Finance Minister Dr. Cassiel Ato Forson has expressed confidence that the newly established Office for Value for Money will play a critical role in reducing inflated public contracts and cutting wasteful government expenditure.
Speaking after President John Dramani Mahama assented to the bill establishing the office, Dr. Forson said the initiative would strengthen fiscal discipline and ensure greater efficiency in the use of public funds.
“The Office for Value for Money will stop inflation and padding of contracts,” the Finance Minister stated.
According to him, the office is expected to generate significant savings for the state by scrutinising public procurement processes and ensuring that government projects deliver value to taxpayers.
He added that the institution would ultimately “pay for itself and reduce public expenditure”.
Dr. Forson further explained that the savings generated through the office’s work would create additional fiscal space for government to channel resources into priority sectors of the economy.
“And obviously create fiscal space that will be used to develop other sectors of the economy,” he noted.
The Office for Value for Money forms part of the government’s broader public financial management reforms aimed at improving transparency, accountability, and efficiency in public spending.
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Source: www.myjoyonline.com