Govt to establish Value for Money Office to curb wasteful spending
14th November 2025
Finance Minister Dr. Cassiel Ato Forson has announced the creation of a Value for Money Office (VfMO) as part of government efforts to strengthen fiscal discipline, enhance accountability, and ensure that public spending delivers real benefits for citizens.
He made the announcement on Thursday, November 13, while presenting the 2026 Budget Statement and Economic Policy to Parliament.
Dr. Forson said that despite improvements under Ghana’s public financial management laws, persistent problems—such as inflated contract prices, budget overruns, and abandoned projects continue to undermine efficiency and value for money.
The proposed office will function as an independent statutory body empowered to review, certify, and sanction public expenditure to prevent waste and promote value-driven investments.
According to the Minister, the VfMO signals a shift from “box-ticking compliance” to “outcome accountability,” ensuring that public funds directly translate into roads, schools, hospitals, and jobs.
“The Value for Money Office will be Ghana’s permanent guardian of economy, efficiency, effectiveness, equity, and accountability,” he said.
Key Functions of the VfMO
The office will:
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Verify that major projects are economically justified and technically sound.
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Ensure project pricing aligns with national cost benchmarks.
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Demand measurable performance results from government agencies.
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Publish transparent performance reports for Parliament and the public.
The VfMO will operate through three lines of defence:
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Pre-award reviews to certify project scope, cost, financing, and timelines.
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Post-award monitoring to prevent overruns and ensure quality.
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Post-completion evaluations to confirm value creation.
A mandatory Value for Money Certificate will be required for contract awards, payments, and project continuation.
Government will also introduce a Value for Money Transparency Portal to provide real-time data on certified projects, cost benchmarks, savings, and citizen feedback. Quarterly and annual reports will be submitted to Cabinet and Parliament and made publicly accessible.
The VfMO will work closely with the Public Procurement Authority, Internal Audit Agency, Auditor-General, and the Ministry of Finance to enforce sanctions for wasteful spending including administrative penalties, surcharges, blacklisting, and referrals for prosecution.
Within its first five years, the initiative is expected to reduce contract inflation and waste by 10 to 15 percent, saving the country an estimated GH¢3 billion annually and strengthening public and investor confidence.
“This is more than a new office; it is a new standard,” the Minister said. “With the Value for Money Office, we choose prudence over waste, performance over process, and service over slogans. Every cedi must count — and will count — for the Ghanaian people.”