The effect of significant securities in procurement processes in Ghana
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Date
2021-06-15
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Abstract
All nations and organizations need inputs of good, works and services from external
suppliers or providers. Procurement represents a very large fraction of total economic
activity. Procurement is considered to represent a major aspect of the Gross Domestic
Product (GDP) of developing and developed countries which occupies a considerable
portion of private and public sector employment. Therefore, this study was conducted
to assess the effects of significant security on the procurement process in Ghana.
The study used the descriptive and cross-sectional design and with the incorporation
of closed ended questions to gather information from respondents. The research
design was quantitative data. The purposive non-probability and systematic sampling
techniques were used in selecting subjects for the study. The data obtained from the
questionnaires was analysed using Microsoft Excel and The Statistical Package for
the Social Sciences (SPSS). Also, the SPSS was used to highlight the various
relationships between variables using ANOVA/T-test for significant.
The study revealed that, there are several significant securities that are being
employed in the procurement of public goods and services. Payment securities,
retention securities, performance securities, builders risk insurance, bid securities and
worker‟s compensation securities were determined to be the types of securities
employed in the procurement of public goods, works and services. The results of the
study showed a direct positive relationship between the provision of significant
securities and its influence on the procurement processes in procuring public goods,
works and services. Another significant finding is that, „Financial institutions and
other related parties charges high on securities‟, „remedy does not cover the full cost
of loss‟, „it takes longer period for surety of security be realised‟, „limited scope of
responding to surety‟, „satisfying bid security delays as a result of investigating
default in meeting project requirement‟ were identified as the main challenges in
using significant securities in the procurement processes in Ghana.
Description
A thesis submitted to the Department of Construction Technology and Management, Kwame Nkrumah University of Science and Technology, Kumasi in partial fulfilment of the requirements for the Award Degree of Master of Science in Procurement Maanagement.
Keywords
Effect, Significant Securities