Procurement profession regulation long overdue

Early last month, the gods smiled on local Accountants and Auditors as Parliament passed the Financial Reporting (Amendments) Bill to correct the anomalies in the Financial Reporting Act 2010 and Accountants Act.

While there are so many bodies that have been set up to regulate their professions, I wish to take this opportunity to applaud BICA for the stellar job they have been doing over the years in advocating for the Accounting profession.

The objective of this piece is however not to decode the recently passed Bill, but rather to discuss the urgent need to expeditiously pass a Bill to license and regulate the procurement professionals who practise both in the public and private sector.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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