Table 1: Descriptive statistics

The summary statistics of the key variables of the study are reported in Table 1. The scale for the six governance indicators ranges from approximately -2.5 (weak) to 2.5 (strong). Meanwhile, the average performance of African countries for the six indicators, voice, and accountability, corruption, governance effectiveness, political stability, the rule of law, regulatory quality, are -0.618, -0.627, -0.718, -0.552, -0.683, and -0.68, respectively. These provide a clear indication of the sordid performance of countries in Africa in these key governance indicators. Significantly, the average performance of the quality governance index is also very low as it is close to zero. The consumption of fossil fuel energy sources also remains relatively high in Africa.