The Deputy Director responsible for the Office of the Director-General on 19th August 2025, inaugurated the Audit Committee of the Volta River Authority (VRA) on behalf of the Ag. Director-General of the Internal Audit Agency, Mr. Thomas A. Thompson-Aryee. Mr. Edward Obeng-Kenzo, the Executive Secretary of the Authority, was the Chairperson of the event.
Mr. Obeng-Kenzo in his opening remarks, emphasized the critical role of the Committee in ensuring good governance of the Water River Authority, in line with the Financial Management Act. He mentioned that the Audit Committee supports the Board in fulfilling its governance and oversight responsibilities, particularly in financial reporting, good governance, and ensuring the long-term sustainability of the Authority.
He further noted that the Committee serves as the focal point in safeguarding the Authority’s survival, promoting business growth, and sustaining operations in the years ahead. The Speaker expressed confidence that, as demonstrated in previous years, the Committee would continue to discharge its mandate judiciously to advance the Authority in line with its founding objectives.
Delivering a speech on behalf of the Ag. Director-General, Mr. Hayford Dowuona-Hammond, the Deputy Director in charge of the Office of the Director-General, apologized for the absence of the Ag. Director-General due to urgent engagement. He reminded members that the Audit Committee is a high-level corporate governance body that plays a critical role in strengthening public accountability. He outlined the Committee’s mandatory responsibilities, as follows:
- Ensuring that the Principal Spending Officer implements recommendations from internal audit reports, Auditor-General’s reports, and decisions of PAC.
- Preparing annual reports on the status of implementation of recommendations and reporting on the overall activities of the Audit Committee.
He further explained the advisory role of the Committee, which includes advising management on financial management, risk management, internal controls, governance processes, and compliance with laws and regulations. Importantly, he stressed the need to support the Internal Audit Department by approving its charter, annual work plan, and other key submissions.
He urged members to familiarize themselves with the amended sections of the PFM Act to remain fully abreast of current legal provisions. He also emphasized the importance of timely submission of reports, highlighting the following deadlines:
- Quarterly reports – within one month after the end of each quarter
- Annual performance reports – by 31st December
- Annual work plan – within 30 days after the year has ended
- Audit Committee report – within six months after the year has ended
In conclusion, he underscored the importance of the Audit Committee in the governance of the VRA and called for the full backing of management and stakeholders to enable the Committee to deliver on its mandate.
In his closing remarks, the Executive Secretary pledged the Authority’s full support to the Audit Committee, assuring members of management’s commitment to the Committee’s work. He emphasized that the Authority remains dedicated to proper governance, effective risk management, and ethical accounting practices.
He further noted that, as highlighted by the outgoing Chairman, the Authority will continue to set standards for the public sector. He concluded by reaffirming that both his office and the Board remain open and ready to provide all necessary support to enable the Committee to achieve its objectives.
