Grenada became a member of CARICOM on 1st May 1974. For details on the economy, political structure and demographics see the World Fact Book - Grenada.
The Ministry of Finance (MOF) is empowered by the Finance and Audit Act 1964: and Finance and Audit Amendment Act 1998 (Act No. 25 of 1998) to regulate procurement. MOF issues Financial Regulations (FR) and Financial (Stores) Regulations effective 1 November 1980. As executive acts, these rules can be easily changed by the Minister of Finance and do not reflect established government procurement principles and practices. Existing rules promote selective bidding, excessive discretion in decision making, and do not address issues and aspects which are key to efficiency, fairness, transparency and accountability, such as, for example:public bid opening; qualifications on suppliers and contractors; award to the lowest evaluated bidder; bid protests; debarment of bidders; disclosure of procurement rules; and maintenance of procurement records. In addition, conditions for use of various procurement methods are not defined and there are no separate rules for procurement of consulting services.
On 15th October 2008 Grenada signed the CARIFORUM EC - EPA which contains public procurement conditions for the first time in a multi-lateral trade agreement in the ACP. The conditions require transparency in all Government Procurement above a threshold of approximately 164,000 Euros.
In 2007, the Government of Grenada passed the Integrity In Public Life Act and the Prevention Of Corruption Act in the Parliament. The legislation was patterned after the OECS and CARICOM models with the objective of upholding the principles of right and wrong in the behaviour of public officers and the general public to provide adequate accountability, thus promoting good governance. In 2008 and 2009, the Government indicated their intention to introduce a Freedom of Information Act. This has not yet been done.
Grenada has signed and ratified the Inter-American Convention on Mutual Assistance in Criminal Matters but not the UN Convention on Corruption and has signed and the CARICOM Mutual Legal Assistance Treaty on Serious Criminal Matters.
Corruption Perceptions Index (CPI) 2009 Ranking measures the perceived level of public-sector corruption in 180 countries and territories around the world. The CPI is a "survey of surveys", based on 13 different expert and business surveys. Grenada was not ranked in the CPI 2009.