Cocoa Marketing Company inaugurates new Statutory Audit Committee to strengthen governance

The Cocoa Marketing Company (Ghana) Limited (CMC) has officially formed its Statutory Audit Committee in a bid to enhance governance, accountability, risk management, and overall performance. The inauguration ceremony saw the participation of management, Internal Audit Agency, outgoing and incoming Audit Committees, and key officials from the finance, legal, and internal audit departments.

CMC's Managing Director highlighted the significance of the Audit Committee as an essential component of the company's governance and assurance framework. He stressed that while the company aims to achieve profitability and operational efficiency, financial performance must be backed by strong governance, effective internal controls, transparency, accountability, and adherence to laws and regulations.

The Managing Director made it clear that the Audit Committee should not function as a fault-finding entity, but instead, provide independent oversight and collaborate effectively with management to pinpoint weaknesses, address audits, evaluate risks, and ensure the implementation of corrective measures that tackle the root causes of identified issues.

The new members of the committee were sworn in, with Mr. Kwame Ampim-Darko taking the Oath of Office and Secrecy. As the new Chairperson, Mr. Ampim-Darko expressed gratitude for the trust placed in the committee and pledged to carry out its duties with professionalism, independence, integrity, and diligence. He outlined the committee's objectives, including strengthening internal controls, risk management, reliable financial reporting, and compliance.

The Director-General of the Internal Audit Agency praised the Audit Committee as a vital part of the public-sector assurance framework. He urged the committee to go beyond merely confirming the implementation of audit recommendations. Instead, he emphasized the importance of examining the root causes of weaknesses and the risks associated with them.

He also stressed that good governance and compliance are essential foundations for sustainable performance, warning that non-compliance can lead to financial, operational, and reputational consequences.

The ceremony also honored the outgoing Audit Committee's contributions and marked the commencement of the new committee's mandate. The new committee is anticipated to reinforce CMC's oversight framework and contribute to improved accountability, risk management, internal controls, and sustainable performance for the company.