Parliament has approved the Value for Money Office Bill 2026, paving the way for the establishment of an independent body to strengthen oversight of public spending and procurement.
The Bill, introduced in February by Cassiel Ato Forson, seeks to address inefficiencies in public financial management by promoting transparency, accountability, and cost-effectiveness in government expenditure.
Speaking on the floor of Parliament, Dr. Forson described the legislation as a necessary intervention to confront long-standing issues such as inflated contract values, abandoned projects, cost overruns, and wasteful spending.
He explained that the new law creates a comprehensive framework to ensure that public funds are used efficiently and deliver maximum benefit to citizens, with a focus on economy, effectiveness, equity, and sustainability.
Once operational, the Value for Money Office will function as an independent oversight institution with a clear technical mandate. Its responsibilities will include conducting value-for-money assessments, issuing mandatory certificates before major contracts are awarded, monitoring compliance across public institutions, and enforcing sanctions for breaches.
Dr. Forson added that the Office will play a vital role in promoting prudent financial management, ensuring that government projects are completed efficiently and provide real value to the public.
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Source: Wesleyannews.com
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