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The study examines whether there is significant difference on macroeconomic performance between SSA countries which have stock exchanges and countries which do not have after these countries are ranked on the basis of their macroeconomic performance composite index, computed using a multi-criteria decision making (TOPSIS) method and Shannon entropy to calculate the objective weight for each criterion. The study finds that there is meaningful difference on macroeconomic performance between the two groups of countries. However, the independent sample T-test tells that there is no significant difference on GDP growth between SSA countries, with stock exchanges and countries without stock exchanges for the years 1997-to-2013. A random effect regression result, that is found to be appropriate after Hausman test, shows the stock market development indicators positively impact GDP growth rate of 17 African countries that are members of African stock exchange Association for the years 2003-to-2014. While market capitalization as percentage of GDP is significant, turnover ratio is not significant. African countries need to be determined to develop their stock markets so that they can have significant impact on enhancing economic growth in a manner that significant difference on GDP growth is observed between countries with stock exchanges and without stock exchanges controlling for other variables.

Do Stock Exchanges Make Difference on Macroeconomic Performance and Economic Growth in Sub-Saharan African (Ssa) Countries?