Held yesterday at the Paradise Suites Hotel in Senegambia, the training brought together officials from Liberia, Nigeria, Serra Leone and The Gambia to equip them with knowledge of procurement, contracts and risk management strategies.
The event covered topics on introduction to procurement, planning, tendering and bidding, technology in procurement, managing projects funded by development partners, types of procurement, legal and regulatory aspects of procurement, the case study of Nigeria’s Public Procurement Act 2007, contact formation, contract administration, risk management in procurement, ethics in procurement and contracts, and suppliers relationship management, among others.
WAIFEM’s Governance and Institutional Development director Alvin Johnson updated participants on the strategic plan launched in 2021 to address the challenges of capacity building faced in West Africa, in line with promoting efficient and effective procurement of goods and services concerning cost management.
Dr Johnson highlighted that there is an ongoing midterm review by independent consultants to address emerging capacity-building issues within the sub-region through the expansion of training programmes such as digital finance, cybersecurity in finance institutions and sustainable economic policies.
He also underscored the enhancement of E-Learning platforms to deliver virtual courses, strengthening partnerships and collaboration to ensure their training content is aligned with the global standard, provide insights and recommendation-based research and publication, focus on Sustainable Development Goals (SDGs) and the African Continental Free Trade Area(AfCFTA). Efforts would also include Alumni network engagement to provide a platform to share experiences, collaborate on projects and stay informed about the latest developments in finance and economic management, he said.
Similarly, the deputy governor of CBG, Paul J Mendy,emphasised the need for training on procurement strategy, contracts management, and risk management.
The Deputy Governor featured that by embracing a holistic approach to procurement strategy, organisations can navigate the complexities of today’s business environment since it is grounded in contract management and conducive to an efficient process though undue delay in meeting contractual obligations may lead to contractual default, potentially also affecting contractor cash flow, and thus resulting in contract implementation delays and other complications.
He said: “The need for legal compliance is driving many organisations to upgrade their procurement and contract management systems. The consequences for any party’s failure to adhere to the procurement and contract terms and conditions are usually clear.
“However, despite the great potential for gain in the procurement industry, there is also a high degree of risk. Risk management and fostering innovation are critical aspect s of strategic procurement and contract management. Developing strong relationships with suppliers and involving them in the early stages of the procurement process can mitigate risks such as supply chain disruptions and innovation can be fostered by tapping into suppliers’ expertise.”
“This collaborative approach minimizes operational disruptions and ensures the timely delivery of goods or services while maintaining high-quality standards. Strategic procurement and contract management position organisations to stay ahead of the completion by effectively managing risk and encouraging creativity and knowledge sharing between all parties involved.”
