The role of foreign public debt on foreign exchange reserve in SSA countries: Does governance really matters?

The debt and reserve are playing a pivotal role in the growth development of national economies. To examine foreign public (FPD) on exchange (FER) study used panel data by considering 20 Sub-Saharan Africa (SSA) countries interacting FPD with governance index across 15 years. dynamic static Generalized Method Moments (GMM) models were utilized after checking possible assumptions. GMM model found that FPD, index, labour human capital predicted FER positively significantly. While augmented variation negatively Therefore, Africa’s low performance enhancing partly attributed to bad governance. Finally, government SSA should improve their quality properly utilize enhance stock FER, among others.