GRi Business, Economics & Finance 20 –
12 - 2002
President Kufuor inaugurates Audit Service Board
State Insurance pays 59 billion cedis as claims to clients
President Kufuor inaugurates Audit Service Board
Accra
(Greater Accra) 20 December 2002- President John Agyekum Kufuor on Thursday
pledged government's support to the Seven-Member reconstituted Audit Service
Board that he would support them to bring sanity into the financial management
in the country.
He told the
Board, "You are a passive force to be felt more than to be seen. If the
figures submitted to you could not reconcile, write your report and action
would follow. "Government would support you to bring sanity into financial
management in the country", he said.
President
Kufuor made the pledge when he administered the oaths of office and secrecy to
the members at the Castle, Osu.
He said the country's economy had suffered a lot from economic and financial
mismanagement with the officials involved in managing the state accounts
indulging in fraudulent practices.
President
Kufuor said accountability and good governance enshrined in the 1992
Constitution had authorised the Board to manage and oversee the work of the
Audit Service to ensure accountability. He said that was very critical and a
major underpin of good governance and for sound financial management practice.
He said the
members of the Board were chosen not for fancy but rather for their competence,
work experience and their integrity to manage the Service and to ensure that
they infused the sector with the right attitudes in financial managers and make
them aware that, they would be brought to book for any malpractices.
President
Kufuor urged the members not to be daunted by the problems associated with the
Service, which had 700 personnel but only four qualified accountants. All the
same they should be innovative and not relent until the Service rose to the challenges
to become a Service that would underpin good financial management.
"Do
not be over familiar with the agencies in the sector, your strength is your
image", he added.
Ms Aurore Lokko, a Chartered
Accountant and Chairperson of the Board said the Service had been criticised a lot in the past and with the calibre of people
on the Board it would improve on its image for a sound financial management in
the country.
She said
they would establish cordial relationship with training institutions to ensure more
qualified accountants join the Service to being it up to the required standard
for sound financial management.
Other
members of the Board were, Nana Kena Ampaw, Adontehene
of Akyem Abuakwa, Ms
Margaret Akua Prah, a
Lawyer and Management Consultant and Mr E.N. Owusu-Ansah,
a Chartered Accountant and Director of the Cocoa Services Division.
The rest
were, Mr Dennis Vormawor, Chief Executive of Labour Enterprises Trust, Mr S.K. Agbenu,
Chief Management Analyst at the Office of the Head of
the Civil Service and Mr Edward Dua-Agyeman, Acting
Auditor-General.
GRi…/
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State Insurance pays 59 billion cedis as claims to clients
Mr Franklin
Asafo-Adjei, Deputy Managing Director in-charge of
Finance and Administration, who made this known to the Ghana News Agency (GNA)
in
He was
speaking after a cocktail held by the
He said the
company also had the best human resource base in the industry, which had
contributed immensely to its success story. On the alleged delays in the
payment of claims to clients, Mr Asafo-Agyei explained
that claim fraud was rampant in the industry and there was therefore the need
to undertake thorough investigations to ensure that claims were legitimate.
He said the
company was coming out with a manual to direct clients on how to obtain their
claims easily. This, according to him, was to streamline the claims procedure
to make clients continue to stick to the company.
Mr Asafo-Agyei said although competition posed a challenge,
the company was well positioned to maintain its lead in the insurance industry
and called on clients to continue to rely on the company for efficient
services.
Mr J. Appietu-Ankra, Northern Sector Area Manager, thanked the
clients, agents and staff for their loyalty over the years, which had sustained
the company in its operations. He said the company would continue to undertake
innovative measures to retain and attract more clients.
A number of
companies including the Ashanti Goldfields Company (AGC), Kwame Nkrumah
University of Science and Technology (KNUST), Kuapa Kokoo and Kofi Owusu Transport Services, were awarded for
their loyalty to the company.
GRi…/
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comments to viewpoint@ghanareview.com