Finance Minister Dr Cassiel Ato Forson has laid before Parliament the Value for Money Office Bill, describing it as a decisive step to address long-standing inefficiencies in Ghana’s public financial management system.
Presenting the Bill on the floor of the House, he said the proposed legislation is aimed at tackling persistent challenges such as inflated contracts, abandoned projects, cost overruns and wasteful public expenditure.
He explained that the Bill seeks to institutionalise a comprehensive value-for-money framework to ensure that every cedi spent by government delivers maximum benefit to citizens in terms of economy, efficiency, effectiveness, equity and sustainability.
According to the Minister, the proposed Value for Money Office will function as an independent and specialised oversight body with a clear technical mandate. The Office will conduct value-for-money assessments, issue mandatory Value for Money Certificates before major contracts are awarded, monitor compliance and enforce sanctions where violations occur.
He emphasised that the overarching objective of the Bill is to strengthen fiscal discipline, reduce waste, promote public confidence and reinforce the country’s governance and accountability architecture. He added that the legislation will help curb contract inflation, ensure uniform pricing across government entities and transform Ghana’s public financial management landscape.
The Minister noted that the Bill aligns Ghana with established international best practices in public expenditure management. He cited oversight institutions in the United Kingdom and the United States as examples of systems that have enhanced accountability and optimised the use of public funds.
He concluded that the establishment of the Value for Money Office will enhance public trust and investor confidence while ensuring that public investments deliver tangible social and economic returns for the Ghanaian people.
