ACT 2003ACT 663 are cost effectiveness and efficiency or value for money

Act 2003act 663 are cost effectiveness and efficiency

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ACT 2003(ACT 663) are cost effectiveness and efficiency, or value for money integrity and accountability (Transparency and fairness). In Ghana, small business or businessmen deals in small buying and selling whiles big institution, state agencies and the government itself deal in Procurements which is guided by the ACT 2003 ACT 663.
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The main key objective of Procurement in Ghana is to achieve value for money. This is because as a rational consumer whatever you buy must be equal to what you paid for i.e.; MU = P. In other words, the combination cost, quality and sustainability must meet customer requirements. In this context; 1. Cost means what you pay to acquire a good, work or service. 2. Quality means meeting specifications which is sufficient to meet requirements. 3. Sustainability means economic social and environmental benefits from what you processed. Hence, it is the utility derived from every purchase or every sum of money spent. Value for money is not only based on minimum purchase price but on maximum efficiency and effectiveness as well. Again, Integrity is the also an ultimate in public procurement in Ghana. This is where there must be fairness and transparent in public spending. Spending officers ought to be
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