The Minister for Finance, Cassiel Ato Forson, has presented the Value for Money Office Bill to Parliament, describing the proposed legislation as a major step toward addressing inefficiencies in Ghana’s public financial management system.
Speaking on the floor of the House, the minister said the bill is designed to tackle longstanding challenges such as inflated contracts, abandoned projects, cost overruns, and wasteful public expenditure across government institutions.
According to Dr. Forson, the proposed law will establish a comprehensive value-for-money framework to ensure that public spending delivers maximum benefits to citizens in terms of economy, efficiency, effectiveness, equity, and sustainability.
He explained that the planned Value for Money Office will operate as an independent oversight body with a specialised technical mandate. The institution will be responsible for conducting value-for-money assessments, issuing mandatory Value for Money Certificates before the award of major contracts, monitoring compliance, and enforcing sanctions where breaches occur.
The minister emphasised that the bill’s overarching goal is to strengthen fiscal discipline, reduce waste, enhance public confidence, and reinforce Ghana’s governance and accountability systems. He added that the legislation is expected to help curb contract inflation, promote uniform pricing across government entities, and improve the overall quality of public sector projects.
Dr. Forson further noted that the initiative aligns Ghana with international best practices in public expenditure management. He referenced oversight models such as the National Audit Office and the Government Accountability Office, as well as value-for-money frameworks used in Canada and other advanced jurisdictions, which have helped optimise the use of public funds and strengthen accountability.
He concluded that establishing the Value for Money Office will boost investor confidence, improve transparency, and ensure that public investments generate meaningful social and economic returns for the country.
