撒哈拉以南非洲私营部门发展的瓶颈：公司层面的分析

Bottlenecks to PrivateSector Development inSub-Saharan Africa:A Firm-Level Analysis Razan Amine, Qianqian Zhang, Shushanik Hakobyan,Ankita Goel WP/25/188 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers arethose of the author(s) and do not necessarilyrepresent the views of the IMF, its Executive Board,or IMF management. 2025SEP IMF Working PaperAfricanDepartment Bottlenecks to Private Sector Developmentin Sub-Saharan Africa: A Firm-Level AnalysisPrepared byRazan Amine,Qianqian Zhang,Shushanik Hakobyan, Ankita Goel1 Authorized for distribution byDelia VelculescuSeptember2025 IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT:This paper analyzes the major bottlenecks to private sector development in sub-Saharan Africausing novel methods based on firm-level data. Employing both perception-based and proxy-basedmethodologies, we identify and measure seven key obstacles to development. Our findings reveal significantdivergences between firms' perceptions and objective measures of business constraints. While firms frequentlycite infrastructure deficiencies as their primary concern, our proxy-based analysis identifies corruption followedby financial constraints as the most severe impediments to firm growth. Furthermore, small and medium-sizedenterprises face disproportionate challenges compared to large firms, especially regarding financial access andhuman capital limitations. These findings underscore the need for targeted, context-specific policy interventionsthat address the objective constraints facing different types of firms across diverse economic environments insub-Saharan Africa. RECOMMENDED CITATION:Amine, R., Q. Zhang, S. Hakobyan, A. Goel. “Bottlenecks to Private SectorDevelopment in Sub-Saharan Africa: A Firm-Level Analysis”. IMF Working Paper, No. WP 25/188. InternationalMonetary Fund, Washington D.C. Bottlenecks to PrivateSector Development inSub-Saharan Africa:A Firm-Level Analysis Prepared byRazan Amine,Qianqian Zhang,Shushanik Hakobyan,Ankita Goel Contents I. Introduction......................................................................................................................................................4II. Literature Review............................................................................................................................................5III.Data and Methodology...................................................................................................................................6IV. Results..........................................................................................................................................................10V. Concluding Remarks....................................................................................................................................22Appendix............................................................................................................................................................25References.........................................................................................................................................................38 I.Introduction Private sector development is a key driver of economic growth and job creation,withbusinesses playingacritical role in fostering structural transformation. However, firmsin sub-Saharan Africa (SSA)region facepersistent constraints that hinder their ability to expand, innovate, and compete in global markets. Theseobstacles include limited access to finance, inadequate infrastructure, regulatory inefficiencies, and governancechallenges such as corruption and political instability.The result is a private sector that is often fragmented,dominated by informality, and unable to drive the sustained job creation and productivity gains needed to liftincomes and support inclusive growth. Addressing these constraints is critical for SSAcountriesseeking todiversifytheir economy,buildeconomic resilience, and raise global competitiveness. While previous research has identified these issues at the macroeconomic level, a comprehensive firm-levelanalysis is necessary to understand the specific constraints affecting businesses of different sizes andindustries, and howtheyshape theirinvestment and employment decisions.Rather than treating the privatesector as a monolithic entity, this paper leverages firm-level data from the World Bank Enterprise Surveys(WBES) to systematically assess the major bottlenecks to private sector growth in SSA. By applying bothperception-based and proxy-based measures, we aim to capturea comprehensiveviewof constraints faced byfirms