The Institute of Statistical, Social and Economic Research (ISSER) has endorsed the government’s plan to establish a permanent Value for Money Office.

That, it said, was pivotal to eliminating inflated contracts and ensure efficient public spending.

Professor Peter Quartey, former Director and, Prof. Robert Darko Osei, the current Director of the Institute, gave the endorsement during a review of the 2025 Mid-Year Budget Statement at the University of Ghana.

The forum, organised by ISSER, provided an independent analysis of the government’s fiscal policy.

The economists’ support comes from the government’s newly outlined 2026 Budget, “Resetting for Growth, Jobs, and Economic Transformation.”

The 2026 Budget provided concrete details on how the office will operate, stating it will require public value for money (VfM) certificates for contracts coordinate with bodies like the Auditor-General to impose penalties for waste and fraud.

It would also launch a VfM Transparency Portal to publish projects and citizen feedback in real time.

The budget revealed that the value for money office was designed as an independent, permanent guardian of efficiency, accountability, and fiscal integrity to address years of inflated projects and weak oversight.

Prof Quartey said the office, announced by the Finance Minister, could lead to massive savings for the state, citing rampant procurement infractions that aligned directly with the budget’s diagnosis.

“There are a lot of procurement infractions. There’s 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 said.

Prof. Quartey noted that the problem the 2026 budget aimed to solve was by having the VfM office enforce cost benchmarks and certify major projects before approval.

He emphasised that revenue generation was only one part of the fiscal solution, adding: “It is not always about revenue. It is about effective, efficient spending.”

“When you enhance your revenue mobilisation, and you also ensure that you spend efficiently, then we can grow the economy and have the expressway and other big-ticket projects.”

Prof. Darko Osei, on his part, described the initiative as excellent and a “wonderful idea.”

He explained that spending inefficiency stems from two key issues: “One is the cost value for money. And then two is the prioritisation. Of course, they are related.”

“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.”

Prof. Osei, however, urged a wait-and-see approach, noting that the success of the office would depend on its implementation.

He noted that the office’s effectiveness hinged on its ability to function as the robust watchdog for prudent spending and real results promised in the budget.