Ghana’s President John Mahama has reduced the number of government ministries from 30 to 23 as part of efforts to streamline operations and reduce costs under the International Monetary Fund’s (IMF) austerity program, according to a government gazette.
The retained ministries include key sectors such as finance, health, interior, defense, education, energy and green transition, roads and highways, and transport. The restructuring is part of broader reforms tied to the $3 billion IMF bailout Ghana secured in 2022 to address its inability to service debt.
Last week, Bloomberg reported that Ghana’s stock market, which outperformed all other African markets last year, is expected to maintain its strong growth into 2025. Investors are hopeful that Mahama’s newly elected administration will stabilize the economy and foster a business-friendly environment.
Ghana’s economy demonstrated substantial recovery throughout 2024, with an average growth rate of 6.3% over the first nine months, a notable improvement from the previous year’s 2.6%.
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