Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency inaugurated the Audit Committee of the Petroleum Hub Development Corporation (PHDC) on 29th June, 2022.
In his opening address, Mr. Charles Owusu, CEO of PHDC said the day marks a great day for the institution. Mr. Owusu said he main objective of PHDC is to promote and develop petroleum and petrochemical in Ghana by using the country as a hub to serve the West African subregion due to the deficit in petroleum products in Africa.
Dr. Osae in his address congratulated and thanked members for accepting to serve on the Committee. He said he was happy about the systems being put in place and added that the Audit Committee is there to support and guide the Corporation so that it does not fall victim when it comes to compliance with the Public Financial Management Act.
Dr. Osae stated the roles of the Committee as mandatory, advisory and supporting. On the mandatory role, the Director-General said the Committee is to work with Management to ensure recommendations in Internal and External Audit Reports are implemented. He said that due to the risk in the Petroleum Industry and its high value investment, the Corporation will need a risk management policy and advised that members assist in mainstreaming risk management systems within the Corporation. He tasked the Committee to work with Management to help put in place a risk policy. He informed the meeting about the Agency’s Risk Management Unit that supports public sector institutions to mainstream enterprise risk management issues within its operations.
Members are also to support the Internal Auditor to provide good advisory and assurance services to Management. Dr. Osae mentioned that as an Industry leader, high standards are important hence the need for technical advice and support for the institution. He pledged the support of the Agency and encouraged the Committee to do its best as the first Audit Committee of the Corporation to ensure their names are written in gold in the history of the Corporation.
The CEO in his closing remarks was appreciative of the advice and suggestions of what is expected of them as a Corporation and congratulated members on their appointment. He assured members of Management’s support.
Members of the Committee are Mr. Isaac Amartey (IAA Rep and Chairman), Mr. Abraham Arkor (IAA Rep) and Mrs. Philomina Adjaye-Gyamfi (ICAG Rep).
