The Ministry of Finance and Economic Development, formerly known as Ministry of Finance and Development Planning was established in 1970 by merging the then Ministry of Finance and the Ministry of Development Planning. In 1983 the Ministry was reorganized in to three functional divisions namely;

- Public Finance Management,

- Financial Affairs (under which was the Office of the Accountant General),

- Economic Affairs.

In 1996 the Ministry was again reviewed and reorganized to accommodate changing economic and financial policies adopted by the government. The Public Finance Management was restructured and renamed Budget Administration.