The Role of the Financial Sector in Zimbabwe, Central Banking and its Social and Economic Impacts’

and quality services for consumers. If the financial system is under tight regulation, financial markets would not be able to function efficiently and the use of resources would not provide desired outcomes. It should also be noted that reforms in other sectors have less impact on the overall economic development if the financial sector is under control, Edirisuriya (2007).

As part of the economic growth strategy, many economies have aimed at improving their financial sector. Ghana structured its financial reforms in two phases, FINSAP 1 and FINSAP 2 (Financial Sector Adjustment Program) and the reform for Non- bank financial institutions credit, Gordon (2008). An assessment