President John Dramani Mahama has assented to the Value for Money Office Bill, formalising a strategic initiative to eliminate inflated public sector contracts and bolster fiscal accountability.
Following the signing on Monday, 11 May, Finance Minister Dr Cassiel Ato Forson characterised the legislation as a pivotal achievement in controlling public expenditure.
“Today is a good day. His Excellency, the President, this morning signed into law the Value for Money Office Bill. What we seek to do going into the future will be that we will set up the office, and all single-source procurements will have to go through the office for value for money,” he remarked.
The statute mandates that all single-source procurement arrangements undergo rigorous scrutiny by the newly established Value for Money Office.
Dr Forson noted that such assessments were previously managed by the Ministry of Finance’s Legal Division, which lacked the requisite specialised expertise.
This legislation institutionalises the evaluation process by creating a dedicated body equipped with the technical capacity for independent contract assessment.
The office’s establishment fulfils a core campaign pledge by President Mahama to enhance transparency and efficiency within public financial management.
The government is currently coordinating the allocation of resources, the appointment of leadership, and the formation of a technical oversight team, with the objective of making the office fully operational by January 2027.
“I want to use this opportunity to assure the people of Ghana that the manner of public sector contracting and overinflation of contracts will be curtailed by this signature,” Dr Forson stated.
By: Rainbowradioonline.com/Ghana
