Public Debt Management and Independent Fiscal Institutions in Sub-Saharan Africa: A Structured Literature Review

Esau Washipobe Wesa; Marianna Sávai

doi:10.14267/RETP2026.01.09

Esau Washipobe Wesa PhD student, University of Szeged
Marianna Sávai Assistant Professor, University of Szeged

DOI: https://doi.org/10.14267/RETP2026.01.09

Keywords: public funds, fiscal institutions, public debt, deficit bias, Sub-Saharan Africa, H30, H60, H61, H62, H63, H68

Abstract

This study conducts a structured literature review examining the role of fiscal institutions in promoting fiscal discipline, managing public debt, and supporting economic stability in Sub-Saharan Africa. By synthesising theoretical and empirical studies from 2000 to 2024, the review reconciles divergent findings on fiscal rules and independent fiscal institutions (IFIs). Evidence reveals that well-designed fiscal institutions and clearly defined fiscal rules improve fiscal performance, reduce deficits, and enhance debt sustainability. IFIs strengthen accountability, transparency, and policy credibility through credible oversight and fiscal analysis. However, their effectiveness in SSA is often undermined by limited autonomy, technical capacity, political interference and enforcement challenges. The study concludes that enhancing institutional independence, analytical capacity, and integration with fiscal rules is essential for sustainable debt management and macroeconomic resilience. Strengthened fiscal governance and transparency provide a pathway to credible fiscal policy and inclusive economic growth across the region.