By Kebba AF Touray
The West Africa Institute for Economic Management (WAIFEM) has on Monday, 12th August 2024, commenced a regional course on Procurement strategy and contract management.
The regional course is designed to provide a comprehensive understanding of procurement cycles from planning and tendering to contract administration and closure, from August 12th-16th 2024.
The key topics to be covered would be introduction to procurement, procurement planning, tendering planning, tendering bidding, technology in procurement, management projects funded by development partners, among others.
Speaking on behalf of Director General, Dr. Alvin Johnson, Director Governance and Institute Developer, WAIFEM said that procurement and contract management procedures to be followed vary depending on the involvement of the national government, international partners or private entities.
“As a result, procurement and contract managers need training and retraining to understand the essential requirements, as well as an appreciation of the procurement audit process. Whether a project is being implemented by a private, public or non-governmental organization, there must be efficiency, value for money, and adherence to ethical commercial principles at the core of project execution,” he said.
He said that the WAIFEM in 2021, launched a strategic plan to address the challenges of capacity building in the sub region, and that there is an ongoing mid-term review of the plan by an independent consultant to ensure that the services of WAIFEM, remain within the confines of addressing emerging capacity-building issues in the sub-region.
In response to the evolving needs of our member countries, WAIFEM has significantly expanded its training programs to accommodate those needs. It has introduced new courses such as digital finance, cybersecurity in financial institution and sustainable economic policies.
He said: “These additions are designed to address emerging challenges and equip our participants with the skills needed to navigate the complexities of modern financial systems”.
Dr. Paul J Mendy, on behalf of the Governor of the Central Bank of the Gambia, told the gathering that procurement is a critical aspect of any business operations, and that organizations, whether in the public, private or non-government sector, rely on good financial controls, efficient and effective services to achieve value for money for both the organization and their customers.
He continued that issues concerning procurement strategy have become significant in achieving policy objectives, fostering economic growth, and ensuring sustainable development.
He said: “Effective procurement process ensures the judicious, economical, and efficient use of public resources in a transparent and non-discriminatory manner”.
Dr. Mendy added that the procurement process and the use of competitive bidding are major contributors to achieving value for money, which helps organizations to maintain a competitive edge and drive better commercial deals.
He outlined that implementing strategic procurement involves assessing current processes, setting up clear objectives, developing a comprehensive sourcing strategy, building strong supplier relationships, leveraging technology, and tracking performance metrics.
The steps, he said, ensure that procurement strategies are effectively aligned with business and organizational goals, leading to improved operational efficiency and long term success.
He said: “The overall procurement process must ensure compliance and product or service quality through contracts. Contract management is the process of contract creation, execution and analysis to maximize the operational and financial performance of an organization while reducing financial risk”.
He said thus, effective contract management is essential to delivery of the intended project outcomes, and that procurement and contract managers are key to delivering organizations cooperate strategy.
“The need for legal compliance is driving many organizations 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,” he said.
