The seat of Government, located in Accra at the Jubilee House, has announced that the recently enacted Value for Money Office Act introduces more stringent oversight mechanisms for public sector expenditures.
The presidency emphasized its commitment to enhancing transparency and ensuring increased accountability in the utilization of public funds.
President John Dramani Mahama signed the bill on Monday, May 11.
Following this, the Jubilee House shared on Facebook that “The newly enacted Value for Money Office Act also introduces stricter oversight mechanisms for public sector spending, with a focus on promoting transparency and ensuring greater accountability in the use of public funds.”
Finance Minister Dr. Cassiel Ato Forson expressed confidence that the newly established Office for Value for Money will be instrumental in curbing inflated public contracts and minimizing wasteful government spending.
Dr. Forson stated that this initiative would enhance fiscal discipline and ensure improved efficiency in the allocation of public funds.
“The Office for Value for Money will prevent inflation and padding of contracts,” the Finance Minister informed journalists after the President endorsed the Bill.
He indicated that the office is anticipated to yield significant savings for the state by examining public procurement processes and ensuring that government projects provide value to taxpayers.
He further mentioned that the institution would ultimately “pay for itself and reduce public expenditure.”
Dr. Forson elaborated that the savings generated through the office’s activities would create additional fiscal space for the government to allocate resources to priority sectors of the economy.
“And obviously create fiscal space that will be used to develop other sectors of the economy,” he remarked.
The Office for Value for Money is part of the government’s comprehensive public financial management reforms aimed at enhancing transparency, accountability, and efficiency in public spending.
