Ministry of Finance Inaugurates Governing Board of Internal Audit Agency to Drive Public Financial Management Reforms

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Edited by: Solomon Kwabena Nana-Ansah – Paaps – 

The Ministry of Finance has inaugurated a nine-member Governing Board for the Internal Audit Agency (IAA) as part of a broader effort to strengthen public financial management, improve accountability, and ensure value for money in the use of public resources.

The newly constituted Board has been tasked with spearheading reforms within the Agency, including the review of the Internal Audit Agency Act, 2003, to enhance its effectiveness in promoting compliance, risk management, and fiscal discipline across the public sector.

Speaking at the inauguration ceremony, the Minister for Finance, Dr. Cassiel Ato Forson, underscored the critical role of internal auditing in restoring confidence in Ghana’s public financial management system.

He noted that many of the challenges confronting public finance management could be addressed through a stronger and more effective internal audit function across state institutions.

“We must turn the Internal Audit Agency around and restore it to the purpose for which it was established,” Dr. Forson stated.

The Minister observed that recurring audit infractions highlighted in the Auditor-General’s reports point to weaknesses in the country’s accountability framework, particularly within the internal audit system. He therefore urged the Board to enforce accountability and ensure that internal auditors who fail to discharge their responsibilities are sanctioned appropriately, including the possible revocation of their professional licences where necessary.

Dr. Forson also called for enhanced professional development programmes for internal auditors to equip them with the skills and knowledge needed to perform effectively.

“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 stressed.

He reaffirmed the government’s commitment to ongoing fiscal reforms aimed at restoring confidence in public financial management and pledged support for the rebranding and strengthening of the Internal Audit Agency.

As part of efforts to improve oversight, the Finance Minister announced plans to establish an “Auditors’ Court” to strengthen supervision of internal auditors while promoting greater transparency and public accountability.

He encouraged members of the Board to serve with integrity and professionalism, emphasizing that their success should be reflected in improved outcomes in future Auditor-General’s reports.

Responding on behalf of the Board, Chairperson Professor Joshua Yindenaba Abor thanked the government for the confidence reposed in the members, describing their appointment as “a noble call to duty.”

Professor Abor, a qualified accountant and Professor of Finance with expertise in development finance and economics, assured the Minister of the Board’s commitment to strengthening the Agency and promoting accountability, transparency, and value for money in the management of public resources.

Governing Board Members

– Professor Joshua Yindenaba Abor – Chairperson; Financial Economist, Qualified Accountant and Professor of Finance.

– Mr. Benjamin Adjetey Sowah – Director, Budget Division, Ministry of Finance.

– Mr. Divine Yao Ayidzoe – Director, Ministry of Local Government, Chieftaincy and Religious Affairs.

– Dr. (Mrs.) Irene Stella Agyenim-Boateng – C-Suite Executive and Human Resource Practitioner.

– Mr. Thomas Ashaley Thompson-Aryee – Director-General, Internal Audit Agency.

– Mr. Daniel Ofosu – Spanning Investor.

– Dr. Isaac Nyame – Managing Director, Ikern Associates Limited and Ikern Chartered Accountancy.

– Mr. Kwesi Esso Thomas – Chief Executive Officer, Chamber of Pension Trustees.

– Mr. Godfred Ashiagbor – Member.