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CBG Deputy Governor Paul J. Mendy expressed this resolve at the start of a five-day regional course on procurement strategies and contract management organized by the West African Institute of Finance and Economic Management (WAIFEM) at the Paradise Suites Hotel.
The event, scheduled to take place from August 12 to 16, 2024, attracted participants from Liberia, Nigeria, Sierra Leone and Gambia to hone their knowledge in procurement, contract and risk management strategies.
Deputy Governor Mendy stressed the importance of procurement in any business operation, whether public, private or non-governmental, and said agencies rely on good financial controls and efficient services to achieve value for money for the organization and its customers.
“The issue of procurement strategy has gained more importance in recent times due to the strategic importance of public procurement in achieving policy objectives, promoting economic growth and ensuring sustainable development,” he said.
He stressed that an effective procurement process ensures the rational, economical and efficient use of public resources in a transparent and non-discriminatory manner.
The premier said procurement processes should prioritize compliance and ensure high-quality products and services through contracts.
“This is critical to maximizing an organization’s operational and financial performance while minimizing financial risk, and implementing risk management is important to foster innovation, minimize operational disruptions, and ensure timely delivery of goods or services while maintaining high quality standards,” he affirms.
Likewise, Alvin Johnson, Director of Governance and Institutional Development at the World Economic Forum, told participants that the World Economic Forum has launched a strategic plan to address capacity building challenges within the sub-region.
“I am pleased to inform you that we have already started work on expanding our training programmes, enhancing our e-learning platform, strengthening partnerships and collaborations, research and publications with a focus on the Sustainable Development Goals (SDGs), the African Continental Free Trade Area (AfCFTA) and alumni networking and engagement,” said Dr Johnson.
He noted that these developments reflect WAEFF’s unwavering commitment to excellence and its proactive approach to addressing the dynamic challenges facing West Africa.
Furthermore, he assured the participants that the Institute would continue to support their efforts through cutting-edge knowledge, innovative training and strong capacity-building initiatives.
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