The Government of Ghana is taking a decisive step to curb wasteful spending and boost accountability with the establishment of a Value for Money Office (VfMO). Announced by Finance Minister Dr. Cassiel Ato Forson during the presentation of the 2026 Budget Statement and Economic Policy, the new office aims to ensure that every cedi spent delivers measurable results for Ghanaians.
Addressing Inefficiencies in Public Spending
While Ghana has made progress in public financial management compliance, challenges such as inflated project costs, budget overruns, and abandoned projects continue to undermine the effectiveness of public investment. The VfMO is designed to address these issues by shifting the focus from mere regulatory compliance to outcome-driven accountability.
“The Value for Money Office will be Ghana’s permanent guardian of economy, efficiency, effectiveness, equity, and accountability,” Dr. Forson stated.
How the Value for Money Office Will Work
The VfMO will function as an independent statutory body with the authority to review, certify, and sanction public spending. Its primary objectives include:
- Verifying that major projects are economically justified and technically sound.
- Ensuring that prices align with national cost benchmarks.
- Demanding measurable results from government agencies.
- Publishing transparent performance reports for Parliament and the public.
The office will oversee projects through three key phases:
- Pre-Award Reviews – Certifying project scope, costs, financing, and timelines.
- Post-Award Monitoring – Preventing overruns and ensuring quality delivery.
- Post-Completion Evaluation – Confirming value creation and efficiency.
A mandatory Value for Money Certificate will be required for contract awards, payments, or continuation of projects.
Promoting Transparency and Accountability
To further enhance public oversight, the government plans to launch a Value for Money Transparency Portal, which will provide real-time updates on certified projects, benchmarks, savings, and citizen feedback. Additionally, quarterly and annual reports will be submitted to Cabinet and Parliament and made publicly accessible.
The VfMO will collaborate closely with agencies including the Public Procurement Authority, Internal Audit Agency, Auditor-General, and the Ministry of Finance to enforce sanctions against wasteful spending. Sanctions may include administrative penalties, surcharges, prosecution referrals, and blacklisting of non-compliant entities.
Expected Impact
Within its first five years, the VfMO is projected to:
- Reduce contract inflation and waste by 10–15%.
- Save the country approximately GH¢3 billion annually.
- Restore investor and citizen confidence in public spending.
“This is more than a new office; it is a new standard,” said Dr. Forson. “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.”