KRIF Ghana Limited is set to train procurement professionals and organisational decision-makers on how to identify hidden costs and risks associated with purchasing decisions as part of efforts to improve value for money in institutional procurement.
The initiative, dubbed the Procurement Masterclass 2026, is scheduled for Wednesday, September 30, 2026, in Accra and will focus on helping organisations assess the overall value of goods and services rather than relying solely on their initial purchase prices.
A statement from KRIF Ghana Limited, organisers and sponsors of the programme, said the masterclass would begin at 0800 hours under the theme: “Buying Better: Cost, Quality, Risk and Total Value in Workplace Procurement.”
The programme is expected to bring together procurement professionals, managers, business owners and other organisational decision-makers for practical discussions on improving purchasing outcomes.
KRIF said one of the key lessons of the masterclass would be that the cheapest product or service was not necessarily the most economical option over its useful life.
Participants would therefore examine the concept of total cost of ownership, taking into consideration the initial purchase price, consumables, maintenance requirements, downtime and eventual replacement costs.
The programme would also focus on supplier risk assessment, with participants expected to learn how to evaluate supplier reliability, warranties, after-sales support, product authenticity, availability and capacity before committing organisational resources.
Another key area would be the preparation of procurement specifications that preserve required quality standards without unnecessarily restricting competition among suppliers.
According to KRIF, the masterclass would also promote transparency, ethical purchasing and procurement practices that allow organisations to demonstrate measurable value from their spending.
Unlike conventional lecture-based training, the programme would adopt a practical approach involving case studies, group exercises, simulations and real-life organisational scenarios.
Sessions would include “Beyond the Lowest Price,” “The Hidden Cost of Cheap” and “Procurement Without Regret.”
Participants would subsequently take part in a Live Procurement Challenge and a Procurement Challenge Lab, where they would work through realistic procurement situations from planning through to contract award.
KRIF said the initiative was designed to strengthen the ability of procurement professionals to plan, manage, evaluate and monitor purchasing processes while promoting value for money, transparency, accountability and fair supplier selection.
The masterclass would also address efficiency, ethical conduct and effective contract management, areas the organisers said were increasingly important to institutional performance.
The company said growing demands from procurement professionals for measurable value, lifecycle support, compliance and accountability from suppliers made professional procurement increasingly critical to organisational performance.
Interested participants may contact the organisers on 0244-681997 for further information.
