The National Food Buffer Stock Company (NAFCO) has inaugurated its first-ever Audit Committee as part of renewed efforts to enhance transparency, accountability, and good corporate governance within the organisation.
The five-member committee, inaugurated in Accra, is expected to oversee internal controls, financial reporting, and compliance mechanisms to ensure the prudent use of public resources.
Speaking at the inauguration ceremony, NAFCO’s Chief Executive Officer, George Abradu-Otoo, said the establishment of the Audit Committee marks a major milestone in the company’s governance structure. He noted that it aligns with the Public Financial Management Act, 2016 (Act 921), which mandates state-owned enterprises to strengthen internal audit systems for efficiency and accountability.
“This committee is an important step toward improving our corporate governance practices. It will ensure that all our operations and financial transactions are conducted with integrity and transparency,” George Abradu-Otoo stated.
Mandate of the Audit Committee
The newly formed committee will work closely with NAFCO’s management to review audit reports, monitor risk management procedures, and ensure adherence to financial regulations and performance standards.
Members of the committee pledged their commitment to uphold the highest standards of professionalism and ethical conduct in the discharge of their duties.
Commitment to Transparency
The creation of the Audit Committee comes at a time when NAFCO continues to play a crucial role in ensuring food security, stabilising prices, and supporting the government’s Free Senior High School (Free SHS) feeding program through the distribution of essential food items nationwide.
George Abradu-Otoo reiterated NAFCO’s commitment to maintaining public trust, emphasising that strong governance systems are key to sustaining the company’s strategic role in Ghana’s food supply chain.
“We want the Ghanaian public to have full confidence in how we manage state resources. Accountability is not just a legal requirement — it’s a responsibility we owe to the people,” he added.
Way Forward
The inauguration of the Audit Committee is expected to set a new benchmark for oversight and operational integrity within NAFCO and serve as a model for other state institutions seeking to deepen governance reforms.
