Affiliation:
1. University of Energy and Natural Resources, Ghana
Abstract
All countries stand to benefit enormously from industrialization. However, the industrialization agenda in Africa has not achieved much success. This study employs an econometric approach to examine the drivers of Africa's industrial performance. Although some works have sought to unravel the possible causes of the apparent slow industrial growth in Africa, little is known of the role of renewable energy and institutional quality. In this study, industrial growth was modeled as a function of renewable energy, institutions, urbanization, trade openness, and foreign direct investment. Results from regression analysis confirmed renewable energy consumption, urban growth, trade openness, and foreign direct investment positively affect industrialization while institution drives it down. Recommendations from the findings include the need to invest in renewable energy infrastructure and also fight against impediments of institutional quality in Africa.
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