The issue of achieving and sustaining a nation’s economic growth is an issue that is of concern to many nations of the world, especially the sub-Saharan African (SSA) nations. This was in line with the United Nations Sustainable Development Goal (SDG) 8 of Economic Growth. This study, therefore, examines how monetary policy tools can help the SSA governments achieve the SDG 8 goal and also sustain it. Relevant secondary data on sustained economic growth (GDPPC) (dependent variable) and interest rate, exchange rate, money supply, and inflation rate (independent variable) were gathered from the annual report of the Central Banks of the 48 SSA nations. The panel data year covers the period from 2016 to 2022. The unit root test confirms the variables to have a level integration order. The Hausman test suggests the use of fixed effect regression. The fixed effect regression shows that for the 48 SSA nations, interest rate, inflation rate, and money supply were positively significant in impacting GDPPC while exchange rate was negatively significant in impacting GDPPC. The study, therefore, recommends that import promotion, for example, should be avoided because it raises the exchange rate and lowers the value of currencies of the SSA nations.

中文翻译：

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利用货币政策有效性工具实现撒哈拉以南非洲国家的可持续经济增长

实现和维持国家经济增长的问题是世界许多国家特别是撒哈拉以南非洲国家所关心的问题。这符合联合国可持续发展目标 (SDG) 8 的经济增长。因此，本研究探讨了货币政策工具如何帮助撒哈拉以南非洲国家政府实现并维持可持续发展目标 8。持续经济增长（GDPPC）（因变量）以及利率、汇率、货币供应量和通货膨胀率（自变量）的相关二手数据来自48个SSA国家中央银行的年度报告。面板数据年份涵盖2016年至2022年。单位根检验确认变量具有水平积分顺序。豪斯曼检验建议使用固定效应回归。固定效应回归显示，对于 48 个 SSA 国家，利率、通货膨胀率和货币供应量对 GDPPC 的影响呈正显着，而汇率对 GDPPC 的影响呈负显着。因此，该研究建议应避免促进进口等措施，因为它会提高汇率并降低撒哈拉以南非洲国家的货币价值。