Finance as a Catalyst for Public Health and Sustainable Development in Sub‐Saharan Africa

This study examines the role of domestic credit as a catalyst for advancing public health and sustainable development in Sub‐Saharan Africa. It focuses on five countries: South Africa, Tanzania, Ghana, Botswana, and Malawi, using annual panel data from 2000 to 2023 to explore both long‐ and short‐run dynamics. Methodologically, the study employs descriptive statistics, correlation analysis, cross‐sectional dependence testing, slope heterogeneity, unit root tests, and panel cointegration techniques to assess the financial development–health nexus. Key health indicators include current health expenditure per capita, life expectancy at birth, under‐five mortality rate, and HIV prevalence. Results demonstrate that domestic credit significantly improves health expenditure and life expectancy, while contributing to reductions in under‐five mortality and HIV prevalence in the long run. Short‐run effects, however, vary across countries due to structural differences in health financing and institutional capacity. These findings underscore the importance of financial sector development in strengthening health systems and advancing sustainable development goals (SDGs) across the region. Policy recommendations highlight the need to expand credit accessibility, align financial reforms with public health priorities, and address cross‐country disparities to promote resilient and equitable health outcomes.