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The Impact of Microfinance and Development Aid on Sustainable Development in Sierra Leone: Evidence Toward Achieving SDG 1

Year: 2025

Type: article

Abstract: This study examines the effects of microfinance and development aid on poverty alleviation and sustainable development in Sierra Leone, with a specific focus on progress toward Sustainable Development Goal 1 (No Poverty). Based on a quantitative survey of 398 households, the findings reveal that microfinance is associated with improved financial inclusion and entrepreneurial activity; however, it also has constraints, including high interest rates and limited rural availability. Development aid helps improve household income and community infrastructure, but questions remain regarding transparency and long-term sustainability. The results emphasize the complementary nature of these interventions. Microfinance encourages individual empowerment, whereas development aid targets systemic barriers. The study suggests using participatory planning, financial literacy programs, and integrated approaches to enhance the effectiveness of interventions. These findings provide actionable insights for policy and inclusive development strategies in Sierra Leone and other contexts.

Source: Journal of Scientific Reports

DOI: 10.58970/jsr.1097

Authors: John Albert Sankoh, Chimwemwe Lusekelo Mwamsamali, Samuel Conteh

Institutions: University of International Business and Economics, Beihang University

Language: English

Topic: Microfinance and Financial Inclusion

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDGs: No poverty, Partnerships for the goals, Reduced inequalities, Decent work and economic growth

Open Access status: bronze

OpenAlex ID: W4411803875