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Technological innovation, R&D, FDI, and governance as drivers of economic growth: evidence from West African countries

Raphael Ampedu et al.

Cogent Economics and Finance2026https://doi.org/10.1080/23322039.2026.2614434article
AJG 1ABDC B
Weight
0.50

Abstract

This study investigates the effects of technological innovation (measured by patent applications), research and development (R&D), foreign direct investment (FDI), and governance on GDP per capita growth in 15 West African (ECOWAS) countries over 1991–2023. Using panel data and a range of robust econometric methods, including fixed-effects models, quantile regression, and system GMM, we address endogeneity and explore heterogeneity across income levels, time periods, and technological intensity. Results show that technological innovation and R&D are strong positive drivers of growth, with innovation effects strengthening at higher growth quantiles and in lower-middle-income countries. FDI has limited impact, likely due to weak absorptive capacity, while governance effects are mixed, turning negative in higher-performing contexts. These findings highlights the need for West African policymakers to prioritize R&D investment, patent-friendly policies, infrastructure improvements to better leverage FDI, and targeted governance reforms to support innovation-led growth.

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https://doi.org/https://doi.org/10.1080/23322039.2026.2614434

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@article{raphael2026,
  title        = {{Technological innovation, R&D, FDI, and governance as drivers of economic growth: evidence from West African countries}},
  author       = {Raphael Ampedu et al.},
  journal      = {Cogent Economics and Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1080/23322039.2026.2614434},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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