| TEST | ADF | Phillip Perron | GLS-ADF test | Conclusion | |||
| Country | Level P-Value | Lag (SIC based) | Level P-Value | Bandwidth. |
| Lag (SIC based) | |
| Burundi | 0.7161 | 0 | 0.7146 | 3 | −1.77 | 0 | Unit root |
| Burkina Faso | 0.9851 | 2 | 0.9094 | 8 | −1.48 | 0 | Unit root |
| Benin | 0.3981 | 0 | 0.5198 | 1 | −2.10 | 0 | Unit root |
| Botswana | 0.9592 | 0 | 0.9446 | 4 | −0.65 | 0 | Unit root |
| Cote d’Ivoire | 0.7833 | 2 | 0.7126 | 4 | −1.30 | 2 | Unit root |
| Cameroon | 0.2919 | 4 | 0.6967 | 4 | −2.65 | 4 | Unit root |
| Ghana | 0.9842 | 0 | 0.9864 | 3 | −0.12 | 0 | Unit root |
| Congo DR | 0.8805 | 2 | 0.9608 | 4 | −1.60 | 2 | Unit root |
| Kenya | 0.7290 | 0 | 0.8052 | 3 | −1.85 | 0 | Unit root |
| Malawi | 0.7724 | 1 | 0.4021 | 0 | −1.67 | 1 | Unit root |
| Rwanda | 0.7447 | 0 | 0.8155 | 6 | −1.50 | 0 | Unit root |
| Sudan | 0.8001 | 3 | 0.7435 | 21 | −1.45 | 5 | Unit root |
| Senegal | 0.9833 | 1 | 0.9775 | 19 | −0.93 | 0 | Unit root |
| Singapore | 0.8138 | 0 | 0.8450 | 3 | −1.52 | 0 | Unit root |
| Thailand | 0.2538 | 0 | 0.1933 | 2 | −2.57 | 0 | Unit root |
| South Africa | 0.6935 | 0 | 0.7300 | 3 | −1.85 | 0 | Unit root |
| Zambia | 0.9919 | 0 | 0.9921 | 1 | −0.40 | 0 | Unit root |
| Zimbabwe | 0.2322 | 1 | 0.2683 | 3 | −2.71 | 1 | Unit root |