Rising poverty levels in Sub-Saharan Africa requires a better understanding of inclusive growth determinants to develop effective policy responses. Using panel data from 44 Sub-Saharan African countries for the period 1990–2018, we compute measures of inclusive growth based on gender and the rural–urban divide. We account for endogeneity, cross-sectional dependence, and heteroscedasticity, and estimate an inclusive growth model using the instrumental variable generalized method of moments (IV-GMM) estimator. The empirical evidence indicates that the impact of informality on inclusive growth depends on the measure of informality and inclusiveness. Our results show that financial inclusion exhibits an inverted-U-shaped relationship with inclusive growth. Also, we find that the moderating role of financial inclusion in the informality–inclusive growth nexus is mixed. Our results are robust to alternative model specifications and highlight the importance of financial inclusion and informality in influencing inclusive growth in Sub-Saharan Africa.

撒哈拉以南非洲地区不断上升的贫困水平需要更好地了解包容性增长的决定因素，以制定有效的政策应对措施。我们使用 44 个撒哈拉以南非洲国家 1990 年至 2018 年期间的面板数据，计算了基于性别和城乡差距的包容性增长措施。我们考虑了内生性、横截面依赖性和异方差性，并使用工具变量广义矩法 (IV-GMM) 估计量估计包容性增长模型。经验证据表明，非正规性对包容性增长的影响取决于非正规性和包容性的衡量标准。我们的研究结果表明，金融包容性与包容性增长呈倒U型关系。还，我们发现金融包容性在非正规性与包容性增长关系中的调节作用是混合的。我们的结果对替代模型规范是稳健的，并强调了金融包容性和非正规性在影响撒哈拉以南非洲包容性增长方面的重要性。