The Director-General of the Internal Audit Agency (IAA), T.A Thompson-Aryee, inaugurating the committee last Friday, said the PFMA required that managers of state-owned organisations and institutions transparently manage funds to ensure value for money.

Again, he underscored the need for the committee to collaborate with the management of GCGL and other stakeholders to deliver on the mandate.

"Let me also urge you to be disciplined in the discharge of your mandate. You need to be mindful of sending information of the company to a third party because it is a criminal offence punishable by law," he stressed.

Committee members

The committee, which is chaired by a chartered accountant, Alfred Osei Kwame, has three independent members and two members from the GCGL board, with two co-opted members.

The two independent members are the Head of Ministries, Departments and Agencies (MDAs) at the IAA, Joana Ameyibor, and the Technical Manager at the Institute of Chartered Accountants- Ghana (ICAG), Ofori Frimpong Henneh.

Caution

Mr Thompson-Aryee urged the members of the committee to be diligent in order to meet all reporting deadlines as provided for by law.

He said the law required that the committee meet quarterly and also consider internal quarterly reports.

The IAA Director-General also underscored the need for the committee members to be abreast of reforms in the financial management sector to ensure that they did not fall foul of the law.

Commitment

The Managing Director of GCGL, Ato Afful, said the management of the company was committed to transparency in the management of funds and would collaborate with the committee to enhance efficient utilisation of resources.

He said that cash flow constraints had made it quite a herculean task to meet statutory obligations but the company's management was doing its best to ensure compliance.

"As a principal spending officer of the company, I have been transparent in my dealings; I am not a procurement managing director; and I urge us to work together to make the business succeed," he said.

Mr Afful said that although the state, which is the sole shareholder in the GCGL, had not invested in the company over the years, the recent engagement with President John Dramani Mahama gave a ray of hope that some support would come to recapitalise it.

"Unlike some state-owned media, the GCGL has not received any subvention from the government; meanwhile, the paper we produce has to go to all the 16 regions.

We anticipate that our engagement with the government will lead to the recapitalisation of the company to bring it back to its feet," he said.

For his part, the Chairman of the Audit Committee pledged to work closely with all stakeholders for efficient management of the company's finances.