The Ghana FA made the decision to relieve the 68-year-old of his duties on Saturday morning.
This comes less than 12 hours after country’s Sports Minister ordered a thorough overhauling of the team’s backroom staff following the Black Stars’ rare first-round loss from the continent’s major football competition.
At the present Africa Cup of Nations in Cameroon, the Serbian coach handled one of Ghana’s poorest performances.
The four-time AFCON champions only managed one point in Group C, which included Morocco, Gabon, and the Comoros.
Ghana was eliminated from the competition after losing to Morocco and debutants Comoros in the group stages.
Following the exit, the Ghana FA and the technical team lead by Coach Milovan Rajevac have come under great scrutiny, with fans calling for the team to be disbanded and the coach to be fired.
On Friday, the Sports Ministry and the Ghana Football Association conducted a stakeholders meeting.
Milovan Rajevac’s contract with the Ghana Football Association has been terminated with immediate effect.