Achieving VFM in Business Environment Reform
DFID takes with utmost seriousness the agenda of achieving value for money in all its programmes. The Economic Development Strategy notes that that DFID has a duty to the UK taxpayer and to those living in extreme poverty to ensure that everything is done to maximise value for money.
BERF has addressed the value for money agenda directly, looking both at how value for money is measured in programmes undertaken by the International Finance Corporation, and at the implications for DFID programmes. Value for money is not just about economy, but also encompasses the efficiency and effectiveness of programmes – “doing things right” as well as “doing the right thing”.
Work in Ghana focused on examining the impact of business environment reform on the costs incurred by the private sector to comply with the regulatory environment. The so called “Compliance Cost Methodology” has potential to be applied in other countries to strengthen the metrics of Value for Money especially in the formal sector.