Finance Minister Presents Value for Money Office Bill to Parliament of Ghana
The Minister of Finance, Cassiel Ato Forson, has presented the Value for Money Office Bill to Parliament of Ghana.
According to the minister, the bill aims not only to provide Ghanaians with maximum benefit from every single amount spent by government, but also to create a specialised and independent oversight institution with the technical mandate to conduct value-for-money assessments, issue value-for-money certificates before major contracts are awarded, monitor compliance, and ensure sanctions where violations occur.
“This bill aims to ensure that every cedi spent by the government delivers the maximum possible benefit to citizens in terms of economy, efficiency, effectiveness, equity and sustainability. Furthermore, the establishment of the Value for Money Office will create a specialized and independent oversight institution with the technical mandate to conduct value-for-money assessments, issue value-for-money certificates before major contracts are awarded, monitor compliance and ensure sanctions where violations occur.”
Speaking on the floor of Parliament, the finance minister added that the bill will enhance fiscal discipline and accountability, boost public trust and investor confidence, and align Ghana with international best practices in public financial management.
“The overarching objective is to ensure fiscal discipline, reduce waste, promote public confidence and strengthen the governance and accountability architecture of the country. Mr Speaker, the bill also seeks to institutionalise value-for-money oversight and transform the public financial management landscape of the country by reducing contract inflation and wasteful expenditure, and ensuring uniform pricing across government. Finally, Mr Speaker, this bill seeks to strengthen fiscal discipline and accountability, enhance public trust and investor confidence, and align Ghana with international best practices in public financial management.”
Citing some European and other developed countries as examples, he noted that Ghana seeks to follow suit to ensure that every cedi counts in the award of government contracts and that the country aligns with global standards.
“Right Honourable Speaker, globally, countries such as the United Kingdom, Canada, Singapore, Slovakia and the United States have established statutory frameworks on value for money. In the UK, for example, they have established the National Audit Office for value-for-money assessments. Canada has established similar audit frameworks under its Ministry of Finance as independent bodies. The United States has also established the Government Accountability Office to ensure optimal use of public funds. And so, Mr Speaker, Ghana seeks to follow suit to ensure that every cedi counts in the award of government contracts. I so submit.”
If passed, the bill could significantly reshape the country’s procurement and public financial management landscape, as government moves to tighten oversight, reduce leakages and ensure that every cedi spent translates into tangible development outcomes.
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