Serbian Stevanovic, who was appointed in January 2011, appears to have paid the price for the Black Stars' failure to reach the final of the African Nations Cup last month.
Ghana made it to the last four but went down to eventual winners Zambia. They then lost the third-place play-off 2-0 to Mali.
A statement from the Ghana FA today read: "The Ghana Football Association has parted company with Goran Stevanovic as the Black Stars coach today.
"This comes after three weeks of extensive meetings to ensure that the best decision is taken in the best interest of the nation."
Ghana FA president Kwesi Nyantakyi said: "We would like to express our gratitude to the general public for their concerns about the national team and their patience so far."
Assistant coach Kwegsi Appiah has been asked to take temporary charge until a permanent successor is found.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.