Evaluating the Effectiveness of the Procurement Acts

Effective financial management and procurement systems have being one of the developmental challenges facing most developing countries in Sub-Saharan Africa, and Ghana is no exception. According to Sarfo and Baah-Mintah (2013) financial management, especially public financial management is an attempt made by government to ensure that consistently, the budget is either in balanced or a surplus type. These are largely achieved through ensuring adequate receipts from taxes and non-tax sources, and reducing public expenditure levels. In Ghana, public procurement is a major activity of government that generates important financial resources and has been viewed as part of a wider reform agenda targeted at improving public financial management (Republic of Ghana, 2001). The primary concept of procurement is based on the premise that advanced planning, scheduling, and group buying would result in cost savings, more efficient organizational operation, and therefore improve transparency and accountability.