Dr Cassiel Ato Baah Forson, the Finance Minister has hailed President John Dramani Mahama for graciously assenting the Value for Money Office Bill.

The Office according to the Finance Minister would be operating in January 2027.

The Value for Money Office Act aims to address persistent challenges including inflated contracts, abandoned projects, cost overruns, and wasteful public expenditure.

Dr Forson gave the commendation at a press conference moments after the President assented to the Value for Money Office Bill and two others – Governance Advisory Council Bill and the Legal Education Bill.

“I think today is a good day. His Excellency, the President, this morning signed the law for the Value for Money of Act,” the Finance Minister said.

“This singular signature and assent will mean that, going into the future, the Republic Ghana, the Government of Ghana will curtail public sector expenditure that has actually risen as a result of overinflation of Government contracts.”

He said what they sought to do going into the future would be that they would set up the Office, and all single source procurement would have to go through the Office for Value for Money.

He said in the past, the Legal Division of the Ministry of Finance had been the one that conducts Value for Money Office.

Adding that they did not have the requisite skills and ability to deal with value for money.

“So, what we’ve done is to properly institutionalise the value for money office. President Mahama, as part of his campaign pledge, promised to establish the Value for Money Office,” the Minister said.

Dr Forson used the opportunity to assure Ghanaians that the menace of public sector the padding of contract, and overinflation of contracts, would be curtailed by this signature.

He said what they sought to do was to use the next six months to properly constitute the Office.

He said they would nominate the leadership of the Value for Money Office and constitute the technical team that would ensure the implementation of the Act.

“I believe that beginning 2027 January, this Office will be fully implemented, and Ghanaians will see the need of a Value for Money Office,” Dr Forson said.

“I have seen Value for Money Office being created in other countries. And I can tell you for a fact that if there’s one single office that can pay for itself from day one, that is the Office for Value for Money.”

Dr Forson said the Office for Value for Money would reduce public expenditure and obviously, create fiscal space that would be used to develop other sectors in the country.