FIVE THINGS YOU MISSED!
Empowering small businesses to bid on government contracts and thrive in a digital ecosystem
1️⃣ There’s now a business ecosystem to support entrepreneurs throughout the country, providing access to funding, tools, resources. $68.1M in total funding has been approved and facilitated through the Access Accelerator programmes and initiatives as of July 31, 2021.
2️⃣ Under the new Public Finance Management Act, every level of Government now has to track and report ALL spending and the IMPACT of their spending via monthly, quarterly, mid-year & annual reports, which MUST be published and released to the public.
3️⃣ More accountability is expected from State-Owned Enterprises (SOEs), which are now referred to as Government Business Enterprises (GBEs), including stronger sanctions for offences. The Public Finance Management Act, 2021 now gives public officers the legal backing they need to make complaints and report behaviours by ministers or any public office holder that is contrary to the law.
4️⃣ Having an online system for acquiring goods and services or awarding government contracts allows for there to be a full list of tender opportunities to be visible to the public, easier access to government opportunities and contracts, and buyer and seller activities to be tracked by the portal. Click the link below to register on the esupplier portal here: https://suppliers.gov.bs/
5️⃣ The old tenders board model is being removed and upgraded to now having multiple Tender Committees with legal, technical and commercial experts, Department and Procurement Unit Heads and Accounting Officers, mirroring the changing landscape of business and getting a broader range of voices involved in the process.
Watch the replay right here on our Facebook page and make sure you tune in tomorrow for DAY 2 of our Boosting your Business Webinar!
Watch the recap here: https://www.facebook.com/1681330155293877/videos/846657172633713
Ministry of Finance Facebook page: https://www.facebook.com/FinanceBAH