The Ghana Institute of Procurement and Supply (GIPS) has welcomed the newly assented Value for Money legislation, describing it as a major step toward strengthening transparency, accountability, and efficiency in the management of the public purse.

According to the institute, the law will help ensure that government spending delivers value to various state institutions and the broader economy, by reducing excesses and inefficiency in public procurement processes.

President of GIPS, Dr. Simon Annan, said in an exclusive interview that the passage of the legislation was timely, signaling government’s commitment to tackling the rising misuse of state resources often linked to procurement-related infractions.

“The Value for Money legislation is expected to improve fiscal discipline across state institutions by introducing stronger checks and balances. It will further promote the prudent of public funds by ensuring that contracts were awarded on quality and overall public benefit,” he added.

To complement the new legislation, however, Dr. Annan made a strong case for the swift passage of the Procurement Practicing Bill to enforce professionalism and ethical conduct among procurement officers responsible for implementing the new legal reforms in the sector.

The proposed bill, which has been readied for Cabinet, seeks to promote ethical standards and deepen professional competence within the procurement and supply chain sector.

According to Dr. Annan, having the two legislations working together will empower procurement and supply chain officers as well as strengthen procurement governance in the country.                                                                  

“The combination of the two laws will create robust procurement procurements. We can achieve value-based procurement with licensed and certified procurement officers with the right expertise,” he indicated.

He added: “Synergies between value-based procurement and professional regulation would enhance efficiency, reduce financial leakages, and strengthen institutional integrity across the public sector.”

GIPS reaffirmed its commitment to supporting reforms aimed at improving procurement practices in the country and implored policymakers and industry stakeholders to work together to ensure the effective implementation of the legislation for the national good.