On 21st July, 2025, Mr. Thomas A. Thompson-Aryee, Ag. Director-General of the Internal Audit Agency (IAA) swore in a new Audit Committee for the Bulk Oil Storage and Transportation Company Limited (BOST). The Managing Director, Mr. Afetsi Awoonor was the Chairperson of the swearing in. Ms. Adwoa Serwaa Bondzie, Deputy Managing Director was in attendance.
Delivering his opening remarks, the Managing Director stated that the Audit Committee is critical to upholding the principles of integrity, transparency and accountability in the operations of BOST. He added that the oversight and leadership of the members of the Committee would ensure financial and internal controls at the institution met the highest standards. Mr. Awoonor stressed that he was confident the Committee’s leadership will help strengthen the operations of the entity and remarked he was looking forward to working with the incoming Committee.
Mr. Thompson-Aryee in his speech said the Audit Committee is a High-level corporate governance structure that is mandated to meet at least four times a year to deliberate on issues captured in internal and external audit reports, the Management Letter of the Auditor-General and decisions of the Public Accounts Committee (PAC) of Parliament. He continued that the Committee has the responsibility of pursuing the Head of the Entity to implement recommendations. He also explained that the Committee is required to submit an annual report on its activities at the end of the year.
The Ag. Director-General spoke about some reforms that are taking place. He mentioned the commitment approval that must be obtained from the Ministry of Finance for procurement transactions above the threshold of the Entity Tender Committee. He likewise spoke about the Commitment Control Compliance Checklist (CCCC) issued by the Ministry of Finance for Internal Auditors to complete at the beginning of each quarter and to be submitted to the Internal Audit Agency at the end of the quarter. Mr. Thompson-Aryee expounded that the Checklist spells out all contracts for which the Government is being committed.
Concluding, the Ag. Director-General stated that a Central Committee formed by the Minister for Finance made up of Heads of key institutions would review the various CCCC reports, and the appropriate sanctions issued against defaulting institutions.
The Committee is chaired by Mr. Bismark Aborbi-Ayitey, a representative from the Internal Audit Agency.
