As part of efforts to reduce waste in the public sector, Dr. Cassiel Ato Forson, the finance minister-designate, has announced that the Mahama administration will establish an Independent Value for Money Office.
He was responding to questions when he appeared before the Vetting Committee in January 2025.
In his view, wasteful expenditure has been a major challenge confronting our economy.
He indicated that the Independent Value for Money Office will work with parliament to check government expenditure to prevent overspending.
“No one can convince me that our budgets have no waste. The wealth benefits only a select few. Its unintended consequences affect all of us as a nation. It ends up breeding fiscal indiscipline and a high budget deficit; in the end, the outcome is a haircut”, he said.
“Some of the things we will do from the expenditure side is the establishment of the Independent Value for Money Office so that parliament will be able to set up a ceiling for government contracts that must go through independent value for money analysis,” he said.
He was optimistic that the process will limit abuses in the procurement systems that open the door for wasteful expenditure.
By: Rainbowradioonline.com/Ghana