Effects of good governance,sustainable development and aid on quality of life: Evidence from sub‐saharan Africa

The paper empirically investigates the effects of governance (GGov), official development assistance (ODA), sustainability [adjusted net savings (ANS)], and macroeconomic variables on the quality of life [human development index (HDI)] for selected sub‐Saharan African (SSA) countries using the most recent data from 2000 to 2017. The study employed different panel techniques. The findings provide insightful and interesting empirical results that resonate with the magnitude of a significant of the role of GGov on ANS and HDI. Our study shows that GGov is important to improve HDI. Additionally, ANS has important implications on the well‐being of human existence in SSA. In addition to these, this study found that macroeconomic variables such as trade openness and economic growth, wealth, and opportunity creation factors like urbanization and electrification rate are essential. Furthermore, empirical results revealed that ODA has a negative and significant association with HDI, which is in line with some of the existing literature. Our findings have several implications for organizations such as the World Bank, International Monetary Fund, and African Development Bank. This study serves as a policy instrument and guides in coordinating SSA on promoting HDI.