Value for Money Office to Strengthen Fiscal Discipline, Cut Contract Padding and Create Fiscal Space, Says Finance Minister After Bill Assent
Finance Minister Dr Cassiel Ato Forson has voiced optimism that the newly created Office for Value for Money will help tackle bloated public contracts and minimise unnecessary government spending.
Speaking after President John Dramani Mahama signed the bill establishing the office into law, Dr. Forson said the initiative would reinforce fiscal discipline and promote more prudent use of public resources.
“The Office for Value for Money will stop inflation and padding of contracts,” the Finance Minister remarked.
He explained that the institution is expected to deliver considerable savings to the state by closely examining public procurement activities and ensuring government projects provide value for taxpayers’ money.
According to Dr. Forson, the office would eventually “pay for itself and reduce public expenditure.”
He further indicated that the savings generated through the office’s interventions would provide government with additional fiscal room to invest in key sectors of the economy.
“And obviously create fiscal space that will be used to develop other sectors of the economy,” he added.
The establishment of the Office for Value for Money forms part of government’s wider public financial management reform programme aimed at strengthening transparency, accountability, and efficiency in the management of public finances
