Ghana’s President Axes Seven Ministries to Reduce Costs

John Mahama, Ghana’s new president, has dissolved seven ministries as part of efforts to streamline governance and meet fiscal discipline requirements tied to a $3 billion IMF bailout. The decision, announced via email, aims to cut costs and enhance government efficiency amid Ghana’s ongoing economic struggles such as high inflation, youth unemployment, and unsustainable debt. In the email announcement, Mahama highlighted the restructuring as a step toward stabilizing the economy and fulfilling campaign promises of economic recovery. He plans to reinvest the savings from the dissolution of these ministries into critical sectors such as infrastructure, education, and healthcare. The move reflects the Mahama administration’s commitment to meet the IMF’s conditions, negotiated in 2022, and address citizens’ growing discontent over economic hardships.

Source: Bloomberg