1Makafui R. Agboyi, 2Adu-Gyamfi Lydia & 3Emmanuel Ackah
1Accra Polytechnic, 2Accra Polytechnic, 3Kwame Nkrumah University of Science & Technology
Abstract
Planning is essential to the success of any purchase. Successful purchase planning is dependent on many factors and it is the responsibility of the purchase team to consider these factors when planning a purchase. This chapter describes the planning team from the broadest perspective, including the role of the purchase team in this process, and how market research and sources of information aid the team in planning purchases. The financial sector in Ghana has undergone a comprehensive restructuring in the last decade during which a number of firms and organizations belonging to different segments of the sector were established. The sector comprised bank, which form a core segment, insurance companies, pension funds, discounts housing, leasing companies, the Ghana Stock Exchange and its licensed dealing members. A number of non-banking financial institutions have emerged which add depth and diversity to financial services. The purchases teams’ involvement in supplier selection and the use of performance evaluation factors also are emphasized. Purchasing planning is a series of activities that are tackled in logical sequence in way that lands to the setting of purchasing objectives and the devising of programs to meet them. Thus, the purchasing plan becomes a framework for identifying where and why resources are going to be allocated, when they are to come into play and how they are integrated in order to make maximum impact. The output of this process is the strategic purchasing plan. Jain stated that, planning is a process directed towards making today’s decision with tomorrow in mind and a means of preparing for future decision so that they may be made rapidly, economically and with as little disruption to the business as possible. As purchasing plan is seen as a written document of the planning process and a set of actions or activity to carry-out within a set period, the planning as an ongoing process which is never stopped as far as the bank remains in operation.
Keyword: Procurement, Planning, Implementation, Banking Procurement
