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Theoretical and Applied Economics
No. 1 / 2023 (634), Spring

Dynamic relationship between external debt and unemployment in Sub-Saharan Africa

Samuel Erasmus ALNAA
Bolgatanga Technical University, Ghana
Juabin MATEY
Bolgatanga Technical University, Ghana

Abstract. The struggle to reduce cyclical unemployment by Sub-Saharan African countries is as a result of their inability to integrate fiscal policies into macroeconomic goals and establish independent, well-resourced bodies to manage borrowed funds. We examine the dynamic relationship between external debt and unemployment in Sub-Saharan Africa using data from 25 countries. This study demonstrates a direct relationship between foreign debt and unemployment, which is attributed to the erroneous application of discretionary fiscal policy decisions and the inefficient use of borrowed funds. Evidence also suggests a nonlinear relationship between external debt and unemployment across the countries studied.

Keywords: external debt, investments, unemployment, job opportunity, fiscal policy discipline.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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