We need to identify the wasteful budgets and cut them… – Ato Forson (Finance Minister Designate)

Dr. Cassiel Ato Forson, the Finance Minister-designate, has announced plans to establish an Independent Value for Money Office.

This new office will help reduce waste in the public sector by working with parliament to check government expenditure and prevent overspending.

Speaking before the Appointments Committee of Parliament, Dr. Ato Forson emphasized that wasteful expenditure is a major issue in Ghana’s economy.

He believes that limiting corruption and wasteful expenditure will provide enough fiscal space for the government to focus on economic development.

“No one can convince me that our budgets have no waste. The waste benefits only a select few. Its unintended consequences affect all of us as a nation. It ends up breeding fiscal indiscipline, high budget deficit, in the end, the outcome is haircut”, he said.

The government also aims to improve the ratio of domestic revenue to GDP from 12-14% to 18%. Dr. Ato Forson noted that introducing new taxes is unnecessary when financial waste in the public sector remains unchecked.

“Some of the things we will do from the expenditure side is the establishment of the Independent Value for Money Office so that parliament will be able to set up a ceiling for government contract that must go through independent value for money analysis”, he reiterated.

By rationalizing expenditure, the government hopes to encourage private sector investment and expansion. As Dr. Ato Forson put it, “Why are we always talking about revenue? We must also look at the expenditure and cut the waste.”

 

Baina Multimedia/ Khadijahtu Kubura Kailani

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