{"id":39759,"date":"2023-02-20T12:01:10","date_gmt":"2023-02-20T12:01:10","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy"},"modified":"2023-02-20T12:06:40","modified_gmt":"2023-02-20T12:06:40","slug":"bad-due-diligence-is-costing-namibias-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy","title":{"rendered":"Bad Due Diligence is Costing Namibia’s Economy"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE LACK OF due diligence on the part of procurement administrators who should work in the best interests of the country is the cause of enormous financial losses to Namibia.<\/p>\n

Procurement is mostly carried out in a professional manner. However, there are instances in which this is not the case.<\/p>\n

The question is, how do we ensure transparency, and more importantly, how do we manage in cases of unethical behaviour? It should not be surprising that we are selfish people.<\/p>\n

Companies awarded government tenders are not creating employment for others.<\/p>\n

Many tenders are awarded for a huge amount with only one employee. It hurts to read about this kind of inhumaneness.<\/p>\n

This is total moral decay. We cannot just expect government contracts and take it for granted.<\/p>\n

This evil is deep within the hearts, minds and very essence of mankind itself, and exercised only by a few who are allowed the opportunity to take beyond their needs.<\/p>\n

In the process they are threatening the very existence of the rest of the population.<\/p>\n

We have handed over our destinies and futures to a few who exploit unashamedly for their own selfish gain.<\/p>\n

We are a country of haves and have-nots.<\/p>\n

Tenderpreneurship is one of the biggest contributors to unemployment in Namibia.<\/p>\n

It hurts the poor disproportionately, hinders economic development and fosters uncertainty, unpredictability, and disrespect for governing institutions and authority.<\/p>\n

As we have frequently seen over the past few years, months, weeks, and days our existing procurement system needs a radical overhaul.<\/p>\n

We are busy destroying Namibia’s economy. We can see the bad in what we are doing, and how it would affect perhaps not ourselves, but our children. The time to act is now, but we have to be unequivocal.<\/p>\n

Are the decisions the Central Procurement Board of Namibia (CPBN) is taking the best for Namibia?<\/p>\n

Every decision you make has its costs and benefits. What are we doing to stop this financial obligation coming back to make us poor?<\/p>\n

The way to solve such problems is due diligence in arriving at decisions.<\/p>\n

In other words, we must look at decisions very carefully \u2013 not only because of the burden possibly imposed on the present generation, but also on future generations.<\/p>\n

Research indicates that problems in governance can be attributed to a lack of due diligence on the part of procurement administrators.<\/p>\n

An effective government shareholder management model which addresses the key challenges of governance would improve the CPBN and better protect the assets of the government.<\/p>\n

The CPBN was established through an act of parliament to conduct the bidding process on behalf of public entities for the award of contracts for procurement.<\/p>\n

Let’s be brutally honest: If you are in a leadership position and you simply mouth the words instead of living the values, everyone would know.<\/p>\n

Remember, a good example is worth much more than a stack of memos and emails. Public procurement is fundamental to government service delivery as it often involves large sums of money.<\/p>\n

Furthermore, procurement officials are important because they have to ensure the sector is getting value for money.<\/p>\n

Proper procurement management ensures fairness, openness, and accountability.<\/p>\n

Hence, a lack of professional ethics compromises economic transformation.<\/p>\n

We cannot afford to squander taxpayers’ funds.<\/p>\n

Therefore, effective economic governance depends on the strength of institutional frameworks and the competence of officials to take bold, practicable and rational decisions.<\/p>\n

Where the institutional framework is fragile and the decision-makers are incompetent or indifferent, policies are worthless.<\/p>\n

In Namibia, it remains a challenge to prevent and combat unethical conduct on the part of those who hold public office.<\/p>\n

This should be understood as a means of promoting good governance and safeguarding the welfare of the people and the peace of the nation.<\/p>\n

Namibia cannot afford to slide deep into an abyss of unethical practices. It destroys the moral fabric of society. A moral crisis is difficult to turn around, because the principles of wrong and right, good and bad would have been violated.<\/p>\n

It is totally unacceptable to award multimillions to a few people, while more than 60% or 70% of the nation is poor.<\/p>\n

This practice kills our economy. It increases unemployment and the overall crime rate.<\/p>\n

It is therefore of vital importance that Namibia restructures the economy so that its wealth is shared by all people to ensure that everybody enjoys a decent and rising standard of living.<\/p>\n

Globally, Namibia has the third-highest level of income inequality, according to the World Bank.<\/p>\n

The richest 10% of the global population currently takes home 52% of the world’s overall income.<\/p>\n

The poorest half of the global population earns just 8%.<\/p>\n

On average, an individual from the top 10% earns US$122 100, but an individual from the bottom half earns just US$3 920.<\/p>\n

When it comes to wealth, the gap is even wider. The poorest half of the global population owns just 2% of the global total, while the richest 10% owns 76% of all wealth.<\/p>\n

In conclusion, Namibia needs an improved set of policies, including political, economic and institutional reforms.<\/p>\n

Eliminate public resource mismanagement, and to ensure quality service delivery and effective administration, strengthen the rule of law as well as the promotion of credibility, accountability, and transparency.<\/p>\n

Once Namibia successfully manages to get rid of the variables associated with poor governance and institutions, the country would be in a better position to strengthen and boost its growth.<\/p>\n

Therefore, the application of good governance and reforms by the CPBN should be supported by a thorough understanding of the concept of leadership, and a clear demarcation of the roles of key players in the CPBN, holding the board and management accountable.<\/p>\n

* Josef Sheehama is a banking industry professional with 20 years of experience. He writes in his personal capacity.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE LACK OF due diligence on the part of procurement administrators who should work in the best interests of the country is the cause of enormous financial losses to Namibia. Procurement is mostly carried out in a professional manner. However, there are instances in which this is not the case. The question […]<\/p>\n","protected":false},"author":84,"featured_media":39758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[234,236,233],"class_list":["post-39759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nBad Due Diligence is Costing Namibia's Economy - Namibia<\/title>\n<meta name=\"description\" content=\"THE LACK OF due diligence on the part of procurement administrators who should work in the best interests of the country ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bad Due Diligence is Costing Namibia's Economy\" \/>\n<meta property=\"og:description\" content=\"THE LACK OF due diligence on the part of procurement administrators who should work in the best interests of the country ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-20T12:01:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-20T12:06:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676881880.17.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"429\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bad Due Diligence is Costing Namibia’s Economy\",\"datePublished\":\"2023-02-20T12:01:10+00:00\",\"dateModified\":\"2023-02-20T12:06:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy\"},\"wordCount\":970,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676881880.17.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bad-due-diligence-is-costing-namibias-economy\",\"name\":\"Bad Due Diligence is Costing Namibia's Economy - 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