The Minister for Finance, Dr. Cassiel Ato Forson, has laid before parliament the Value for Money Office Bill, describing it as a decisive step to tackle chronic inefficiencies in Ghana’s public financial management system.

Presenting the bill on the floor of the House, Dr. Forson said the proposed legislation is aimed at addressing persistent challenges, including inflated contracts, abandoned projects, cost overruns, and wasteful public expenditure.

According to the minister, 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.

He explained that the proposed Value for Money Office will function as a specialised and independent oversight institution 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.

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 further 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.

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.

He concluded that 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.