Audio By Carbonatix
Procurement expert Michael Kofi Quashie, has noted that there's a common misunderstanding regarding procurement and the laws and ethics that govern it.
According to him, procurement involves acquiring goods or services through any legally permissible means.
Speaking on JoyNews' 'The Law', Mr Quashie emphasised that while purchasing, which involves paying to obtain something is one approach, it represents just one facet of procurement.
“When it comes to value for money, take an economy that is struggling; everything we acquire we pay to acquire, so you need a huge capital outlay to be able to acquire."
Mr Quashie noted that capital expenditures can be acquired through other means, not necessarily by paying upfront to acquire them.
The expert explained that leasing offers the opportunity to acquire an item and align repayments with cash flow.
He pointed out that leasing allows for extended use of the item over a prolonged period, whereas renting provides shorter-term access to the item.
“Some of the acquisitions we make, should we actually buy them or rent them? So, you find out that sometimes we buy an asset, we use it for a short purpose, and it sits down doing nothing, wasting away, and becomes a white elephant. We should not have bought it,“he noted.
Latest Stories
-
Samson’s Take: When religion threatens peace, sanity must prevail
10 minutes -
Friendship: Why time matters less than continuity
19 minutes -
Africa’s AI moment: They say data is the new gold. But who is drilling it?
20 minutes -
Ghana delivers strong performance in retail market in half-year; value up 15.6% – Maverick Research
26 minutes -
The world’s oldest president left for a ‘brief stay’ in Europe. He hasn’t returned in two months
43 minutes -
Parliamentary committee commends GIPA’s investment drive, backs key reforms
48 minutes -
Livestream: Newsfile discusses AKSA energy deal, legal vacation and GoldBod losses
1 hour -
Jason Arday: 10 things you may not know about British-born Ghanaian former Cambridge professor found dead at 41
3 hours -
KNUST partners with government to manufacture locally-made agricultural machines and smart traffic lights
4 hours -
Government to add constitutional referendum to 2027 District Assembly elections
4 hours -
Ambassador Nancy Sam meets South Africa’s Thanda to strengthen Africa tourism collaboration
5 hours -
Government disburses GH¢23.1 billion to clear road contractors’ arrears – Roads Minister
5 hours -
NPP Ashanti elections: 1,020 delegates to choose 11 regional executives
6 hours -
Galamsey: ‘Challenge is prosecution, not arrest’ — Lands Minister
7 hours -
Elliot Kabutey Tei outlines strategic blueprint to drive NPP victory in Tema East
7 hours