Accra: Finance Minister, Dr. Cassiel Ato Forson, has expressed confidence that the newly established Office for Value for Money will play a critical role in reducing inflated public contracts and cutting wasteful government expenditure. Speaking after President John Dramani Mahama assented to the bill establishing the office, Dr. Forson emphasized that this initiative would strengthen fiscal discipline and ensure greater efficiency in the use of public funds. "The Office for Value for Money will stop inflation and padding of contracts," the finance minister stated.
According to Ghana Web, the office is expected to generate significant savings for the state by scrutinizing public procurement processes and ensuring that government projects deliver value to taxpayers. Dr. Forson highlighted that the institution would ultimately "pay for itself and reduce public expenditure," indicating a potential positive impact on the national budget.
Dr. Forson further explained that the savings generated through the office's work would create additional fiscal space for the government to channel resources into priority sectors of the economy. "And obviously create fiscal space that will be used to develop other sectors of the economy," he noted, reflecting the broader aims of the initiative.
The establishment of the Office for Value for Money is part of the government's comprehensive public financial management reforms, which aim to improve transparency, accountability, and efficiency in public spending. By ensuring that public funds are used effectively, the government hopes to foster economic growth and development across various sectors.