President Mahama signs Value for Money Office bill into law to curb inflated government contracts
President John Dramani Mahama assented to the Value for Money Office Bill on Monday, 11 May. According to Dr Cassiel Ato Forson, the President's action marks "a significant milestone in efforts to contain rising public expenditure linked to overinflated government contracts."
Under the new law, all single-source procurement arrangements will be subjected to scrutiny by the proposed Value for Money Office. Dr. Forson said that previously, value-for-money assessments were the responsibility of the Legal Division of the Ministry of Finance, which lacked the required expertise. The establishment of the office fulfills one of President Mahama's campaign promises aimed at improving transparency and efficiency in public financial management.
The government is making arrangements to allocate the necessary resources to operationalise the office, appoint its leadership, and constitute a technical team to oversee the implementation of the law. The government expects the Value for Money Office to become fully operational by January 2027. Dr. Forson stated that "the manner of public sector contracting and overinflation of contracts will be curtailed by this signature."
Quick Summary
President Mahama has signed the Value for Money Office Bill into law- a move championed by the Finance Minister. The bill aims to address issues within public sector contracts- but what challenges might this new office face?
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