The Minister for Finance, Dr Cassiel Ato Forson, has laid the Value for Money Office bill before Parliament on Tuesday to conduct assessments, issue mandatory certificates before major contracts are awarded, monitor compliance and enforce sanctions where violations occur.
Dr Forson indicated that the proposed law will address persistent challenges, including inflated contracts, abandoned projects, cost overruns and wasteful public expenditure.
“The establishment of the Value for Money Office will not only enhance public trust and investor confidence but also ensure that public investments deliver tangible social and economic returns for the Ghanaian people,” he said.
He noted that the Bill seeks to institutionalise a comprehensive value for money framework to ensure that every cedi spent by the government delivers maximum benefit to citizens in terms of economy, efficiency, effectiveness, equity and sustainability
Dr Forson emphasised that the overarching objective of the Bill is to strengthen fiscal discipline, reduce waste, promote public confidence and reinforce the governance and accountability architecture of the country.
He noted that the legislation will help curb contract inflation, ensure uniform pricing across government entities and transform Ghana’s public financial management landscape.
“By strengthening oversight and enforcing compliance, the Office is expected to generate measurable cost savings, improve the quality of public sector projects and promote more equitable resource distribution,” he added.
The Minister indicated that the Bill aligns Ghana with established international best practices in public expenditure management.
He cited examples from the National Audit Office, the Government Accountability Office, and value-for-money frameworks in Canada and other advanced jurisdictions as models that have enhanced accountability and optimised the use of public funds.
Joyce Adwoa Animia Ocran, ISD
