Govt to establish Value for Money Office to curb waste and ensure accountability

The Finance Minister, Dr Cassiel Ato Forson, has announced that the government will establish a Value for Money Office (VfMO) to strengthen fiscal discipline, enhance accountability, and ensure that every cedi spent delivers tangible results for Ghanaians.

He made this known on Thursday, November 13, when he presented the 2026 Budget Statement and Economic Policy to Parliament.

According to the Minister, although the implementation of public financial management laws has improved compliance, challenges such as inflated project costs, budget overruns, and abandoned projects continue to undermine efficiency.

The new office will serve as an independent statutory body with the legal authority to review, certify, and sanction public spending to prevent waste and ensure value-driven investments.

Dr Forson explained that the establishment of the VfMO represents a shift from “box-ticking” compliance to “outcome accountability,” ensuring that public resources are used efficiently to deliver roads, schools, hospitals, and jobs.

“The Value for Money Office will be Ghana’s permanent guardian of economy, efficiency, effectiveness, equity, and accountability,” he stated.

The key objectives of the VfMO include verifying that major projects are economically justified and technically sound, ensuring that prices reflect national cost benchmarks, demanding measurable results from government agencies, and publishing transparent performance reports for Parliament and the public.

The Office will operate through three lines of defense across the project life cycle: pre-award reviews to certify project scope, cost, financing, and timelines; post-award monitoring to prevent overruns and ensure quality; and post-completion evaluations to confirm value creation. A mandatory Value for Money Certificate will become a requirement for contract awards, payments, or project continuation.

The government also plans to introduce a Value for Money Transparency Portal, which will provide real-time publication of certified projects, benchmarks, savings, and citizen feedback. Quarterly and annual VfM reports will be submitted to Cabinet and Parliament and made accessible to the public.

The VfMO will work in close coordination with the Public Procurement Authority, Internal Audit Agency, Auditor-General, and the Ministry of Finance to enforce sanctions for wasteful spending. These will include administrative penalties, surcharges, referrals for prosecution, and blacklisting of non-compliant entities.

Within the first five years of operation, the initiative is expected to achieve a 10 to 15 percent reduction in contract inflation and waste, save the country approximately GH¢3 billion annually, and restore investor and citizen confidence in public spending.

“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.”