analyzing the financial development and economic growth in west africa: withspecific reference on financial economics

The financial sector development in developing countries and emerging markets is part of theprivate sector development strategy to stimulate economic growth and poverty reduction. it could bedefined that, the financial sector is the set of institutions, instruments, and markets. this study analyzesthe financial development and economic growth in west africa with the main focus on financialdevelopment. the data were obtained from the world bank open data page website to estimate thefinancial development using dynamic panel data approach. the results show that official developmentassistance and broad money statistically has a significant impact on financial development in west africa.it is therefore imperative that policymakers should implement policies that may attract officialdevelopment assistance and broad money through regional stability, infrastructural improvement andcreditors right reinforcement. it is also important to introduce reforms in the financial sector which maylead to a wide range of financial development. the coefficient of the speed of adjustment is small that is,it indicates a slow impact on the adjustment.