Accra, Ghana – The Ministry of Finance has inaugurated a nine-member Governing Board for the Internal Audit Agency (IAA) as part of a renewed effort to strengthen public financial management, enhance accountability, and curb financial irregularities within the public sector.
The inauguration forms a key component of the government’s broader fiscal reform agenda aimed at improving value for money in public expenditure, reducing audit infractions, and strengthening compliance and risk management systems across state institutions.
Speaking at the inauguration ceremony in Accra, the Minister for Finance, Dr. Cassiel Ato Forson, underscored the critical role of internal auditing in safeguarding public resources and restoring confidence in Ghana’s public financial management framework.
According to him, many of the persistent challenges confronting the country’s financial governance structures could be addressed through a stronger and more effective internal audit system.
“We must turn the Internal Audit Agency around and restore it to the purpose for which it was established,” Dr. Forson stated.
The Finance Minister observed that recurring irregularities highlighted in the Auditor-General’s reports point to weaknesses within existing accountability mechanisms, including shortcomings in internal audit functions across public institutions.
He charged the newly inaugurated Board to spearhead reforms that will reposition the Agency and strengthen its oversight mandate.
He further called for stricter accountability measures, including sanctions against internal auditors who fail to discharge their responsibilities effectively.
Dr. Forson suggested that professional licences of auditors found negligent in the performance of their duties could be revoked where necessary, stressing that public sector accountability must be strengthened at all levels.
“The level of waste is too high, and the Ghanaian taxpayer is losing too much. We need to find a way to fix it,” he emphasized.
The Minister also urged the Agency to invest in continuous professional development programmes for its staff to equip them with the skills and competencies needed to meet evolving demands in public sector auditing and risk management.
As part of efforts to deepen accountability, Dr. Forson announced plans to establish what he described as an “Auditors’ Court” to enhance supervision of internal auditors and promote greater public scrutiny of their work.
He reaffirmed government’s commitment to supporting the rebranding and institutional strengthening of the Internal Audit Agency, assuring the Board of the necessary backing to execute its mandate effectively.
“Our objective is to leave the Internal Audit Agency stronger, more independent and more impactful,” he said, adding that the Board’s success should ultimately be reflected in improved outcomes in future Auditor-General’s reports.
Responding on behalf of the Board, the Chairperson, Professor Joshua Yindenaba Abor, expressed appreciation to the government for the confidence reposed in the members.
Describing the appointment as a “noble call to duty,” Professor Abor pledged the Board’s commitment to promoting accountability, transparency and value for money in the management of public resources.
He assured the Minister that the Board would work diligently to strengthen the Agency’s operations and support efforts aimed at improving governance and financial oversight within the public sector.
Professor Abor, a renowned financial economist, qualified accountant and Professor of Finance, said the Board would leverage its collective expertise to advance the Agency’s mandate and contribute meaningfully to national development.
The newly inaugurated Governing Board comprises Professor Joshua Yindenaba Abor as Chairperson; Mr. Benjamin Adjetey Sowah, Director of the Budget Division at the Ministry of Finance; Mr. Divine Yao Ayidzoe, Director at the Ministry of Local Government, Chieftaincy and Religious Affairs; Dr. (Mrs.) Irene Stella Agyenim-Boateng, a C-Suite Executive and Human Resource Practitioner; Mr. Thomas Ashaley Thompson-Aryee, Director-General of the Internal Audit Agency; Mr. Daniel Ofosu; Dr. Isaac Nyame, Managing Director of Ikern Associates Limited and Ikern Chartered Accountancy; Mr. Kwesi Esso Thomas, Chief Executive Officer of the Chamber of Pension Trustees; and Mr. Godfred Ashiagbor.
The Board is expected to play a pivotal role in reviewing the Internal Audit Agency Act, 2003, and implementing reforms aimed at enhancing the effectiveness, independence and relevance of internal auditing in Ghana’s public sector.
Report By: Robicon Mornahson
