The National Food Buffer Stock Company (NAFCO) has inaugurated its first-ever Audit Committee since the company’s establishment in 2010.
The formation of the committee is in compliance with Section 86 (1) of the Public Financial Management Act, 2016 (Act 921), which requires all entities subject to auditing by the Auditor-General — including Ministries, Departments, and Agencies — to establish an Audit Committee.
The committee will oversee financial reporting, internal controls, and risk management, and monitor both internal and external audits of the company.
Members of the committee include Stephen Baffoe, Board Member of NAFCO; Janet Chigabatia-Adama, Board Member of NAFCO; Sophia Apotey and Christian Adinkrah from the Internal Audit Agency; and Joana Marfo, representing the Institute of Chartered Accountants, Ghana.
Frank Yeboah Sintim serves as Secretary.
The Director-General of the Internal Audit Agency, Thomas Thompson-Aryee, administered the Oaths of Office and Secrecy to the five-member committee and urged them to uphold prudence, scrutiny, and due diligence in public financial administration.
He emphasised the importance of strict compliance with Act 921.
NAFCO’s Chief Executive Officer, George Abradu-Otoo, said the establishment of the Audit Committee forms part of broader reforms to strengthen internal controls and reduce financial risks in the management of resources.
He cited the creation of a Procurement Department and the strengthening of the Internal Audit Department as key measures to promote transparency and accountability.
“The setting up of this important Committee is part of several steps taken by management and the new Board to ensure prudent and efficient use of resources—both monetary and material.
“We have strengthened the Internal Audit Department with the recruitment of an experienced officer to head it and created a Procurement Department to scrutinise all spending and purchases to ensure conformity with the law.
“With these interventions, we expect financial irregularities and audit infractions to become a thing of the past,” he said.
The Board Chairman of NAFCO, Dr Eric Osei-Owusu, said the new Board has taken decisive steps to ensure efficient utilisation of the company’s resources.
Chairperson of the Audit Committee, Madam Sophia Apotey, pledged that the committee will ensure the company’s internal control systems are robust and effective in mitigating risks.
“We will ensure the organisation operates within the legal and ethical framework and complies with all relevant regulations,” she assured.
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