Since it launched its new e-procurement platform last November, the government has realized a savings of more than $2.5 million, Minister of Economic Affairs Michael Halkitis said.
He was leading debate on the Public Procurement Act, 2023 and Public Finance Management Act, 2023 in the Senate last week.
“We have acquired and brought on stream the GoBonfire e-procurement platform, a best-in-class procurement platform that is being implemented in the public sector and at the Public Hospitals Authority,” Halkitis said.
“Since the launch of the program, I’m advised, in November 2022 we have recorded 1,490 vendor registrations, 299 posted opportunities and they have identified $2.6 million in estimated savings from the use of the platform. We expect these numbers to grow as more agencies utilize the program.”
This nation’s public procurement regime has long been criticized for lacking transparency and efficiency.
As recently as last August, the United States Department of State’s Bureau of Economic and Business Affairs, in its 2022 Investment Climate Statement on The Bahamas, again highlighted what it considered severe challenges to conducting business in the country, noting that “Companies complain that the tender process for public contracts is inconsistent, and allege it is difficult to obtain information on the status of bids.”
Halkitis said implementing this online platform is expected to lift the shroud off of the procurement process and track its efficiency.
“It’s important so that businesses are aware of opportunities that become available. It gives, as well, the opportunity for reports to be made as to who bid, who was successful, who was unsuccessful, and it gives the opportunity to go back to those businesses and say, these are some of the things you may need to work on,” he said.
“I know every time we talk about doing something online there is an aversion or resistance, because some say I’m not tech savvy, but I think that is lessening. I think it has to change and by doing it electrically, it gives us the opportunity to generate reports and audit and increase transparency.”
The bill, among other things, features new definitions to include development preferences. Halkitis said that means the government may apply preferences in the award of contracts to micro, small and medium-sized enterprises, women-owned business, family Island-owned businesses and youth-owned business.
