Currency volatility in African markets shapes development outcomes by determining who can access capital and on what terms, with firms in shallow financial markets often forced to choose between expensive local-currency finance and exchange-rate risk from foreign-currency debt. Addressing this requires both better micro-level evidence on how FX risk flows through households, firms, and investors, and policies that can expand financing access without simply redistributing risk.

In African cities, small firms locate on busy roads to attract customers and increase profits, exposing workers to substantial air pollution.

Even large manufacturing firms in Uganda resemble groups of self-employed workers, which limits the gains to scaling these firms

Growth in human capital reduces agricultural labour supply, while in turn the expansion of non-agricultural sectors drives human capital growth

Rental markets for large machines between small firms allow them to achieve economies of scale, increasing mechanisation and aggregate productivity