Purpose The non-achievement of projects of best value remains a perennial problem within the construction industry. This paper aims to identify the latent shortcomings affecting the achievement of value for money (VfM) within the Ghanaian construction industry. Design/methodology/approach From a comprehensive literature review and pilot survey, 18 variables responsible for the non-achievement of VfM were identified. Through purposive and snowballing sampling techniques, a questionnaire was administered to the target professionals. Factor analysis was used to establish the latent shortcomings underlying the same dimensions of VfM achievement in the Ghanaian construction industry. Findings A total of six components were identified and explained as external factors; institutional culture and policy constraints; technical and decision-making factors; human-related factors and accountability and transparency constraints. The relative importance index was used in analysing the strategies to addressing the shortcomings. Social implications The prevalent situation of poorly delivered projects and the continuous campaign for VfM necessitated the need for a study into explaining the latent shortcomings in achieving VfM within the Ghanaian construction industry. It is recommended that governments give VfM in public projects serious attention. This would help to reduce the overall cost of construction projects without compromising quality. When VfM is taken seriously, governments can save more money and undertake more projects as well as gain public acceptance in terms of transparency and accountability. Originality/value This study has set the pace for further research in the VfM analysis by identifying the latent shortcoming, which other developing countries can emulate.

Little study on performance measurement has been conducted within sub-Saharan Africa, where international construction joint ventures (ICJV) have become an emerging trend in construction. Consequently, the reliability and comparability of existing performance measures in such a new region are unknown. This paper adds to the existing knowledge by identifying the relevant joint venture (JV) performance measures within the Ghanaian construction industry. Using a self-administered data obtained through a questionnaire survey by purposive and snowball sampling, respondents rated their perceptions of 20 performance measures identified from the literature. Factor analysis established the variables measuring aspects of the same underlying dimensions. A total of four key performance measures were identified and explained in terms of a cooperative relationship, financial measures, strategic and learning measures. The findings would enlighten JV stakeholders of the reasons underlying the choice of performance metrics, while in a broader picture assist in choosing the right measures to evaluate the extent to which the objectives of the newly formed JV have been achieved.