Alban S.K. Bagbin
Parliament has commenced consideration of the Value for Money Office Bill, 2026, which is intended to reshape public financial management and strengthen oversight of government spending, following its First Reading on the floor of the House yesterday.
The Bill, which seeks to regulate, monitor, coordinate and promote value-for-money assessments in public expenditure, was referred by the Speaker, Alban S.K. Bagbin, to the Finance Committee for detailed scrutiny and reporting.
The Speaker also directed the leadership of the Economy and Development Committee to collaborate with the Finance Committee in examining the proposed legislation.
Providing a brief to the House, the Finance Minister, Dr. Cassiel Ato Forson, said the proposed law would institutionalise value-for-money oversight and transform the country’s public financial management architecture.
According to him, the establishment of a dedicated Value for Money Office would help curb contract inflation, reduce wasteful expenditure and promote uniform pricing across the government’s procurement activities.
Dr. Forson explained that the Bill aims to reinforce fiscal discipline and accountability while boosting public trust in the management of state resources.
He noted that stronger value-for-money mechanisms would also improve investor confidence by demonstrating government commitment to efficient spending and prudent financial governance.
The Finance Minister told Parliament that the proposed framework aligns Ghana with international best practices in public financial management, citing examples from several advanced economies that have instituted similar statutory arrangements to safeguard public funds.
He indicated that countries including the United Kingdom, Canada, Singapore, Slovakia and the United States have established institutional systems to evaluate value for money in government programmes and contracts.
In the United Kingdom, he noted, the National Audit Office plays a central role in assessing value for money, while other jurisdictions operate independent bodies or manuals under their finance ministries to ensure optimal utilisation of public resources.
Dr. Forson emphasised that Ghana’s proposed Value for Money Office would serve as a comparable mechanism, helping ensure that every cedi spent through government contracts delivers maximum benefit to citizens.
The Bill is expected to undergo committee-level consultations, stakeholder engagement and possible amendments before returning to the plenary for further consideration and passage.
By Ernest Kofi Adu, Parliament House