摘要：The paper examines the long run and causal relationship between ;financial development and economic growth for ten countries in sub-Saharan ;Africa. Using the vector error correction model (VECM); the study finds that ;financial development is cointegrated with economic growth in the selected ten ;countries in sub-Saharan Africa. That is there is a long run relationship ;between financial development and economic growth in the selected sub-Saharan ;African countries. The results show that financial development Granger causes ;economic growth in Central African Republic; Congo Republic; Gabon; and Nigeria ;while economic growth Granger causes financial development in Zambia. However; ;bidirectional relationship between financial development and economic growth was ;found in Kenya; Chad; South Africa; Sierra Leone and Swaziland. The results show ;the need to develop the financial sector through appropriate regulatory and ;macroeconomic policies. However; in Zambia emphasis needs to be placed on ;economic growth to propel financial development.
