Parliament has passed the Value for Money Office Bill, clearing the path for the creation of a new institution aimed at tightening oversight of public expenditure and procurement in Ghana.
The legislation establishes the Value for Money Office as a specialised body to promote efficiency, transparency and accountability in the use of public funds.
Tackling Waste and Inefficiency
Presenting the Bill earlier in February, Finance Minister Cassiel Ato Forson described it as a major intervention to address longstanding weaknesses in Ghana’s public financial management system.
According to him, the law is designed to confront recurring problems such as inflated contracts, abandoned projects, cost overruns and wasteful government spending.
“This Bill institutionalises a comprehensive value for money framework to ensure that every cedi spent by Government delivers maximum benefit to citizens.” - Dr. Forson
New Oversight Role
Under the new law, the Value for Money Office will function as an independent oversight body with a technical mandate to assess the efficiency and effectiveness of major public projects.
Its duties will include carrying out value for money assessments, issuing mandatory Value for Money Certificates before major contracts are approved, monitoring compliance and applying sanctions where breaches occur.
Dr. Forson said the Office will help ensure government projects are better managed and completed in a way that delivers measurable benefits to citizens.
READ ALSO: Reparatory Justice: Ghana Intensifies UN Push to Recognise Slave Trade as Crime Against Humanity
