The Cocoa Marketing Company (Ghana) Limited (CMC) has inaugurated a newly constituted Statutory Audit Committee, with its leadership calling for stronger governance, accountability, risk management and sustainable institutional performance.
The ceremony was attended by CMC management, representatives of the Internal Audit Agency, members of the outgoing and incoming Audit Committees, and officials from the internal audit, legal and finance departments.
CMC’s Managing Director said the Committee was a key part of the company’s governance and assurance framework. Although CMC operates as a commercially focused State-Owned Enterprise and is expected to deliver profitability and operational efficiency, he said those objectives must be supported by effective governance, robust internal controls, transparency, accountability and compliance with relevant laws and regulations.
He also said the Committee’s role should extend beyond identifying shortcomings. It should provide independent oversight while working constructively with management to detect weaknesses, follow up audit findings, evaluate risks and ensure remedial action addresses the underlying causes of problems.
Members of the new Committee were formally sworn into office after taking the Oath of Office and Secrecy. They then elected Mr. Kwame Ampim-Darko as Chairperson.
In his acceptance remarks, Mr. Kwame Ampim-Darko thanked the organisation for its confidence in the Committee and pledged to carry out its responsibilities with professionalism, independence, integrity and diligence.
He said the Committee would focus on improving internal controls, risk management, the reliability of financial reporting and compliance across the company.
The Director-General of the Internal Audit Agency told the gathering that Audit Committees were an essential part of the public-sector assurance framework.
He urged the new Committee not to limit its work to checking whether audit recommendations had been implemented. Instead, he said, it should investigate the root causes of weaknesses and assess the risks linked to them.
The Director-General also described good governance and compliance as fundamental to sustainable institutional performance. Failure to comply with applicable requirements, he warned, could leave organisations exposed to financial, operational and reputational consequences.
The event also acknowledged the work of the outgoing Audit Committee and formally marked the start of the new Committee’s mandate.
The incoming Committee is expected to reinforce CMC’s oversight arrangements and support progress in accountability, risk management, internal controls and the company’s long-term performance.
