The committee comprises Mr Stephen Baffoe and Mrs Janet Chigabatia-Adama, both representing the Governing Board of NAFCO; Ms Sophia Apotey and Mr Christian Adinkrah, representing the Internal Audit Agency; and Ms Joana Marfo, representing the Institute of Chartered Accountants, Ghana.

The committee is expected to oversee financial reporting, internal controls, risk management, and compliance with relevant laws and regulations.

Speaking at the inauguration ceremony in Accra on Friday, the Chief Executive Officer of NAFCO, Mr George Abradu-Otoo, described the event as a “historic and reformative step” toward ensuring prudent and efficient use of resources.

He said the establishment of the Audit Committee formed part of broader institutional reforms undertaken by the new Board and Management to curb financial irregularities and safeguard the integrity of the company’s operations.

Mr Abradu-Otoo noted that prior to the formation of the committee, NAFCO did not have an internal auditor — a major governance gap that exposed the company to operational lapses.

“We have now strengthened our internal structures by recruiting a qualified internal auditor, establishing a procurement department, and appointing a quality control manager. These measures are aimed at ensuring that such challenges never occur again,” he stressed.

He also expressed regret over the company’s recent reputational issues, which he said had drawn global attention. Although the matter was currently before the courts, he assured stakeholders that management was committed to rebuilding the institution’s image and ensuring compliance with best practices in financial management and ethics.

In his remarks, the Acting Director-General of the Internal Audit Agency (IAA), Mr Osmond Amuah, commended NAFCO for finally establishing the committee after several years of delay, describing the move as a “turning point for institutional accountability.”

Mr Amuah outlined two key statutory responsibilities of the Audit Committee — ensuring the implementation of audit recommendations and submitting annual reports on implementation status to the President, Parliament, the Ministry of Finance, the Auditor-General, and the Internal Audit Agency.

He reminded management of the ongoing public sector financial reforms, including the compliance checklist introduced by the Ministry of Finance, and urged NAFCO to improve its audit reporting to avoid future sanctions.

He also cautioned that under the amended Public Financial Management Act, Section 24A, any procurement above the threshold requiring approval from the Public Procurement Authority must receive prior commitment authorisation, failure of which would attract sanctions.

Mr Amuah commended NAFCO’s Board and management for their commitment to accountability and urged the newly sworn-in committee to uphold the trust reposed in them.