Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has laid a bill before Parliament aimed at ensuring value for money in public financial management. The Value for Money Office Bill seeks to tackle chronic inefficiencies, including inflated contracts, abandoned projects, and wasteful public expenditure.
According to Parliamentary Debates, Dr. Forson emphasized that the proposed legislation will institutionalize a comprehensive value for money framework, ensuring every cedi spent delivers maximum benefit to citizens. The bill proposes establishing a Value for Money Office, a specialized 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 stressed that the office will strengthen fiscal discipline, reduce waste, promote public confidence, and reinforce governance and accountability architecture.
The bill aligns Ghana with international best practices in public expenditure management, citing examples from the National Audit Office, the Government Accountability Office, and value-for-money frameworks in Canada and other advanced jurisdictions. The move is expected to enhance public trust, investor confidence, and ensure public investments deliver tangible social and economic returns.
The establishment of the Value for Money Office is seen as a crucial step in transforming Ghana’s public financial management landscape, promoting equitable resource distribution, and generating measurable cost savings. The office will help curb contract inflation and ensure uniform pricing across government entities.
If passed, the legislation will mark a significant milestone in Ghana’s efforts to improve public financial management and accountability.
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Author: Korkor Anumu
