President Akufo-Addo has directed an immediate suspension of the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).
The President has mandated auditing firm KPMG to conduct a thorough two-week audit into the transaction, focusing on revenue assurance in the downstream petroleum sector and the upstream petroleum production and minerals and metals resources value chain.
The Ministry of Finance and GRA have been instructed to provide full cooperation to KPMG, with a suspension of the contract’s performance pending the submission of the audit report.
In a press statement issued by Communications Director Eugene Arhin, the President’s specific terms of reference for the KPMG audit were outlined.
The focus of the audit is to enhance revenue assurance in the downstream petroleum sector, upstream petroleum production, and the minerals and metals resources value chain.
The audit, scheduled to last for two weeks, aims to scrutinize the intricacies of the GRA/SML contract.
“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has appointed KPMG, the reputable Audit, Tax and Advisory Services firm, to conduct an immediate audit into the transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML),” the release stated.
He further emphasized the urgency of the situation, as he directed the Ministry of Finance and the GRA to suspend the performance of the contract until the audit report is submitted, including any payments presently envisaged under its terms.
This development come at the backdrop of recommendation made by the Finance Committee of Parliament as they called for a suspension of all payments under the government’s contract with SML from next year, pending a probe into the contract by Parliament.
The committee says upon a review of the contract, it requires Parliamentary approval under the Financial Management Act, hence the need for the GRA to be notified about the statutory requirement.
