ACCRA, GHANA – July 21, 2025 – The Ghana Publishing Company Limited (GPCL) today marked a significant milestone in its commitment to robust corporate governance and financial transparency with the official inauguration of its new Audit Committee. The pivotal ceremony, held at the GPCL Head Office, was chaired by the distinguished Director-General of the Internal Audit Agency (IAA) Mr. Thomas Thompson-Aryee, signaling a strong collaborative effort towards enhanced accountability.

The inauguration was attended by the Director-General of the IAA who welcomed all attendees, including members of the GPCL Board of Directors, senior management, the newly constituted Audit Committee members, and representatives from various government agencies.

In his opening remarks, the Managing Director of GPCL, Nana Kwasi Boatey Esq thanked the Director-General of IAA, his team, and the incoming committee members for their commitment. He highlighted the company’s progress in forming key committees and complimenting its Board with the addition of the Audit Committee. Emphasizing the importance of accountability and transparency, he described the Audit Committe as a key pillar of transparency and urged the committee to give their best to ensure effective performance.

Following the remarks, the Director-General of the IAA led the Audit Committee members in taking their official oath of office and oath of secrecy. He underscored the profound importance of these oaths, encouraging members to uphold their commitments with integrity throughout their tenure.

The newly inaugurated Audit Committee consists of five (5) members with an experienced and diverse group of professionals carefully selected to provide strong oversight, with Dr. Gordon Kofi Sarfo-Adu serving as its chairperson.

During an insightful open forum, the Director-General of the IAA reiterated the Audit Committee’s critical statutory role under the Public Financial Management (PFM) Act, mandating at least four annual meetings to review internal audit reports. He highlighted key expectations, including:

• Enhanced Collaboration with SOEs through SIGA: Government, via the State Interests and Governance Authority (SIGA), will closely monitor reporting obligations and compliance schedules for State-Owned Enterprises (SOEs), including the timely submission of Internal Auditor’s Reports and updates on audit applications.
• IAA Monitoring of Recommendations: The IAA, supported by the World Bank Ghana Office, will monitor the implementation of audit recommendations, with institutions expected to implement at least 50% of recommendations to justify budgetary considerations.
• PFM Reforms and Procurement Adherence: The DG emphasized ongoing financial reforms, particularly the Public Procurement Act (PPA), urging both management and the Committee to strictly adhere to due process for procurement activities above specified thresholds.
• Mandatory Compliance Checklist: Internal Auditors are required to complete and submit a compliance and control checklist for every project to the IAA two weeks before the end of each quarter, with the IAA forwarding this to the Ministry of Finance. Non-compliance risks prosecution.

The inauguration of the Audit Committee marks a pivotal moment for GPCL, reinforcing its dedication to strong governance, accountability, and the prudent management of resources. This strategic move is expected to significantly enhance GPCL’s operational effectiveness and contribute to its long-term success.