Prioritise procurement, supply chain management to improve profitability … CIPS CEO urges corporate bodies
The Chief Executive Officer (CEO) of the Chartered Institute of Procurement and Supply (CIPS), Mr Benedict Farrell, has urged corporate organisations and governments to prioritise procurement and supply chain management as a strategic tool for reducing operational costs, improving profitability, and driving economic growth.
According to him, procurement and supply chain management had evolved beyond the traditional role of purchasing goods and services and now play a critical role in organisational resilience, efficiency, sustainability, and national prosperity.
Mr Farrell made the remarks in Accra yesterday during ‘The Great Conversation,’ a global dialogue initiative led by CIPS to engage governments, institutions, professionals, and industry leaders on the future of procurement and supply chain management in a rapidly changing world.
It was on the theme: ‘Shaping the Future of the Procurement and Supply Profession.’
The high-level engagement organised by the West Africa Office of the Chartered Institute of Procurement and Supply (CIPS) brought together senior procurement professionals, public sector leaders, corporate executives, and strategic stakeholders to deliberate on issues including value-for-money and public accountability, infrastructure and project delivery, procurement reform and governance, supply chain resilience, and professional capability development across Africa.
He explained that global challenges such as climate change, population growth, and supply chain disruptions had placed procurement professionals at the centre of decision-making.
Mr Farrell noted that Africa’s rapidly growing population presents both opportunities and challenges for governments and businesses, stressing that effective procurement system would be crucial in managing resources such as food, water, and energy efficiently.
“We know that by 2050, one in every four people in the world will be African. We have to manage living in bigger and growing environments where the demand for food, water and electricity must be managed very well,” he said.
Mr Farrell commended Ghana’s procurement regulatory framework, describing the country’s Procurement Act as ‘a step in the right direction’ while urging stakeholders to strengthen implementation and align with global best practices.
He said corruption in the region could be reduced through the effective procurement and supply management practices, emphasising the need for governments and businesses to begin viewing procurement as a strategic enabler rather than merely an operational support function.
The General Manager of CIPS West Africa, Mrs Stella Addo, in her address, underscored the growing importance of procurement in governance, infrastructure development, sustainability, and public financial management.
“In the midst of global uncertainty, procurement and supply are increasingly moving from the background into the centre of leadership and decision-making,” she said.
According to her, procurement today sat at the intersection of governance, finance, infrastructure, sustainability, and national development, making it essential for governments and institutions seeking accountability, efficiency, and value for money.
She noted that ‘The Great Conversation’ was intended to challenge stakeholders to rethink the future of the procurement profession in an era defined by complexity, uncertainty, and accelerating change.
The Country Director of Harley Reed Ghana, Edith Uyovbukerhi, in her remarks, said her outfit was the representative of CIPS in Africa.
She said Harley Reed Ghana run CIPS accredited programmes for procurement and supply chain management professionals in Africa.
Ms Uyovbukerhi said the operations of Harley Reed Ghana were categorized into three pillars, knowledge, advisory and assurance.
She said, she was excited about the decision of the CIPS to hold the ‘The Great Conversation’ in Ghana discuss procurement and supply chain management practice in Africa.
BY KINGSLEY ASARE
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