Dr. Cassiel Ato Forson, the Minister for Finance, has presented the Value for Money Office Bill to Parliament, describing it as a decisive approach to tackling persistent inefficiencies in Ghana’s public financial management system.
Dr. Forson said the proposed legislation is aimed at addressing ongoing challenges, including inflated contracts, abandoned projects, cost overruns, and wasteful public expenditure.
According to the Minister, the Bill seeks to institutionalise a comprehensive value-for-money framework to ensure that every cedi spent by the Government delivers maximum benefit to citizens in terms of efficiency, effectiveness, and sustainability.
He further explained that the proposed Value for Money Office will function as an independent oversight institution with a clear technical mandate. The Office will conduct value-for-money assessments, issue mandatory Value for Money Certificates before major contracts are awarded, monitor compliance, and enforce sanctions where violations occur.
Dr. Forson stressed that the objective of the Bill is to strengthen fiscal discipline, reduce waste, promote public confidence, and reinforce governance and accountability in the use of public funds.
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