CBG’s Deputy Governor Paul J. Mendy stated this resolve at the commencement of a five-day regional course on procurement strategy and contract management organised by West African Institute for Financial and Economic Management (WAIFEM) at the Paradise Suites Hotel.
The event, slated for 12 through 16 August 2024, attracted participants from Liberia, Nigeria, Serra Leone and The Gambia to hone their knowledge on procurement, contracts, and risk management strategies.
Deputy Governor Mendy underscored the importance of procurement in any business operations, whether in the public, private, or non-government, saying institutions rely on good financial controls and efficient and effective services to achieve value for money for both the organisations and their customers.
“Issues concerning procurement strategy have become more crucial in recent times due to the strategic importance of public procurement in achieving policy objectives, fostering economic growth, and ensuring sustainable development,” he stated.
He emphasised that an effective procurement process ensures the judicious, economic, and efficient use of public resources in a transparent and non-discriminatory manner.
The governor indicated that the procurement process should prioritise compliance and ensure high-quality products and services through contracts.
“It is crucial for maximising the operational and financial performance of organisations, while minimising financial risk whereas implementing risk management is also important for fostering innovation, minimising operational disruptions, and ensuring timely delivery of goods or services while upholding high-quality standards,” he affirmed.
In the same vein, WAIFEM’s Governance and Institutional Development director Alvin Johnson informed the participants that WAIFEM had launched a strategic plan to address capacity-building challenges within the sub-region.
“I am pleased to inform you that we have commenced the following: Expansion of training programmes, Enhanced E-Learning Platforms, Strengthened Partnerships and collaborations, Research and publication, focus on Sustainable Development Goals (SDGs), the African Continental Free Trade Area (AfCFTA), and Alumni Network and Engagement,” said Dr Johnson.
He outlined that these developments reflect WAIFEM’s unwavering commitment to excellence and its proactive approach to addressing the dynamic challenges West Africa faces.
Additionally, he assured participants that the institute would continue to support their efforts with cutting-edge knowledge, innovative training, and robust capacity-building initiatives.
