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This chapter explores the impact of financial development on food production in the Economic Community of West African States (ECOWAS), emphasising the role of financial systems in enhancing agricultural productivity and food security. Using panel data from 2012 to 2024 and employing Generalised Method ofMoments (GMM) and Method of Moments Quantile Regression (MMQR), the study examines the effects of credit access, agriculturalinvestment, and financial policies, while controlling for the impact of COVID-19. The findings suggest that financial development has a positive impact on food production by enhancing access to credit, promoting the adoption of technology, and stimulating investment in infrastructure. However, limited financial inclusion, inadequate rural banking, and economic volatility hinder agricultural growth. Additionally, urbanisation and economic growth create opportunities for food production, while migration and weak governance pose significant obstacles. Robustness checks confirm the validity of the results across different estimation techniques. To ensure sustainable agricultural growth and food security, ECOWAS policymakers must implement targeted financial policies, strengthen governance structures, and improve rural financial access to enhance regional food production.

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Financial Development, Urbanisation, and Food Production in the Economic Community of West African States

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  • 发表日期：

    2026年

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  • Joseph Ato Forson

摘要

This chapter explores the impact of financial development on food production in the Economic Community of West African States (ECOWAS), emphasising the role of financial systems in enhancing agricultural productivity and food security. Using panel data from 2012 to 2024 and employing Generalised Method ofMoments (GMM) and Method of Moments Quantile Regression (MMQR), the study examines the effects of credit access, agriculturalinvestment, and financial policies, while controlling for the impact of COVID-19. The findings suggest that financial development has a positive impact on food production by enhancing access to credit, promoting the adoption of technology, and stimulating investment in infrastructure. However, limited financial inclusion, inadequate rural banking, and economic volatility hinder agricultural growth. Additionally, urbanisation and economic growth create opportunities for food production, while migration and weak governance pose significant obstacles. Robustness checks confirm the validity of the results across different estimation techniques. To ensure sustainable agricultural growth and food security, ECOWAS policymakers must implement targeted financial policies, strengthen governance structures, and improve rural financial access to enhance regional food production.