The West African Institute for Financial and Economic Management, WAIFEM, has organized a regional course on procurement strategy and contract management in Banjul.
The training opened at Paradise Monday and drew participants from several West African countries.
The capacity building course is set to provide a comprehensive understanding of procurement cycles from planning and tendering to contract administration and closure.
Speaking at the opening ceremony, Central Bank of the Gambia Governor in a speech read on his behalf by deputy governor Dr Paul Mendy, stated that issues concerning procurement strategy have become more crucial in recent times due to the strategic importance of public procurement in achieving policy objectives, fostering economic growth and ensuring sustainable development.
According to Dr Mendy, the implementation of strategic procurement involves assessing current processes, setting clear objectives, developing a comprehensive sourcing strategy, building strong supplier relations, leveraging technology and tracking performance metrics.
“These steps ensure that procurement strategies are effectively aligned with business\organizational goals leading to improved operational efficiency and long-term success,” he added.
The deputy governor commends WAIFEM for organizing this course in Banjul at a time when many countries are grappling with harsh economic realities and exploring ways to effectively manage scare resources.
WAIFEM director-general Dr Baba Y Musa reiterated the institution’s readiness and continuous commitment to support capacity building to address emerging challenges and equip community citizens with skills needed to navigate the complexities of modern financial systems. “As we embark on this important regional course on procurement strategy and contract management, I assure you that WAIFEM will continue to support your efforts with cutting-edge knowledge, innovation training, and robust capacity-building initiatives,” Dr Musa said in a speech delivered by Dr Alvin Jonhson.
The key topics to be covered under the training program will include procurement planning and methods, tendering and bidding, legal and regulatory aspects, contract administration, ethics in procurement and contracts, risk management and suppliers’ relationship management among others.
