Ghana's Procurement System Fuels Corruption, Says ISSER Director
Economist Professor Peter Quartey has lambasted Ghana's procurement system, claiming that it promotes corruption and stifles progress. In an interview with Joy Business, Prof. Quartey, who is the Director of the Institute of Statistical, Social, and Economic Research (ISSER), called for a revamp of the system to prioritize accountability and ensure value for money.
According to Prof. Quartey, the current procurement framework employed by the Public Procurement Authority has come under scrutiny due to alleged inflated costs discovered during audits. "Many have questioned the relevance of this process after it emerged that some of these procurements are being overpriced after auditing," he expressed concern.
Highlighting specific instances of wasteful spending, Prof. Quartey emphasized that some government projects had failed to deliver value for money. He noted a significant disparity between the costs allocated for procurement and the actual market value, indicating potential corruption. "The procurement processes, as they stand, are not helping us. We are encouraging and centralizing corruption, enabling certain individuals to profit from the system," he added.
To mitigate these issues and promote transparency, the ISSER Director called for the establishment of a robust tracking system to monitor procurement activities. This measure would ensure that every procurement transaction adheres to its intended purpose.
In the meanwhile, it is anticipated that the government will work towards reducing its fiscal deficit for the year as part of the International Monetary Fund's three-year program.
What's Your Reaction?
