Finance Minister introduces Value for Money Bill in Parliament

Finance Minister Dr. Cassiel Ato Forson on Tuesday introduced the Value for Money Bill in Parliament to tackle waste and inefficiencies in public spending.

Dr. Ato Forson laid the bill before the House during proceedings, outlining the government’s plan to strengthen oversight and ensure prudent use of state resources.

He explained that the proposed legislation seeks to address long-standing weaknesses within Ghana’s Public Financial Management system.

According to him, persistent challenges such as inflated contracts, abandoned projects, cost overruns and wasteful expenditure have undermined development efforts and eroded public confidence in the management of public funds.

“The Value for Money Bill seeks to address chronic inefficiencies in the Public Financial Management system, particularly those arising from inflated contracts, abandoned projects, cost overrun and wasteful spending,” he told Members of Parliament.

He added that the bill would institutionalise a comprehensive value-for-money framework across government institutions to promote fiscal discipline and accountability.

“By institutionalising a value for money framework, this bill aims to ensure that every cedi spent by the government delivers maximum possible benefit to citizens in terms of economy, efficiency, effectiveness and sustainability,” Dr. Ato Forson stated.

The Finance Minister stressed that the measure forms part of broader reforms to enhance transparency and improve outcomes in public sector projects and procurement processes.

He noted that value-for-money assessments would become a central requirement in the planning, approval and execution of government-funded initiatives.

Dr. Ato Forson indicated that the proposed framework would help prevent the recurrence of stalled projects and excessive contract variations that have, in the past, burdened the public purse.

He urged lawmakers to support the bill, describing it as a critical step toward restoring credibility in public financial management and ensuring that limited national resources are used responsibly.

The bill is expected to be referred to the appropriate parliamentary committee for further scrutiny before consideration and passage.