Knowledge Graphs (KGs) are becoming increasingly essential infrastructures in many applications while suffering from incompleteness issues. The KG completion task (KGC) automatically predicts missing facts based on an incomplete KG. However, existing methods perform unsatisfactorily in real-world scenarios. On the one hand, their performance will dramatically degrade along with the increasing sparsity of KGs. On the other hand, the inference procedure for prediction is an untrustworthy black box. This paper proposes a novel explainable model for sparse KGC, compositing high-order reasoning into a graph convolutional network, namely HoGRN. It can not only improve the generalization ability to mitigate the information insufficiency issue but also provide interpretability while maintaining the model's effectiveness and efficiency. There are two main components that are seamlessly integrated for joint optimization. First, the high-order reasoning component learns high-quality relation representations by capturing endogenous correlation among relations. This can reflect logical rules to justify a broader of missing facts. Second, the entity updating component leverages a weight-free Graph Convolutional Network (GCN) to efficiently model KG structures with interpretability. Unlike conventional methods, we conduct entity aggregation and design composition-based attention in the relational space without additional parameters. The lightweight design makes HoGRN better suitable for sparse settings. For evaluation, we have conducted extensive experiments-the results of HoGRN on several sparse KGs present impressive improvements (9% MRR gain on average). Further ablation and case studies demonstrate the effectiveness of the main components. Our codes will be released upon acceptance.