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In a significant move to improve public financial management, Parliament has passed the Value for Money Office Bill, 2026, paving the way for the establishment of an independent body tasked with strengthening oversight of government spending and procurement.
Finance Minister, Cassiel Ato Forson, who presented the bill earlier in February, emphasized that the legislation aims to tackle persistent issues such as inflated contracts, project abandonment, cost overruns, and wasteful expenditure. The new law introduces a robust framework to ensure that public funds are used efficiently, with increased transparency and accountability.
The newly created Value for Money Office will operate as an independent entity, empowered to conduct assessments of government contracts to ensure value for money. It will issue mandatory certificates before major contracts are awarded and will monitor compliance, enforcing sanctions when necessary.
Minister Forson highlighted that the office’s role would be crucial in improving public financial management, ensuring that government projects are delivered on schedule and provide real, tangible benefits to the people.
Story:Efua Nessa
Source:Loco tv