The five-member audit committee in a photo with some key stakeholders
A five-member audit committee has been officially inaugurated at the National Food Buffer Stock Company (NAFCO) by the Director-General of the Internal Audit Agency, T.A. Thompson-Aryee, on Friday, October 24, 2025.
Speaking at the ceremony, NAFCO CEO, George Abradu-Otoo described the formation of the committee as a critical step toward ensuring prudent and efficient use of public resources.
He noted that the move aligns with Section 86(1) of the Public Financial Management Act, 2016 (Act 921), which mandates all public entities subject to audit by the Auditor-General to establish an Audit Committee.
He added that NAFCO has already taken steps to strengthen its internal systems, including the recruitment of experienced professionals to lead both the Internal Audit and Procurement Departments.
Abradu-Otoo said this is the first time in NAFCO’s 15-year history that the legal requirement is being fulfilled.
Cedi now selling at GH¢10.80 to $1
The committee is tasked with overseeing financial reporting, internal controls, and risk management.
They will review financial statements such as the balance sheet, income statement, and cash flow statement to ensure accuracy, completeness, and compliance with regulations.
“For instance, we have strengthened the Internal Audit Department with the recruitment of an experienced officer to head it. We have also created a Procurement Department with another experienced officer to man it. Their duty is to scrutinize all spendings and purchases to ensure conformity with the laws. With these and many other interventions, it is our expectations that financial irregularities and audit infractions will be a thing of the past,” he said.
They are also responsible for ensuring that the organization operates within legal and ethical boundaries and complies with all relevant regulations.
Abradu-Otoo reiterated that with these measures in place, NAFCO is well-positioned to uphold strong corporate governance and eliminate financial missteps.
Below are the list of the five members:
1. Stephen Baffoe, representing the Governing Board of NAFCO
2. Janet Chigabatia-Adama, also representing the Board of NAFCO
3. Sophia Apotey, Representative of Internal Audit Agency
4. Christian Adinkrah, Representative of Internal Audit Agency
5. Joana Marfo, Representative of the Institute of Chartered Accountants, Ghana
SA
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