It is a fact that in this day and age, most institutions rely on good financial controls and efficient and effective services to achieve value for money for both the organisations and their customers. This not only ensure careful and wise spending but it also save millions of funds been diverted in other means.
In our Tuesday’s edition, we ran an article in which the Central Bank of The Gambia (CBG) has expressed its resolved to utilise resource management to defy the harsh economic realities in the country.
The CBG officials made this disclosure at the start of a five-day regional course on procurement strategy and contract management organised by West African Institute for Financial and Economic Management (WAIFEM).
The forum comes at a time when much emphasizes has been put on procurement in both government and even private institutions.
Public procurement is seen as a strategic instrument for many public policy initiatives and from experience many institutions are embracing this methodology.
What is so dear about robust public procurement is that it helps enhance good governance thus fostering sustained economic growth. Rapid socio-economic development is meaningless, when a country lacks efficient public procurement system in place to enhance resources and channeled through the right avenues.
Experts say public procurement is a complex development tool that cuts across all sectors of economy. It creates many opportunities and challenges.
These opportunities include timely delivery of high-quality public services, promotion of sustainability through a focus on “green” products and services; supporting micro, small, and medium enterprises; innovation; enhancing trade and competitiveness.
Most countries in Africa spend an average of 17 percent of Gross Domestic Products on procurement of Public Goods, works and service contracts.
In essence, this illustrates the crucial role that public procurement plays in the context of Africa’s economic development and in influencing its broader socio-economic environment.
Let’s always bear in mind that economic development of any country significantly depends on the effectiveness of its public expenditure and the performance of its public procurement system.
The unnecessary losses through inefficiency and corrupts practices are key procurement challenges affecting nations. And this practice cuts across many countries.
Thus, it is important government institutions embrace the best business practices taking shape globally to ensure robust public procurement in the country.