Highlighting the importance of efficiency in governance, Dr. Bawumia stressed that having a smaller ministerial team would streamline decision-making processes.

He said: Enhancing the role of the private sector along with fiscal and administrative decentralization, improving our systems and the way our institutions function will lead to greater efficiency; cutting waste and ensuring value for money in procurement. The move towards the private sector provision of many public services would create fiscal space of at least 3% of GDP. This represents a major paradigm shift. Additionally, an efficient system of governance will require even fewer ministers. Therefore I would have no more than 50 ministers and deputy ministers". 

Addressing the nation in Accra on Wednesday, February 7, 2024, to unveil his vision and priorities for Ghana if elected President, Vice President Dr. Bawumia outlined plans to establish an independent fiscal responsibility council aimed at reducing budget deficits and interest rates during his tenure.

"To sustainably reduce the budget deficit and interest rates, my government will enhance fiscal discipline through an independent fiscal responsibility council enshrined in the Fiscal Responsibility Act, 2018 (Act 982)," he explained. "The Fiscal Responsibility Act will also be amended to include a fiscal rule that limits budgeted expenditure to 105% of the previous year’s tax revenue to prevent over-optimistic revenue forecasts."

Furthermore, Dr. Bawumia's says he intends to alleviate the fiscal burden on the government by harnessing the potential of the private sector, building on the successful implementation of initiatives such as Free SHS and Free TVEY during the Nana Akufo-Addo administration.

"With all these social safety nets in place, my government will now focus on job creation and wealth generation through private sector involvement for all Ghanaians," he stated. "My administration will incentivize the private sector to collaborate with the government in delivering various infrastructure and services to reduce government expenditure and enhance maintenance."