), scale (small and medium vs large), age, size of employees, the experience of the top manager and ownership (wholly domestic vs foreign ownership).

As a cross-sectional study focusing on Ghana, the findings are informative about the major obstacles facing business enterprises in an emerging economy; however, the ecological validity of these findings may be limited to factors specific to Ghana.

Given the representativeness of the Enterprise Survey, policymakers can rely on these findings to formulate useful policies to promote the operations of business enterprises.

This study investigates the impact of total health expenditure on life expectancy in a panel of 43 African countries from 2000 to 2018.

The dynamic panel generalized method of moments (GMM) estimation method developed by Arellano and Bond (1991) is used in this study. This approach generates estimates that are heteroskedasticity and autocorrelation consistent, as well as controls for unobserved time-invariant country-specific effects and eliminates any endogeneity in the panel model.

The results reveal that health expenditure on its own has a positive significant influence on life expectancy. However, health expenditure via the moderating effect of government effectiveness reduces life expectancy. The authors also observe that school enrollment and the level of economic activity significantly drive life expectancy.

The study is limited to 43 out of 54 African countries, and it covers a period of 18 years: 2000 to 2018.

The authors argue that larger health expenditure will aid in improving the life expectancy rate in Africa. However, in practice, this would be difficult given the needs of other priority sectors.

Since most developing countries' health expenditures are small, a policy option is that healthcare services should be subsidized such that the poorest people can also access them.

The study differs from the previous attempts, and with this, the authors contribute significantly to the literature. First, to the best of the authors’ knowledge, the authors are unaware of any study considering the role of government effectiveness as a moderating factor in investigating the effect of health expenditure on life expectancy in the African context. Thus, the authors fill a yawning gap in the literature. Second, the authors employ a recent dataset with larger sample size. Finally, to address the problem of endogeneity and simultaneity bias, the authors use the system GMM technique.

This study aims to examine the impact of economic globalization on bank profitability in Sub-Saharan Africa.

The empirical analysis is based on panel data of banks spanning 2008–2016. Relying on the KOF Globalization Index, the study uses financial globalization and trade globalization as measures of economic globalization. The authors employ the system generalized method of moments technique to establish the relationship between economic globalization and bank profitability while controlling for the effect of bank-specific and macroeconomic factors.

The results show a negative significant effect of financial and trade globalization on bank profitability, signifying the intense competition of banks in Sub-Saharan Africa accelerated by globalization. The negative effect of economic globalization holds irrespective of the indicator of bank profitability. Bank size exerts a significant effect on profitability though the impact is negative for return on equity measure. The findings further reveal a positive significant impact of GDP growth and inflation on profitability.

This paper presents a pioneering work on the impact of economic globalization on bank profitability in the Sub-Saharan African context per the researchers' knowledge.

The objective of this study is to analyze the influence of institutional quality on the attainment of the Sustainable Development Goals (SDGs) using a data set comprising 45 African nations during the timeframe 2000 to 2020.

The data are divided into two periods, with the Millennium Development Goals (MDGs) data covering the years 2000–2015 and the SDGs data spanning from 2015 to 2020. Controlling for other factors, the researcher employs an index of institutional quality and applies the generalized method of moments (GMM) method to analyze the data.

The findings demonstrate a noteworthy inverse relationship between institutional quality and the achievement of both the MDGs and SDGs. The findings reveal a significant and positive link between economic growth and the achievement of the MDGs, while the impact on the SDGs is shown to be insignificant. Population growth significantly drives the SDGs. The results further reveal that trade openness and industrialization contribute positively to the achievement of both the MDGs and SDGs.

The findings emphasize the importance of improving institutional quality, promoting economic growth and supporting trade openness and industrialization for sustainable development in African countries.

The contribution of the study is twofold. Firstly and to the best of the author’s understanding, this research marks an initial endeavor to empirically investigate the nexus between institutional quality and the SDGs in the context of Africa. Secondly, it adds novelty to the literature by examining how institutional quality influences both the SDGs and their precursor the MDGs, providing insights into the actual contribution of institutions to development within the framework of these two major global compacts.

The study investigates the impact of information and communications technology (ICT) and financial development on tourism development in Ghana.

The researchers employ data covering from 1995Q1 to 2020Q4 and apply the autoregressive distributed lag (ARDL) estimation technique.

The findings reveal that ICT exerts a positive significant impact on tourism development in both long- and short-term periods. The authors find that financial development has a negative significant effect on tourism development in the long run. However, financial development significantly increases tourism revenue in the short term. The results further reveal a significant positive link between infrastructure development and tourism receipts in the long run.

This study is a pioneering effort to investigate the impact of ICT and financial development on tourism development in Ghana, as far as the researchers are aware. Additionally, the use of an index of ICT adds novelty to the literature. In terms of policy, the findings of this study can inform policymakers on the importance of investing in ICT and financial development to boost the tourism industry in Ghana.

This study seeks to empirically examine the influence of corporate governance on corporate performance in Ghana.

The study employs data from 30 listed firms spanning from 2008 to 2018 and applies the generalized method of moments technique. The authors use economic value added, shareholder value added (SVA) and economic margin (EM) as measures of corporate performance.

The findings reveal that the presence of both inside directors and outside (nonexecutive) directors significantly improves corporate performance, lending credence to both the stewardship theory and the agency theory. The inclusion of women on the corporate boards and frequent meetings of the board reduce the economic profits of firms. The authors find that CEO duality impedes corporate performance, supporting the presumption of the agency theory. The study further reveals that audit committee size and ownership concentration positively drive the performance of quoted firms in Ghana.

Prior studies on corporate governance and firm performance nexus have chiefly adopted traditional accounting-based performance measures such as return on assets and return on equity to evaluate firm performance. However, these indicators are critiqued for being historic and fail to consider firms' cost of equity. In light of the shortcomings of the accounting-based proxies, this study takes a unique direction by using value-based metrics, which are considered superior measures of performance. Besides, to the best of the authors' knowledge, this study provides a first attempt to investigate the link between corporate governance and firm performance using SVA and EM as performance indicators.