Accra: Dr Cassiel Ato Baah Forson, the Finance Minister, has commended President John Dramani Mahama for approving the Value for Money Office Bill. The new office is set to commence operations in January 2027.
According to Ghana News Agency, the Value for Money Office Act is designed to tackle persistent issues such as inflated contracts, abandoned projects, cost overruns, and inefficient public spending. The commendation was made by Dr Forson during a press conference following the President's assent to the Value for Money Office Bill, along with the Governance Advisory Council Bill and the Legal Education Bill.
Dr Forson emphasized that the President's approval marks a significant step towards curbing public sector expenditure, particularly addressing the overinflation of government contracts. The establishment of this office means that all single-source procurement will be scrutinized for value for money.
Previously, the Legal Division of the Ministry of Finance handled value for money assessments but lacked the necessary expertise. Dr Forson highlighted the institutionalization of the Value for Money Office as a fulfillment of President Mahama's campaign promise.
He assured the public that the new office will effectively address issues of contract padding and overinflation within the public sector. Preparations to set up the office will take place over the next six months, including nominating leadership and forming a technical team to implement the act.
Dr Forson expressed confidence that the office will demonstrate its value beginning January 2027, noting that similar offices in other countries have proven self-sustaining. He anticipates that the office will not only reduce public expenditure but also create fiscal space for the development of other sectors in the country.