President Mahama Signs Value for Money Office Bill into Law

President John Dramani Mahama has assented to the Value for Money Office Bill, officially establishing a new institutional framework aimed at strengthening public procurement oversight and reducing inflated government contract costs.

The signing ceremony took place at the Jubilee House in Accra, after which the Minister of Finance, Dr. Cassiel Ato Forson, addressed the media on the significance of the new law.

According to the Finance Minister, the legislation will ensure stricter scrutiny of single-source procurement processes to curb excessive public spending and improve accountability in government contracts.

He explained that in the past, value-for-money assessments were handled within the legal division of the Ministry of Finance, but the system lacked the specialized capacity required for effective oversight. The new office, he noted, will professionalize and strengthen that function.

Dr. Forson stated that all single-source procurement arrangements will now be required to pass through the newly established Value for Money Office for independent assessment before approval.

He further indicated that the government will spend the next six months setting up the office, appointing leadership, and assembling a technical team to support its operations. Full implementation is expected by January 2027.

The Finance Minister added that the creation of the office fulfills a campaign promise made by President Mahama, emphasizing that it is designed to address long-standing concerns about inflated public sector contracts.

He expressed confidence that the initiative will deliver significant cost savings, noting that similar institutions in other countries have proven highly effective and, in some cases, self-sustaining.