Procurement of consultancy services in public financial institutions: a case study of financial institutions in the Greater Accra Region

Thumbnail Image
Journal Title
Journal ISSN
Volume Title
Procurement of services is becoming an increasingly important issue, thanks to an emerging services industry context, the deregulation of public services sectors, and a general trend of increased outsourcing in both the private and the public sector. The purchase decision for professional services is often described as complex and fraught with difficulties. The aim of the study is to access the challenges in the procurement of consultancy services by public financial institutions. The objectives of the study among others included procedure for procuring and managing consultants and challenges of public financial institutions in the procurement of consultancy services. The main tools for the collection of data included questionnaires and interviews. The target population for the data collection included procurement officers and professionals with a construction background. Statistical Package for Social Scientists (SPSS V 20) using Mean Score Ranking was employed to analyze data obtained. The study revealed that selection and follow-up phase of procurement of consultancy service was widely practiced in the public sector. Thus, the survey identified several areas where practice could be developed to improve the procurement of consultancy services. The study also revealed that technical aspects of design, project execution/action plan and individual experience of key project personnel were the major challenges in the procurement of consultancy services. The study suggests that a more high-level management involvement is needed, recognizing the importance of the procurement function within the public sector and the need to develop new buying skills in procurement management, specification, competitive process, negotiation regulation and monitoring. The study provides unique insights on how consulting services are procured in the public financial institutions.
A Dissertation Presented in partial fulfilment of the requirements for the degree of Master Of Science in Procurement Management