Public and private sector institutions have been urged to strengthen their stores and inventory management systems in order to reduce revenue leakages, extend the lifespan of procured goods, and promote value-based procurement.
The advice was given by procurement expert and Chief Executive Officer of Prosupp Consult, Collins Agyemang Sarpong, during a three-day training workshop on stores and inventory management in Accra.
He warned that the lack of proper systems for managing stored goods is leading to significant financial losses for many organisations.
“A lot of companies are losing money because of this lack of empowerment on prudent stores and inventory management,” he said. “The gap between when goods are sourced and when they are eventually used or disposed of leads to huge losses in both public and private organisations, and this raises concerns about value-based procurement.”
Mr. Sarpong explained that many institutions fail to appreciate that items held in stores represent tied-up capital and therefore require careful management to protect their value.
He also raised concerns about gaps in the legal framework guiding stores management, describing existing regulations as outdated. According to him, the current Stores Regulations of 1984 are no longer fit for purpose, while the Public Procurement Act 663 does not adequately address how inventory should be managed after procurement.
“The Act provides clear guidelines on how goods are acquired and disposed of, but it does not properly address how stocks should be managed in stores,” he noted.
Mr. Sarpong therefore called on both public institutions and private businesses to invest in continuous training for stores and inventory officers to reduce waste and improve efficiency.
The workshop brought together senior procurement and supply chain professionals, equipping them with practical skills to manage inventory across its full lifecycle—from procurement and storage to utilisation and disposal.
He explained that the training was designed to fill a critical gap in the procurement framework, particularly in the area of post-purchase management.
“Through this training, stores and inventory as well as procurement practitioners have been empowered to prudently manage and add value to items that are bought in their respective organisations,” he added.
More than 70 participants from both public and private sector institutions across the country have been trained in key inventory management skills, including stock control, efficient warehousing practices, and the costs and risks associated with managing inventory.
The training focused on strengthening participants’ understanding of how to maintain proper stock levels and improve overall store management systems.
A participant from ARB Apex Bank, Godwin Owusu, described the workshop as highly impactful.
“I have learned different types of classification of inventory and how to keep our stores clean and properly organized as a store and inventory professional,” he said. “I will recommend this training to my peers because I think it will help most organizations.”
Another participant from the Ghana Ports and Harbours Authority, Stella Abena Oforiwaa, also shared positive feedback on the programme, noting that it would improve her work processes.
“This training has been very effective. I have learned so many new things which I’m going to implement at my workplace, especially how to prepare adequately before stock-taking and producing good reports,” she said.