The Finance Minister, Dr. Cassiel Ato Forson, has revealed the establishment of the ‘Value for Money Office Bill’, aimed at tackling inefficiencies within the public financial management system.
He emphasised that the bill seeks to address chronic inefficiencies, particularly those arising from inflated contracts, abandoned projects, cost overruns, and wasteful spending.
“This bill aims to ensure that every cedi spent by the government delivers the maximum possible benefits to citizens in terms of economics, efficiency, effectiveness, equity, and sustainability,” he stated on the floor of Parliament on Tuesday, February 24, 2026.
Dr. Ato Forson further highlighted that the bill will create specialised and independent oversight institutions with a technical mandate to conduct value-for-money assessments and issue value-for-money certificates before major contracts are awarded.
According to him, these institutions will monitor compliance and ensure that sanctions are imposed in cases of violations.
He asserted that the bill is poised to transform the public financial management landscape by reducing contract inflation and wasteful expenditure while ensuring uniform pricing across government.
Additionally, he noted that the bill aims to strengthen fiscal discipline in accountability, enhance public trust and investor confidence, and align Ghana with international best practices in public financial management.
The minister pointed out that countries such as the UK, Canada, Singapore, Slovakia, and the USA have established statutory frameworks for value for money to ensure the optimal use of public funds. Ghana aims to follow suit, ensuring that every expenditure benefits the country.
“For example, Canada has established the national money audit manual under the Ministry of Finance as an independent body.
“The USA has also established the National Accountability Office for Value for Money to ensure the optimal use of public funds, and Ghana seeks to follow the same path,” he asserted.
Source: Vanessa Elizabeth Nkum
