President John Mahama has assented to the Value for Money Office Act 2026, paving the way for the creation of a new independent body tasked with strengthening oversight of public spending and procurement.

The legislation, which was introduced in February by Finance Minister Dr. Cassiel Ato Forson, establishes a specialised institution aimed at embedding efficiency, transparency, and accountability across government expenditure.

The Finance Minister has already described the law as a necessary response to long-standing inefficiencies in the country’s public financial management system.

The Act will address issues like inflated contract sums, abandoned projects, cost overruns, and wasteful spending in the public sector.

This law will also 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,” he said.

Once operational, the Value for Money Office will function as an independent oversight body with a clearly defined technical mandate.

Its core functions will include conducting value for money assessments, issuing mandatory Value for Money Certificates before major contracts can be awarded, monitoring compliance across public entities, and enforcing sanctions where violations occur.

The new office would serve as a critical tool for promoting prudent public financial management, ensuring that government projects are not only completed efficiently but also deliver tangible benefits to citizens.