PRAZ and National Competitiveness Commission Sign MOU to Develop National Market Pricing Index
Harare, 19 September 2024— IN a significant move to enhance procurement practices, the Procurement Regulatory Authority of Zimbabwe (PRAZ) and the National Competitiveness Commission (NCC) signed a Memorandum of Understanding (MOU) today. The agreement aims to establish a National Market Pricing Index for commonly procured goods and services, a crucial tool designed to assist procuring entities in making informed decisions that deliver value for money.
The collaboration comes in response to ongoing challenges in Zimbabwe’s procurement landscape, where inefficiencies and lack of transparency have often hindered effective spending. By developing this pricing index, both organisations aim to standardise pricing information, thereby promoting fair competition and reducing instances of overpricing in public procurement.
PRAZ officials said that the index will provide a reliable benchmark for pricing, enabling Government agencies and other procurement entities to optimise their purchasing strategies. The initiative is expected to contribute to more accountable and efficient use of public resources, ultimately benefiting taxpayers and enhancing service delivery across the country.-chroncile
