The Public Interest and Accountability Committee (PIAC), the statutory body with oversight responsibility of the management and use of the country’s petroleum revenues, has elected Professor Kwame Adom-Frimpong as its new chairman.

Prof. Adom-Frimpong, who represents the Institute of Chartered Accountants, Ghana (ICAG) on the committee, was elected in a unanimous decision by the committee, drawn from 13 nominating institutions.

A media release issued by the PIAC in Accra said he would steer the affairs of the committee as chairman for one year, taking over from Mr Noble Wadzah, whose membership tenure on the committee expired at the end of last year.

Other positions

Meanwhile, Prof. Akosua K. Darkwah was also elected as the Vice Chairperson of PIAC, a position she previously held. Prof. Darkwah is an Associate Professor of Sociology and current Head of the Department of Sociology at the University of Ghana.

Acceptance

Commenting on his election as chairman of PIAC, he expressed gratitude to all committee members for the confidence reposed in him and pledged his commitment to ensure that PIAC delivered effectively on its mandate.

Prof. Adom-Frimpong is a graduate of the University of Wales, Bangor, UK (MBA) and the University of London. He obtained his Doctorate degree in Business Administration (DBA-Finance option) in 2001 from the University for Professional Studies, Arcadia, USA and again had PhD in Economics Finance from the same university in 2004.

He is currently the Managing Director of the Mainstream Reinsurance Company and a Partner of Adom Boafo & Associates, a firm of chartered accountants and management consultants.

He worked with PricewaterhouseCoopers for five years as Audit Supervisor, five years with SSNIT as Head of Audit and the ABC Brewery Company as Senior Cost and Management Accountant for four years.

Prof. Adom-Frimpong qualified as a Chartered Accountant in 1990 and is the immediate past President of the Institute of Chartered of Accountants Ghana (ICAG). He is a fellow of both the Chartered Institute of Bankers (FCIB) and the Chartered Insurance Institute of Ghana (FCIIG). He is also a Barrister-at-Law and a member of the Ghana Bar Association.

PIAC

The PIAC was established under Section 51 of the Petroleum Revenue Management Act (PRMA), to among others, monitor and evaluate compliance with the Act. The committee was inaugurated and commenced work on September 15, 2011.