GIPS welcomes new Value for Money Law, calls for stronger procurement reforms

The Ghana Institute of Procurement and Supply (GIPS) has welcomed the newly assented Value for Money legislation, describing it as a significant step toward strengthening transparency, accountability, and efficiency in the management of public resources.

The institute said the law will help ensure that government expenditure delivers better outcomes for state institutions and the wider economy by reducing waste, excesses, and inefficiencies in public procurement processes.

President of GIPS, Dr Simon Annan, in an exclusive interview, said the passage of the legislation was timely and reflects government’s commitment to addressing concerns over the misuse of public funds often associated with procurement-related infractions.

He noted that the law is expected to enhance fiscal discipline across public institutions by introducing stronger checks and balances while promoting prudent use of state resources through improved contract evaluation based on quality and public benefit.

However, Dr Annan also called for the swift passage of the Procurement Practicing Bill to complement the new law by enforcing professionalism and ethical standards among procurement practitioners responsible for implementing the reforms.

The proposed bill, currently prepared for Cabinet consideration, seeks to strengthen ethical conduct and improve professional competence within the procurement and supply chain sector.

According to Dr Annan, the combination of both legislations will significantly improve procurement governance and empower certified professionals to ensure value-based public procurement.

He added that synergy between value-for-money principles and professional regulation would enhance efficiency, reduce financial leakages, and strengthen institutional integrity across the public sector.

GIPS reaffirmed its commitment to supporting ongoing procurement reforms and urged policymakers and stakeholders to collaborate effectively to ensure the successful implementation of the new legal framework in the national interest.