President John Dramani Mahama has assented to the Value for Money Office Act 2026, officially establishing an independent body designed to strengthen oversight of public procurement and government expenditure.

The legislation, introduced in February by Finance Minister Dr Cassiel Ato Forson, aims to address long-standing inefficiencies in Ghana’s public financial management system, including inflated contract sums, cost overruns, and abandoned projects.

The new Value for Money Office will function as a specialized technical institution with a mandate to ensure that government spending delivers maximum benefit through the principles of economy, efficiency, effectiveness, equity, and sustainability.

Once operational, the office will be responsible for conducting rigorous assessments and issuing mandatory Value for Money Certificates, which will be required before any major public contracts can be awarded. It will also monitor compliance across public entities and enforce sanctions for violations.

Finance Minister Dr Cassiel Ato Forson expressed confidence that the initiative will stop the padding of contracts and significantly reduce wasteful spending.

Dr Forson noted that by scrutinising procurement processes, the office is expected to "pay for itself" through the significant savings it generates for the state.

These savings are intended to create additional fiscal space, allowing the government to reallocate resources toward priority sectors of the economy.

The establishment of the office represents a key pillar in the government’s broader public financial management reforms, focusing on institutionalizing transparency and fiscal discipline to ensure tangible outcomes for taxpayers.