Ensuring value for money in public procurement: A case study of Koforidua Polytechnic
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Date
2015-04-22
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Abstract
Value for Money (VFM) is the primary driver for procurement. Given the limited
resources available to government, ensuring VFM in procurement is key to ensuring
the optimum utilisation of scarce budgetary resources. Value for money is therefore
not a choice of goods or services which is based on the lowest bid price but a choice
based on the whole life costs of the project or service. The aim of the study is to
assess ways of ensuring value for money in procurement in Koforidua Polytechnic.
The objectives of the study among others includes; identify the challenges in ensuring
value for money and measures to ensure value for money in the procurement of goods
and services. The main tools for the collection of data included questionnaires and
interview whiles the target population for the data collection included administrators,
finance officers and procurement officers. Statistical package for social scientists
(SPSS V 20) using mean score ranking was employed to analyze data obtained.
Procurement entity liaises with Public Procurement Authority always for timely and
required procurement information, procurement activities of the institution are
assessed annually by the Public Procurement Authority, management supports VFM
objectives and institution plans annual procurement spending to ensure VFM were the
major factors in ensuring value for money in procurement. The findings also revealed
that inadequate skilled personnel in the procurement sector and inadequate measures
for monitoring and evaluation of the procurement policy to ensure VFM are major
challenges in public procurement. On measures to ensure alue for money,
procurement contract document should be stated in simple language devoid of
different interpretations requiring revisions and reviews and regular procurement
audits and monitoring for compliance with procurement activities were suggested.
The findings of the study will add to the existing body of knowledge in ensuring value
for money in the procurement of goods, works and services in public institutions in
the country.
Description
A thesis submitted to the school of graduate studies, Kwame Nkrumah
University of
Science and Technology, Kumasi
in partial fulfillment of the requirements for the degree of
Master of Science
in procurement management