Parliament has passed the Value for Money Office Bill 2026, clearing 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.

On the floor of Parliament, Dr. Forson described the Bill as a necessary response to long-standing inefficiencies in the country’s public financial management system.

He pointed to persistent challenges including inflated contract sums, abandoned projects, cost overruns, and wasteful spending as key issues the new framework seeks to address.

“This Bill institutionalises 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.

Dr. Forson emphasised that 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.