**5. Conclusions and recommendations**

The study investigated the effects of lending rates, money supply, and exchange rate on investment activities in selected Sub-Saharan African countries for the period of 1980–2018 using panel ARDL. To test for stationarity, Levin-Lin-Chu (LLC), the Im-Pesaran-Shin (IPS), and the Fisher-ADF tests were used, and variables were found to be integrated differently with a mixture of I(0) and I(1). Pedroni, Kao, and Johansen-Fisher tests for cointegration proved that all three monetary variables were cointegrated with investment and therefore have a longrun relationship.

The ARDL long-run results revealed a negative and significant relationship between lending rates and investment. Additionally, investment is positively related to both money supply and exchange rate in the long run. It can be concluded that the Sub-Saharan African region need to maintain low lending rates, increase the money supply, and keep a stable exchange rate to influence investments, which will ultimately affect the growth of the economy.

The study recommends that when central banks take contractionary measures, they should consider the resulting change in investment as it a crucial part of economic growth. For example, when an economy is sluggish, interest rates must not be raised to the point where investment is discouraged and assets are suppressed. The study concludes the role played by monetary variables on investment activities that there is a strong link between the monetary sector and the real sector.
