Finance Minister Dr. Cassiel Ato Forson says the newly established Office for Value for Money will play a critical role in reducing bloated government contracts, cutting wasteful expenditure and strengthening fiscal discipline across the public sector.
Speaking after President John Dramani Mahama assented to the bill establishing the office into law, Dr. Forson expressed confidence that the new institution would help government achieve better value in public spending while protecting taxpayers’ money.
According to the Finance Minister, one of the key objectives of the office is to scrutinise public procurement processes and prevent the inflation and padding of contracts that have often burdened the state financially.
“The Office for Value for Money will stop inflation and padding of contracts,” Dr. Forson stated.
He explained that the institution is expected to generate significant savings for the country by ensuring that government projects and procurements are properly evaluated and deliver real value to citizens.
Dr. Forson further noted that the office would eventually become financially beneficial to the state through the savings it would create.
“The office will practically pay for itself by helping reduce unnecessary public expenditure,” he said.
He added that the expected savings would create fiscal space for government to channel more resources into critical sectors of the economy, including infrastructure, education, healthcare and social development.
The creation of the Office for Value for Money forms part of the Mahama administration’s broader public financial management reforms aimed at improving transparency, accountability and efficiency in the use of public funds.
Government believes the new office will serve as an important safeguard against waste and ensure greater discipline in the award and execution of public contracts.
