The Ghana Institute of Procurement and Supply has welcomed the newly approved Value for Money legislation.
The institute says the law will strengthen transparency, accountability, and efficiency in the use of public funds.
According to GIPS, the legislation will help ensure that government spending delivers better value to state institutions and the wider economy.
The institute believes the law will reduce waste and inefficiency in public procurement.
President of GIPS, Simon Annan, described the legislation as timely.
He said it shows government’s commitment to addressing the misuse of public resources linked to procurement breaches.
“The Value for Money legislation is expected to improve fiscal discipline across state institutions by introducing stronger checks and balances,” he said.
Dr. Annan also called for the fast passage of the Procurement Practicing Bill.
The proposed bill aims to strengthen professionalism and ethical standards among procurement officers.
According to him, the bill has already been prepared for Cabinet consideration.
He said the legislation will help improve competence and accountability within the procurement and supply chain sector. Dr. Annan explained that the two laws would work together to improve procurement systems in Ghana.
“The combination of the two laws will create robust procurement processes,” he stated.
He added that certified and licensed procurement officers would help achieve value-based procurement across the public sector.
The institute reaffirmed its support for reforms aimed at improving procurement practices in Ghana.
GIPS also urged policymakers and industry players to support the effective implementation of the new legislation.
According to the institute, stronger procurement governance will help reduce financial leakages and improve institutional integrity.
