This paper investigates the role of economic transformation in the form of increased manufacturing share in aggregate output in accelerating growth and reducing growth volatility in Africa. Using cross-section time series data from 50 African countries, the paper examines the key determinants of...

African countries have accumulated substantial foreign currency reserves in recent years, mostly from higher commodity exports as well as aid flows. In the context of macroeconomic stabilization, which remains at the forefront of national economic policymaking and aid conditionality, African...