This is our fourth article on the above subject. So far, we have discussed several initiatives taken over the years to improve public financial management, especially in relation to ensuring greater transparency and public accountability. Despite these efforts, Guyana continues to score poorly on the Corruption Perceptions Index (CPI). In today’s article, we continue our discussion on the subject.
Procurement Act 2003
The Procurement Act replaces the Tender Board Regulations which had been in force since 1992 and earlier years. In several of the Auditor General’s reports going back to the early 1990s, the lack of effective functioning of the Central Tender Board was drawn to attention, especially as regards recordkeeping and filing as well as the absence of minutes of the Tender Board meetings. Recommendations had been made for a complete reorganization of the Board. It, however, took several years for legislation to be enacted in June 2003. The earlier legislation of 2002 was repealed.