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We investigated the effects of international financial inflows (remit-
tances, foreign direct investment and foreign aid) on economic
complexity in Africa and the moderation role of institutional quality.
We used the dynamic system GMM framework for a panel of 31
African countries over the period 2010–2020. We find that these
international financial inflows are significant drivers of economic
complexity in Africa, and that institutional quality is significantly
moderating and enhancing their effects on economic complexity.
Among other recommendations, we encourage policymakers in
Africa to continually create an enabling environment to attract
these financial inflows in order to promote sustainable investment
and economic growth.
