PROCUREMENT AND ITS CONTRIBUTION IN FOSTERING THE VALUE FOR MONEY

its is true on what was written on achievement of value for money but most of the people state " the laws are only on papers and they can not spell" so they did not follow what is been stated by the act

“Value for money” is a term generally used to describe an explicit commitment to ensuring the best results possible are obtained from the money spent. In broader perspective value for money is associated with economy, effectiveness and efficiency of a product or service. It concern for more transparency and accountability in spending public funds, and for obtaining the maximum benefit from the resources available. Coming back to your question it goes without saying if procurement is it done in accordance with principles stated then VFM can be achieved. According to Section 43 of the Public Procurement Act 2004 it is the duty of tender board, procuring entities to strive in achieving highest standard of equity and fairness in order to obtain the best value of money in terms price, quality and delivery. S. 44 of same Act requires Accounting Officer or Chief Executive to ensure procurement within their institutions are carried out in accordance with procedures stated in Law. The biggest challenge is how to live the talk!

The mission of PPRA is to foster and promote value for money in public procurement for national development. My question is how do procurement foster the value for money?