Successful financial reform policies implemented by Ghana included: Financial Sector Adjustment Programme (FINSAP) in 1989, Financial Sector Strategic Plan I (FINSSP I) in 2003 and Financial Sector Strategic Plan II (FINSSP II) in 2012. The question is whether these reforms leading to financial deepening and financial liberalization have any positive impact on the Ghanaian economy. This study investigated the effect of financial deepening and financial liberalization on domestic investment by applying the Dynamic Ordinary Least Square (DOLS) technique to the time series data from 1970 to 2014. It was found that real deposit rate had a significant negative long-term impact on domestic savings in both pre and post-interest rate liberalization regimes. The impact of financial deepening on economic growth is sensitive to the indicator used as a measure of financial deepening.