KPMG audit report reveals GRA-SML deal resulted in ¢2.45bn in tax revenues

An audit report conducted by KPMG revealed that the revenue assurance contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) has led to a notable increase in state tax revenue.

According to the report, the contract contributed to a substantial rise in volumes, resulting in a recorded increase of 1.7 billion liters, consequently generating tax revenue amounting

Read full articleto GH¢2.45 billion for the State.

Additionally, the report highlighted qualitative benefits, such as the implementation of 24/7 electronic real-time monitoring of outflow and partial monitoring of inflows of petroleum products at depots where SML installed flowmeters.

The report also noted that SML conducted six levels of reconciliation, further enhancing the monitoring process.

These findings were disclosed in a press statement issued on Wednesday, April 24, by the Communications Director of the Presidency, Eugene Arhin.

However, the report recommended a review of the contract for downstream petroleum audit services, particularly focusing on the fee structure. This suggests that while the contract has resulted in significant improvements in revenue generation, there are aspects that require further scrutiny and adjustments to ensure fairness and efficiency.

President Nana Akufo-Addo commissioned KPMG to investigate the contract between SML and GRA on January 2, prompted by an exposé by the Fourth Estate. He has since received the KPMG audit report regarding the revenue mobilization contract between GRA and SML, delivered to him on Wednesday, March 27, as announced in a Facebook post by Eugene Arhin, the Director of Communications at the Presidency, on Wednesday, April 3.