Akufo-Addo accepts KPMG's recommendation to end upstream audit services for GRA by SML

President Nana Addo Dankwa Akufo-Addo has endorsed auditing firm KPMG's recommendation to terminate the upstream petroleum and minerals audit service provided by Strategic Mobilisation Ghana Limited (SML) to the Ghana Revenue Authority (GRA).

In a press release issued on Wednesday, April 24, the President highlighted that while no payments had been made for these services, a comprehensive technical

Read full articleassessment and stakeholder engagements would precede any future implementation.

Furthermore, President Akufo-Addo directed the Ministry and GRA to conduct a thorough assessment before deciding on the continuation of these services, considering their potential in preventing revenue leakages.

Additionally, the transaction audit and external price verification services, which were found to offer only partial value, are also set for termination based on KPMG's findings. The President emphasized the need for a review of the downstream petroleum audit services provided by SML, acknowledging the significant benefits accrued thus far.

However, he called for a revision of the contract terms, including the fee structure, to ensure alignment with expectations and compliance with relevant regulations.

President Akufo-Addo underscored the importance of ongoing monitoring and periodic evaluation of SML's performance, with any renegotiated contracts to be in accordance with the Public Financial Management Act.

The Ministry of Finance and the GRA have been tasked with implementing these directives promptly, with a requirement to update the Office of the President on progress made.

The decision comes in the wake of allegations of irregularities in a contract awarded to SML by the GRA, with both parties vehemently denying any wrongdoing.

In response to the allegations, SML initiated legal action against the accusers for defamation. The President's directive followed concerns raised regarding the contract, leading to KPMG's audit report submission on March 27.

Below is Akufo-Addo's statement on the findings of KPMG: