Inauguration of the GEXIM Independent Audit Committee
The Ghana Export-Import Bank (GEXIM) Internal Audit Committee was inaugurated with a call for committee members to work with the Board and Management of the Bank and its stakeholders to ensure effective management of public funds.
The Director General of the Internal Audit Agency, Dr Eric Oduro Osae – who was sworn in to the five-member committee, stressed that public financial management systems are essential for transparent and accountable governance.
He said, “A country without an effective public finance management system risks underdevelopment due to loss of public funds.”
According to Dr. Osae, one of the reasons for enacting the Public Financial Management (PFM) Act 2016 (Act 921) was to address the risks of underdevelopment and mitigate their impact on the development of the country. .
“Among the interventions of the GFP law is the creation of an audit committee,” he said.
He pointed out that the Audit Committee is very important in the governance of GEXIM and requires the support of management and all key stakeholders to ensure the effective execution of their mandate.
As part of the advisory role, the Director-General said that as experts in their own right, they must put their expertise at the disposal of management. He instructed them to support management by being present at the entry and exit meetings of the external auditors, as they are in a better position to respond and resolve issues with them. Dr Osei said risk management is key and the development of an important national institution in the country rests on them – urging members to help implement good risk management systems.
He added that audit committees do not take over the management of organizations nor do they replace the board of directors but work with banagement to ensure that the organization fulfills its main mandate”.
The Director General tasked the committee with developing an annual risk-based plan and producing quarterly internal audit reports under the Public Financial Management Act. He further encouraged members to help internal audit comply with this requirement.
On his part, Mr. Lawrence Agyinsam, Managing Director of Ghana Exim Bank, also urged the new members to work with management to realize the vision of the Bank and the expectations of all stakeholders.
Recalling the achievements recorded by the Bank over the past five (5) years, he said, “The Bank you are all joining today seeks to facilitate the transformation of Ghana’s economy into an export driven economy. , supporting and developing trade between Ghana and other countries. Since 2016, it has been supporting various sectors of the economy such as agriculture, manufacturing and export sectors”. He called on the new members to contribute their expertise and play their mandatory and advisory roles “to ensure adequate governance, risk and compliance structures to achieve our goals and objectives.”
Mr. Kwadwo Boateng Genfi, Chairman of the Board of Ghana Exim Bank and Chairman of the event, thanked the Managing Director for his insightful speech and indicated that he had great confidence in the new members; and also expressed his gratitude to the outgoing committee for their immense contribution to the growth of the Bank.
Mr. Yaw Nimo Baffour, representing the Institute of Chartered Accountants of Ghana (ICAG), chairs the newly inaugurated Audit Committee. Other members include Ms. Philomena Max-Bobie, Internal Audit Agency (IAA Rep); Mr. Hayford Amoah, Internal Audit Agency (IAA representative); and Mrs. Catherine Quaidoo (member of the board of directors and representative). The deputy. Michael Okyere Baafi (member of the board of directors and representative) will be sworn in at the next meeting of the audit committee.