The Internal Audit Committee of the Ghana Export-Import Bank (GEXIM) has been inaugurated with a call on committee members to work together with the board and management of the bank and its stakeholders to ensure efficient management of public funds.
Swearing the five-member Independent Audit Committee on Wednesday at the Africa Trade House, the Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae, pointed out that public financial management systems are key to transparent and accountable governance.
He said “a country without an effective public financial management system risks underdevelopment due to loss of public funds.”
According to Dr. Osae, one of the reasons for the enactment of 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.
He also noted that among the interventions of the PFM Act is the establishment of an audit committee.
He stressed 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 efficient execution of their mandate.
Dr. Osae said that as experts in their rights, the committee members are to put their expertise at the disposal of management.
He tasked the committee to support management by being present at entrance and exit meetings of external auditors as they are better placed to respond to and resolve issues with them.
The Director-General further said risk management is critical, adding that as an important national institution, development in the country rests on them. He therefore urged members to help implement good risk management systems.
He added that audit committees do not take over the running of organisations, nor do they override the board, but work with management to ensure the organisation delivers on its core mandate.
Additionally, he charged the committee to develop Annual Risk-Based-Plan, and produce quarterly internal audit reports under the Public Financial Management Act, urging members to support the internal audit to comply with this requirement.
For his part, the Chief Executive Officer of GEXIM, Lawrence Agyinsam, urged the new members to collaborate with management to achieve the vision of the bank and the expectations of all stakeholders.
Recalling the achievements chalked by the bank for the past five years, he said “the Bank you are all joining today seeks to facilitate the transformation of Ghana’s economy into an export-led one by supporting and developing trade between Ghana and other countries. Since 2016, has supported the various sectors of the economy such as agriculture, manufacturing, and export trade sectors.”
He called the new members to bring on board their expertise, and play their mandatory and advisory roles to ensure adequate governance, effective risk management, and compliance to achieve our goals and objectives.
Mr Kwadwo Boateng Genfi, Board Chairman of Ghana Exim Bank and chair of the occasion, indicated that he has a lot of confidence in the new members. He also expressed his gratitude to the outgoing committee for their immense contribution towards the growth of the bank.