The Institute of Statistical, Social and Economic Research (ISSER) has welcomed government’s plan to establish a permanent Value for Money (VfM) Office, describing it as a critical step toward eliminating inflated contracts and ensuring more efficient public spending.
The endorsement was given by Professor Peter Quartey, former Director of ISSER, and Prof. Robert Darko Osei, the current Director, during the Institute’s independent review of the 2025 Mid-Year Budget Statement at the University of Ghana.
The forum, organised annually by ISSER, provided a non-partisan analysis of government’s fiscal direction. This year’s discussions closely examined the newly presented 2026 Budget, themed “Resetting for Growth, Jobs, and Economic Transformation.”
The 2026 Budget detailed how the proposed office will operate, indicating that it will require Value for Money certificates for all major public contracts, work with oversight bodies, including the Auditor-General, to impose penalties for waste, fraud, and inflated pricing and launch a VfM Transparency Portal to publish project details, procurement processes, and citizen feedback in real time.
Government described the office as an independent and permanent guardian of efficiency, accountability, and fiscal integrity, designed to address persistent issues of inflated project costs and weak oversight across ministries, departments and agencies.
Prof. Quartey said the proposed office could lead to “massive savings” for the state, given the widespread procurement abuses documented in successive audits.
“There are a lot of procurement infractions. There are a lot of inflated figures when it comes to procurement, construction, et cetera. Sometimes the value can be as high as four times the original cost,” he noted.
He said establishing clear cost benchmarks and requiring VfM certification before project approval was an important structural reform.
Prof. Quartey emphasised that fiscal consolidation must balance both revenue generation and prudent spending.
“It is not always about revenue. It is about effective, efficient spending,” he said.
“When you enhance revenue mobilisation and also ensure that you spend efficiently, then we can grow the economy and deliver expressways and other big-ticket projects.”
Prof. Robert Darko Osei also praised the initiative, describing it as a timely intervention to improve public sector efficiency.
He said Ghana’s spending inefficiencies are driven by two major issues, poor value for money, and weak project prioritisation.
“And so having an office that can effectively work to ensure that we are getting the best for every cedi we spend, I think it’s a wonderful idea,” he said.
However, Prof. Osei cautioned that the success of the VfM office will depend on its practical implementation, institutional independence, and consistent enforcement of sanctions.
He noted that the office must act as a strong watchdog to deliver the real results promised in the budget.
