Government has introduced the Value for Money Office Bill in Parliament with the aim of strengthening oversight of public expenditure.
Presenting the Bill on Tuesday, February 24, Finance Minister Cassiel Ato Forson said the proposed law is intended to confront systemic weaknesses that have long undermined efficiency in public spending.
According to him, the recurring issues such as bloated contracts, stalled projects and avoidable cost overruns as key concerns the legislation seeks to resolve.
The proposed law will establish an independent Value for Money Office mandated to scrutinise major public sector projects before approval.
Under the framework, large government contracts will require a Value for Money Certificate prior to execution, with the Office empowered to monitor compliance and recommend sanctions for breaches.
The reform, Dr. Forson said, is designed to entrench fiscal discipline, improve transparency and ensure that state resources translate into measurable development outcomes.
He added that standardising pricing mechanisms across government institutions and strengthening technical review processes will help reduce waste and enhance accountability.
Dr. Forson noted that similar oversight systems in advanced jurisdictions have delivered substantial savings and improved project delivery standards, stressing that Ghana must adopt comparable safeguards to protect public funds.
Government maintains that once operational, the Office will reinforce confidence in public financial management and ensure that national investments produce real social and economic value.
Source: Starrfm.com.gh
