Boosting domestic savings for sustainable growth in sub-Saharan Africa | 국외연구자료

KDI 경제교육·정보센터

Economic Information and Education Center

최신자료

Boosting domestic savings for sustainable growth in sub-Saharan Africa

WIDER

2026.04.15

[Findings]
Robust economic growth is fundamental to increase private savings in SSA. Evidence from Asia shows that strong growth was a critical factor in initiating savings transitions A major challenge is the underdeveloped nature of stock and bond markets on the continent Pension systems are a potential source of long-term investible funds and provide social protection to the elderly. Sovereign wealth funds are important for fiscal stabilization, productive investments in long-term structural transformation, and intergenerational savings Fintech is revolutionizing the provision of financial services and promoting financial inclusion especially for underserved and unserved part of the population, but is yet to substantially boost savings.

[Recommendations]
Strengthen the fintech ecosystem with investments in appropriate infrastructure, incentives for appropriate financial products―such as for households and small or micro enterprises Grow and develop pension systems in SSA with necessary interventions, include the development of a universal noncontributory pension scheme that meets the needs of the unemployed among the working-age population and workers in the informal sector Capital market development should focus on strict enforcement of the laws and regulations, and rules governing capital market development; as well as enhancing the listing attractiveness of micro, small, and medium-sized enterprises Use sovereign wealth funds to effectively finance productive investments for longterm structural transformation rather than for fiscal stabilization, provided they have clear mandates and strong governance Use policy tools to mitigate risks to economic fundamentals and ensure longterm macroeconomic stability.

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