The Ghana Institute of Procurement and Supply (GIPS) has welcomed the newly assented Value for Money legislation, describing it as a significant step toward improving transparency, accountability, and efficiency in the management of public funds.
The institute believes the law will ensure that government spending delivers better returns for state institutions and the wider economy by curbing waste and inefficiencies in public procurement processes.
In an exclusive interview, GIPS President Dr. Simon Annan said the passage of the legislation was timely and reflects government’s commitment to addressing the misuse of public resources often associated with procurement-related infractions.
He noted that the law is expected to strengthen fiscal discipline across state institutions by introducing stricter checks and balances. It will also promote prudent use of public funds by ensuring that contracts are awarded based on quality and overall public benefit.
However, Dr. Annan also called for the swift passage of the Procurement Practicing Bill to complement the new law by enforcing professionalism and ethical standards among procurement officers responsible for implementing the reforms.
The proposed bill, which has been prepared for Cabinet consideration, aims to strengthen ethical conduct and deepen professional competence within the procurement and supply chain sector.
According to him, implementing both laws together would significantly improve procurement governance in the country.
“The combination of the two laws will create a stronger procurement system. We can achieve value-based procurement with licensed and certified officers who have the right expertise,” he said.
He added that stronger alignment between value-based procurement and professional regulation would improve efficiency, reduce financial leakages, and enhance institutional integrity across the public sector.
GIPS reaffirmed its commitment to supporting ongoing reforms in the procurement space and urged policymakers and stakeholders to collaborate to ensure the effective implementation of the legislation in the national interest.