Procurement and Financial Management Systems as Strategic Tools for Achieving Organizational Goals

This study examines procurement and financial management systems as strategic tools for achieving organizational goals at the Freetown City Council (FCC) in Sierra Leone, covering the period from 2007 to 2021. In many districts and municipalities in Sierra Leone, procurement functions are often managed by political appointees who view purchases primarily as opportunities to benefit party affiliates, rather than as a means to achieve organizational objectives. The study aimed to determine how effective procurement and financial management practices are employed by FCC and other districts as strategic tools for achieving their organizational goals. The study usesa mixed research design, combining both quantitative and qualitative methods, was adopted, with data collected through questionnaires. The findings from the study revealedthe effective use of procurement and financial management practices to achieve organizational goals and provide stakeholders with strategies to optimize their procurement processes. The findings also revealed that procurement and financial management practices can significantly facilitate achieving corporate objectives by ensuring value for money in all activities. The result implied that reducing transaction costs and prices in procurement could enhance competitive advantage. Other results show that procurement and financial management at FCC are shaped by the National Public Procurement Act and the Public Financial Management Act, which provide guidelines for supply chain and financial management to keep the organization aligned with its objectives. The important policy implication is the need for continuous capacity building for procurement and financial management officials and suppliers to enhance their competencies in line with the evolving National Public Procurement Act and the Public Financial Management Act, thereby supporting FCC in using these functions to achieve its corporate objectives.