Electronic Theses and Dissertations (PhDs)
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Item Interconnectedness of Global Competitiveness, Logistic Performance, and Global Value Chain in Africa(University of the Witwatersrand, Johannesburg, 2023) Oppong, Priscilla Boafowaa; Tweneboah, GeorgeThe distribution of production units across countries has long been a component of international trade as nations import products for production and subsequent exports. This has been necessary because of technological progress, plunges in transportation costs, and enhanced liberalisation policies relating to trade, economics, and the financial system. This has led to the emergence of the global value chain (GVC) as a standard component of 21st-century trade, constituting over 70% of all international trade. This has garnered benefits for participating countries, which are prepared and disadvantages for those that lack competitive advantage. The latter has been attributed to poor logistics performance and non-competitiveness, two crucial elements that countries need to get right and at high levels in order to upgrade the GVC and reap the benefits of international trade in this era of liberalisation. Unfortunately, this describes many of the countries in sub-Saharan Africa (SSA). This has important implications for countries in SSA striving to attain many of the Sustainable Development Goals (SDGs) and their large market size for raw materials as well as being one of the most open regions in the world. The scenario also describes an important relationship between global competitiveness and logistic performance that feeds into the level of global value chain participation by countries and the economic benefits from international trade. For the SSA region, where economic development is much needed to boost economic welfare, this complex relationship has become increasingly crucial for government and policy-makers. However, the extant literature is largely silent on this direction of research. The purpose of this thesis is to provide an empirical examination of the interrelationship among global competitiveness, logistic performance, and global value chain participation in Africa. Interconnectedness of GCI, LPI, and GVC in SSA ii First, the relationship between global value chain participation and competitive competitiveness in SSA countries is investigated in light of how the relationship produces economic prosperity. In so doing, the role of logistic performance in the GVC space is examined as either a moderator or a mediator. The study spanned 2007, 2010, 2012, 2014, 2016, and 2018 for 25 SSA countries for which data1 is available for logistic performance and competitiveness. The results confirm the important influence of logistic efficiency in the global value chain for the African participants. However, the study has thrown more light on the differences in the mediating roles logistic performance plays depending on whether global competitiveness or global value chain participation is the driving motive for improving national income earnings. The lack of clarity on the specificity of the mediating role of the logistics performance index (LPI) in the bridge between gross domestic product (GDP) and global competitiveness index (GCI) should be taken seriously. This points to the difficulty in the policy space as to what to focus on in the complex global market. This is especially true for African countries as they are positive and delicate because of their inclination towards upstream participation. More clarity is needed on this front while chasing the clearer role of logistic performance in the link between GDP and GVC. Second, due to the importance of competitiveness in improving logistic performance and subsequently leading to greater participation in the GVC, the interaction among the pillars of GCI and the dimensions of LPI are examined for deeper insights on how they explain GVCs participation in Africa. The GCI and its 12 pillars, namely institutions, infrastructure, the macroeconomic environment, health and primary education, higher education and training, goods 1 The same data and period is used for all the empirical studies in this thesis. Interconnectedness of GCI, LPI, and GVC in SSA iii market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation, and LPI and its six dimensions, namely; customs, infrastructure, ease of arranging shipments, quality of logistics services, timeliness, and tracking and tracing are interacted using the Tree-Augmented Naïve Bayes Network (TAN-BN), Partial Least Squares Structural Equation Modelling (PLS-SEM), and Importance-Performance Map Analysis (IPMA) to ascertain causal effects, correlations, and the relative importance of the pillars of GCI to logistics performance. The results reveal a significant positive relationship between most of the Pillars of GCI. Also, technological readiness is found to be the only Pillar of GCI that has a significant direct positive relationship with logistics performance. Conversely, higher education and training has a significant indirect relationship with logistics performance. Findings from this study imply that concentration on what drives logistics performance alone may hinder policy decisions due to the existence of linkages among the Pillars. It is recommended that governments in SSA invest extensively in technology and higher education and training to enjoin improvement in logistics performance while observing other pillars of GCI with caution. Third, considering the complex nature of the GVC and the driving force of competitiveness, the causal effect of GCI and its pillars on the various indicators of GVC is scrutinised. This is motivated by the fact that the ability of countries to maximise the benefits of GVC requires intentionality on the part of policy-makers to develop structures that facilitate and enhance the ability to participate at all levels of GVCs while recognising the complexity of the system. The network approach of Epskamp (2018) is employed to reveal the impact of competitiveness pillars on the indicators of GVCs participation in Africa as a complex network of a non-linear causal Interconnectedness of GCI, LPI, and GVC in SSA iv relationship. Both the GCI and its pillars and the GVC and its indicators, namely domestic valued- added (DVA) in exports, foreign valued-added (FVA) in exports, indirect domestic valued-added (DVX) in exports, and value-added (VA) are considered as networks which require no latent variables for interaction. The results indicate that in the complex network of the 12 pillars of GCI and four indicators of GVC, there is a dichotomy of clusters for the constructs (i.e. GVC and GCI). An interesting revelation is that there are negative causal relationships between some GCI pillars, notably, with market size. Further, there are other pillars which also have a negative influence on the indicators of GVC. These findings are disturbing, to say the least, but they are also telling of the need for governments to intensify their activist duties in order to improve competitiveness, especially those that enhance efficacy and productivity. To a large extent, those are also factors, except for market size, that benefits can flow through to GDP and economic growth and development. The results from all three empirical studies have one thing in common. That is, African countries can upgrade the GVC and international trade by improving their competitiveness and logistic efficiency to enjoy the benefits that accrue towards economic prosperity. They also point to the dominant position of market size, which can be leveraged to empower the continent in the international trade market place. Government and policy-makers are encouraged to intensify their roles as activists to foster a conducive operating environment for traders and all players in the GVC in their countriesItem Financial inclusion, institutional quality, and poverty reduction in Africa(University of the Witwatersrand, Johannesburg, 2023) Nsiah, Anthony Yaw; Tweneboah, GeorgeFinancial inclusion is seen as an enabler to growth in an economy, as such enhance poverty reduction, especially in developing regions like Africa. Poverty levels in Africa are still very high, especially with the advent of the Covid-19 pandemic, despite efforts of governments and development partners to address it. The extant literature has provided some information regarding the financial inclusion and poverty reduction nexus in the continent and elsewhere. However, the exact threshold level of inclusion at which poverty could be altered has not been thoroughly explored. Also, the critical role institutions play in transferring the benefits of financial services to households and firms towards poverty reduction has not been extensively interrogated. This thesis therefore consists of three separate empirical studies which all intend to fill the knowledge gap, using advanced econometric methodologies. For the first essay, we examined the determinants of financial inclusion in Africa, considering demand, supply as well as infrastructure side factors. Despite the importance of financial inclusion, many factors play a role in one’s decision to get involved in the financial sector. Using the GMM technique, the study revealed that GNI per capita (demand-side factor), Domestic credit to private sector (Supply-side factor) and institution quality (infrastructure-side factor) were significantly identified to be determinants of financial inclusion in Africa. It was further revealed that GNI per capita, Money supply and Institutional quality contribute to the minimization of barriers to financial inclusion. The second essay sought to estimate the threshold level at which financial inclusion, aided by strong institutions, will lead to poverty reduction in Africa. Financial inclusion has been identified as an important concept in fighting poverty due to its ability to increase income level of households. Using the Hansen’s threshold estimation method, the study found double threshold values at which financial inclusion would increase household consumption expenditure, leading to poverty reduction. The study also established a certain threshold level beyond which, financial barriers will have a negative iv impact on consumption which has the tendency to scare households from participating in the financial sector. The results further indicated that dependency ratio, gross national income, interest rate, inflation, education, and government expenditure contribute significantly to reducing barriers to reduce poverty. Institutional quality was also found to significantly moderate the financial inclusion and poverty reduction relationship. The last but not the least essay investigated the nature of the relationship between financial inclusion, financial stability, and poverty reduction in Africa. Financial inclusion plays an important role in enhancing stability of the financial system. It has however been argued that some level of financial inclusion has the tendency to destabilize the financial system, thwarting poverty reduction efforts. Using the panel Autoregressive Distributive Lag (ARDL) model, the study found that financial inclusion is positively related to financial stability in both short and long-run, with education, GNI per capita and domestic credit to private sector positively related to financial stability and trade openness negatively related to same, in the long-run. The study further established that financial stability is positively related to consumption as such leads to poverty reduction with trade openness, government expenditure, GNI per capita, education, domestic credit to private sector and institutional quality been positively related to household consumption, as such its effects lead to poverty reduction. This indicates that financial stability plays a complementary role in the financial inclusion drive to fight poverty in Africa. It is recommended that development partners, central banks and governments in the region should consciously implement policies that are aimed at promoting financial inclusion through the strengthening of institution, due to its ability to end poverty as well as take pragmatic measures to minimize barriers to financial inclusion. Despite the financial inclusion drive, regulations must not be taking for granted in order not to compromise stability of the financial system for the joint benefit in the fight against poverty as well as ensure financial stabilityItem The ripple effect of demographics on the entrepreneurial behaviour-performance relationship in the South African tech sector(University of the Witwatersrand, Johannesburg, 2024) Ngcobo, Makhosazana Nomcebo; Murimbika, McEdwardSouth Africa’s enduring inequality, stemming from the lingering effects of apartheid laws, disproportionately impacts entrepreneurs across various demographic dimensions, specifically race and age. This study adopts an intersectionality lens to examine how these demographic variables influence entrepreneur means, particularly the reliance on intangible resources, and consequently their impact on the entrepreneur behaviour - firm performance nexus within the South African tech sector. Despite some progress, this area of research remains relatively underexplored, necessitating this study to bridge the existing knowledge gap. Upholding the utmost confidentiality and anonymity of respondents, in accordance with the approved protocol (H21/10/34) sanctioned by the ethics committee at Wits Business School, the research meticulously explores how demographic variables influence entrepreneur means and the subsequent impact on firm performance. The main objectives of this study are as follows: 1. To investigate the relationship between effectual entrepreneur behaviour and firm performance among technology founders. 2. To examine the relationship between effectual entrepreneur behaviour and firm performance through entrepreneur means (intangible resources). 3. To examine the mediating effect of entrepreneur means in the relationship between effectual entrepreneur behaviour and firm performance, with a specific focus on how this mediating effect might be moderated by race and age. 4. To establish and validate a measurement model for entrepreneur means (intangible resources). iii In this quantitative study, a cohort of 159 technology firm founders in South Africa, each with a minimal operational tenure of three years, participated in this study through self-administered online structured questionnaires. To unravel the intricate relationships within the data, the analysis utilised Partial Least Squares Structural Equation Modeling (PLS-SEM) complemented by Statistical Package for Social Sciences (SPSS) alongside SPSS Amos. The findings shed light on the intricate interplay between effectual entrepreneur behaviour, entrepreneur means, and firm performance, supporting several hypotheses (H). First, a positive correlation was established between effectual entrepreneur behaviour and entrepreneur means, and firm performance, supporting several hypotheses (H). A significant positive association between effectual entrepreneur behaviour and firm performance validated H1, underscoring the critical role of intangible resources in driving firm performance. However, the study’s examination of the mediating effect of entrepreneur means on the relationship between effectual entrepreneur behaviour and firm performance yielded only partial support. While the mediation was observed to be positive, its strength was moderate, suggesting the presence of unexplored variables beyond the scope of this study, influencing firm performance and providing partial support for H2. Regarding H3, the combined influence of race and age did not directly affect reliance on entrepreneur means, but it significantly affected firm performance. Nonetheless, the interaction among race, age, and entrepreneur means demonstrated the potential for a negative influence on firm performance. Lastly, a positive correlation was established between effectual entrepreneur behaviour and entrepreneur means, affirming H4. iv In conclusion, while this study highlighted the crucial role of effectual entrepreneur behaviour and intangible resources for technology founders, it also suggests the presence of unexamined variables that may exert significant influence on firm performance within South Africa’s highly unequal landscape. Despite the influence of race and age on firm performance, their combined impact with entrepreneur means was not as pronounced as anticipated. Further research is warranted to identify and understand these additional factors, thus enriching our understanding of entrepreneur means, behaviour, and firm performance within South Africa’s unequal landscape.Item The relevance of entrepreneurial self-efficacy, social networking, and the institutional environment on immigrant entrepreneurship in South Africa(University of the Witwatersrand, Johannesburg, 2023) Moti, Mahad; Urban, BorisSouth Africa has high rates of criminal activity and widespread corruption, which debilitates entrepreneurial activity, performance, and operations for many entrepreneurs. One of the causes of these issues is the restrictive nature of the regulatory environment. However, many immigrants are able to overcome these challenges, using their entrepreneurial self-efficacy and social networking capabilities. Entrepreneurial self-efficacy has been found to influence entrepreneurial intention, behaviour, motivation, and performance; furthermore, entrepreneurial self-efficacy is the targeted outcome of entrepreneurial education and training. Social capital is an advantage to immigrant entrepreneurs in the acquisition of capital resources, and their networks provide access to further opportunities. This study aimed to determine if an ethnic immigrant minority, Pakistani immigrant entrepreneurs, is able to operationalise their entrepreneurial self- efficacy and social networks to improve the performance of their ventures, despite all the regulatory challenges that they face in South Africa. This study employed a quantitative research method, using quantifiable variables to measure relationships. Immigrant entrepreneurs have capabilities, experience, and knowledge, all of which are useful, according to the resource-based theory, for conducting business internationally. These were measured in terms of entrepreneurial performance with a specific focus on growth and innovation. The results showed that the self-confidence of Pakistani immigrant entrepreneurs had a significant influence on their growth and innovation, whereas their social networks had a negative impact on their entrepreneurial performance. Furthermore, contrary to Western studies, which suggested that regulatory environments had an impact on business growth, it was found that South Africa's negative regulatory environment had no effect on the performance of Pakistani immigrant entrepreneurs.Item The nexus between the digital divide and social cohesion and their socio-economic drivers in South Africa(University of the Witwatersrand, Johannesburg, 2023) Magida, Ayanda; Armstrong, BrianThe study aimed to achieve two objectives. Firstly, it sought to investigate the correlation between the digital divide and social cohesion in South Africa. Secondly, it aimed to evaluate the socio-economic factors contributing to the digital divide and attaining social cohesion. The study used ecological systems theory as the primary theory to underpin its research. Social categorisation and resource appropriation theories were employed as secondary theories to enhance understanding of social cohesion and the digital divide, respectively. A concurrent mixed-method design incorporating quantitative and qualitative methods was utilised to gather comprehensive data. The quantitative data was acquired through online and paper-based surveys, while in-depth interviews were conducted to obtain qualitative data. Using the Qualtrics data collection platform, the online survey was distributed through various channels and platforms, including social media, using convenience sampling. Fieldwork in three semi-urban areas in Gauteng was conducted to carry out the paper-based survey. A total of n=1140 surveys were completed, and after data cleaning, n=857 respondents were included in the final analysis using SPSS. The quantitative data collected from the survey was analysed using descriptive statistics, structural equation modelling, and regressions. Meanwhile, the qualitative phase involved purposively selecting twelve participants for an interview, with the transcripts being analysed using thematic analysis and NVivo. Eight themes were identified through a hybrid data analysis approach combining inductive and deductive approaches. Results from the quantitative phase indicate a correlation between social cohesion and the digital divide. Socio-economic factors such as age, geographic location, and population group drive social cohesion. Similarly, age, education level, and gender influence internet access: socio-economic factors, population group, geographic location, education level, and economic activity impact internet usage. Lastly, the advantages of being online are influenced by socio-economic factors such as age, education level, and economic activity. Nine themes emerged from the qualitative analysis through an inductive and deductive approach. Participants expressed shared definitions and understandings of the digital divide and identified iii its drivers, which encompassed infrastructure, affordability, electricity, and literacy levels. Regarding social cohesion, the participants expressed that the notion of a "rainbow nation" is a myth, and socio-political factors act as barriers to achieving social cohesion. The research indicates that the digital divide significantly impacts social cohesion in South Africa. However, it is important to recognise that social cohesion and the digital divide are complex issues influenced by various factors, such as socio- economic status, race, culture, and historical context. Therefore, exploring and addressing other obstacles that prevent the country from achieving social cohesion and bridging the digital divide is vital. The report has significantly contributed to several empirical, methodological, and practical areas. The study has provided valuable insights into the digital divide, social cohesion, and socio-economic drivers, contributing to our understanding of these complex issues. The research has enriched our understanding of the digital divide and social cohesion by adopting a comprehensive approach that captures a range of perspectives and provides nuanced insights. Additionally, using both quantitative and qualitative data has enhanced the validity and rigour of the findings. Ultimately, the study's practical contributions are especially noteworthy given that social cohesion is a crucial pillar of South Africa's democratic project. Understanding the factors that hinder its attainment is essential, and this research sheds light on micro and macro factors contributing to achieving social cohesion.Item Stock Price Prediction in Sub-Saharan Africa(University of the Witwatersrand, Johannesburg, 2020) Murekachiro, Dennis; Mokoaleli, ThabangInvestors, researchers and practitioners are continuously exploring various ways to understanding stock market price movements and the development of techniques that can assist them in accurately predicting the stock markets and improve on in- vestment decision making and policy making. This study sought out to develop a prediction model for stock markets, determine which factors move stock prices and investigate the inefficiency of 11 selected stock markets. In order to predict the stock markets, this study made use of deep learning prediction models (LSTM, RNN, GRU, BLSTM, BRNN, BGRU) and statistical GAM in ten sub-Saharan African coun- tries (Botswana, Egypt, Kenya, Mauritius, Morocco, Nigeria, South Africa, Tunisia, Zambia, Zimbabwe) and the S&P500 (USA). Stock markets are predictable with inef- ficiencies found for the African stock markets as evidenced through calendar anoma-lies and high prediction accuracies whilst the lower prediction results for the S&P500 indicate market efficiency. The prediction model greatly improved prediction accuracy. However, there is no remarkable difference between unidirectional and bidirectional prediction models accuracy results for the eleven countries concerned. GAM statistical approach outperformed compared to all deep neural networks architectures in this study. The varying results for each country point to the uniqueness of each market confirming the varying market ecologies. In addition, this study also investigated the effect of macroeconomic variables (inflation, money supply, interest rates, exchange rates) on stock prices. Time series analyses were implemented through Johansen cointegration and Granger causality tests for short and long run relationships between macroeconomic variables and each stock market. Overall, empirical results for the African stock markets reveal a negative association between closing price and exchange rates, a positive relationship between money supply and closing stock prices for all countries. Mixed results for the other variables for each country attest to the fact that stock markets are unique and are influenced differently by these macroeconomic variables. Notably, African stock markets relate differently to macroeconomic variables as compared to developed stock markets. Stock market predictions were run on a python 3.5 environment using deep learning libraries Theano, Tensorflow, and Keras and Scikit learn and the time series analysis was analyzed using stata13 and R 3.6 softwareItem Financial System Stability in the East African Community: Prospects and Constraints(University of the Witwatersrand, Johannesburg, 2021) Lyimo, Anna Gustav; Ojah, KaluThis thesis examines the EAC financial system stability, focusing on the system’s prospects and constraints for the period 2000 - 2018. The primary agenda is divided into four objectives. The first objective is to investigate the evolution of the financial system and the kind of environment that it has been operating in. The relevant findings in respect of this objective indicate that the EAC financial systems have experienced both positive and adverse developments that have led to the initiation of several macro-economic and financial sector reforms. Credit risk is one of the major factors affecting the EAC financial system stability. The second objective is to conduct an empirical examination of the determinants of credit risk in the EAC financial sector. The associated results show that credit risk is responsive to the dynamics of member-countries’ macroeconomic and macro-financial variables. We found that prudent macroeconomic policies intended to stabilize inflation and exchange rates — which stimulate economic growth and increases the capacity to borrow – influence credit growth. And credit growth (with less prudent lending standards) increases the ratio of non-performing loans as well as raises credit risk during recessions. The third objective is to measure and forecast financial systems’ resilience in the EAC. Findings here suggest that EAC financial systems have remained relatively resilient, albeit vulnerable to shocks. Despite the differences in financial instability characteristics across the region, countries have reflected similar financial stability (or instability) patterns. The forecast results indicate that the EAC continues to experience financial system stability for the period 2018 -2020, other factors held constant. The last part (objective) examined the potential systemic risk contribution of individual banks to national financial systems. Here, the banking industries’ interconnectedness is shown to have increased significantly, especially during economic downturns, which poses a potential for spill-over of shocks (vulnerability) across the region during times of crisis. Each bank’s connectedness and potential systemic risk contribution is time varying. Also, there is a significant positive correlation between bank size and systemic risk contribution. Based on the above findings, and other findings of the study, the EAC region should monitor credit expansion to ensure it is consistent with economic and market realities; optimize benefits from linkages in the EAC financial system structure; and enhance effective policy formulation for more robust financial system regulation and supervision. There is also a need to conduct effective periodic risk assessments to identify and mitigate potential systemic risk, as to ensure regional financial system stabilityItem The Adaptation of the Shadow Corpse Belief System for Change Management in Corporate Organisations(University of the Witwatersrand, Johannesburg, 2021) Chazuza, Richard G.; Maier, ChristophThis thesis examines how the use of an African natural idea and practice, Mumvuri loosely translated in English to the Shadow on the Corpse Belief System can be adapted and used to understand change management in corporate organisations. While the talk of Ubuntu and other African ideas has received a lot of prominence in organisations and academia of its potentially untapped value in management, few to non-existent African ideas and practices are known to realistically permeate and guide management thinking and practices in corporate organisations. This thesis is informed and guided by the interpretive paradigm. It adopted and followed the qualitative approach where the basic interpretive qualitative research design was used. In-depth, semi-structured, open ended and thematised interviews were used to collect data from 35 carefully selected experts that were placed into 3 homogeneous groups. Thematic analysis was used as the data analysis method aided by ATLAS ti version 8 software package, a computer assisted data analysis software package (CAQDAS). The evidence from the research revealed that Mumvuri is a known and commonly practised African socio-cultural belief system. Even though it is rooted in the Karanga ethnic culture of modern day Zimbabwe, its traces are found in other African cultures. Despite the prevalence of Mumvuri in African culture, it has not been adapted and used in corporate organisations. The main contribution was the development of a conceptual framework for change management in corporate organisations and the accompanying guidelines of implementation for executives and practitioners. These guidelines outline the process of adaptation of Mumvuri as an African idea, belief and concept in management. The thesis makes an empirical, methodological and practical contribution. Further research is suggested in testing this conceptual framework in corporate organisations.Item The impact of foreign ownership on emerging markets' banking system: a case of BRICS(University of the Witwatersrand, Johannesburg, 2022) Magagula, Sibusiso Vusi; MOKOALELI-MOKOTELI, ThabangThe current research examines foreign bank ownership’s impact on the financial soundness and benefits observable within-host banking markets and banks’ risk-taking behaviour in the BRICS. Also, this research examines the effects of foreign ownership on both fiscal and monetary policies’ transmission via the bank lending channel. Thus, the rationale to focus on the impact of foreign ownership on BRICS member countries’ banking markets is because post-global financial crisis, these economies stimulated their economy via banking. Moreover, the effects of the global financial crisis of 2008 did not lead to deglobalisation in their banking markets because, generally, the BRICS bloc is found to have recovered quickly from the situation without their banks changing their privatisation strategy concerning foreign ownership. The CAMELS rating analysis, two- stage least square and two-way random effect panel models are the primary study tools in the current research, and the biasness testing was incorporated as a robustness check. The results show that the foreign-owned banks contribute procyclically to the bloc's financial soundness, indicating that their presence introduces some asymmetries into their banking systems. Furthermore, foreign banks in BRICS lead to benefits that outweigh risks. However, some risk elements need to be minimised to insulate the bloc from a future globally induced crisis. These risks include systemic risk of foreign-owned banks, lowering tier II capital as required by Basel III for all banks, the ineffectiveness of fiscal and monetary policy in regulating lending risk, and excessive leveraging of domestic banks. Despite the risks associated with foreign banks' presence in BRICS, foreign bank ownership increases the performance and efficiency of all banks, with domestic banks becoming risk-averse, which may explain the quick recovery of the BRICS banking sector post-2008 global financial crisis. The policy implications from the results highlight the need for local policymakers to strategies on ways to encourage banks to lend in domestic currency to regain control over lending risks post-acquisition of their host banks by global investors. Also, host regulators need to closely monitor the extent of systemic risk from foreign-owned banks to limit the chance of a banking crisis in the future.Item Health Financing and its Effect on the Equity of Healthcare Systems and Universal Coverage in Sub-Saharan Africa(University of the Witwatersrand, Johannesburg, 2023) Okaka, Damianus Ochieng; Ojah, KaluThis work examines the contribution of different arrangements for financing healthcare to health systems’ equity in Sub-Saharan Africa (SSA); with equity of the health system measured as health outcomes. More specifically, the study explores: 1) How financing of healthcare using domestic resources affects health outcomes. The effect of increased budgetary allocation to healthcare on health outcomes. And the effect of financial pooling and financial risk mitigation on the health systems’ equity. The concept of health production, based on Grossman’s (1972 & 2017) health capital theory, serves as the framework for empirical analysis of this work, using balanced panel data from 47 SSA countries, over 19 years. The dataset is pulled from relevant governments’ and multi-lateral organizations’ databases. Broadly, descriptive statistics and multivariate regression analysis are deployed in assessing the hypothesized relationships between the study’s relevant variables – financing of countries’ healthcare systems and various forms of health outcomes (i.e., life expectancy at birth, 5-year mortality rate, crude death mortality rate, and rate of infant mortality). The results indicate that financing healthcare using domestic public resources does relate insignificantly or negatively to health outcomes, but financing healthcare using domestic private resources relates significantly well with health outcomes. An increase in budgetary allocation to healthcare per capita relates beneficially to health outcomes. However, an increase in budgetary allocation as a percentage of total government expenditure affects the region’s health outcomes adversely; however, further tests of this relationship reveal that a reduction in indirect investment in healthcare could be responsible for the adverse effects. Thus, pointing to the need to balance the effects of the increase in both direct and indirect healthcare investments (expenditures). Lastly, apart from financial pooling using the private health insurance method, which affects health outcomes negatively, all the other pooling methods of healthcare financing affect the region’s health outcomes favorably. However, the social health insurance (SHI) effect on the region’s health outcomes is largely insignificant. Which may call into question its appropriateness as a vehicle for universal health coverage (UHC). The main conclusion of the study is that governments’ participation in healthcare financing is necessary for the SSA region’s health systems. However, increased government allocation should not be done at the expense of allocation to health-related activities (like the provision of clean water, sanitary services, etc.). We also found that domestic private healthcare funding methods associate favorably with health outcomes while domestic public healthcare funds do not. We argue that the reason for these confounding results is because of allocation problems, and recommend redistributive policies with a focus on the indigent and rural areas. Further diagnostic tests show that domestic public financing methods increase access to healthcare but not health outcomes. This shows that a financing method can increase access to healthcare but fail to improve population health status. Our findings also show that SSA health systems still need external financial assistance to be equitable. We recommend a gradual weaning from external assistance. On risk pooling, we recommend an increase in pool sizes and more accurate actuarial data to improve the performance of SHI and, to make it appropriate for UHC. Finally, governments of the SSA region should increase funding of healthcare by using public resources, ensure healthcare financing risk mitigation by increasing pool sizes of public financial pooling methods, and enact requisite legal and regulatory frameworks to guide the administration of private non-profit healthcare finance pooling schemes. Importantly, these governments should consider policies that correct for imbalances in the distribution of healthcare between the rich and the poor, and between rural and urban areas