KPMG report: Government raked in GHC2.45 billion revenue due to SML intervention

President Akufo-Addo has said the collaboration between the Ghana Revenue Authority (GRA)and Strategic Mobilisation Ghana Limited (SML) helped government to rake in GHC2.45 billion.

This is contained in the president recommendations after studying the GRA/SML audit report conducted by auditing firm KPMG.

The president in January appointed KPMG to conduct an immediate audit of the transaction between GRA and SML after a documentary by the Fourth Estate showed how SML is raking in billions from the state for allegedly no work done.

The contract was entered into by the Ministry of Finance to enhance revenue assurance in the downstream petroleum sector, the upstream petroleum production, and the minerals and metals resources value chain.

President Akufo-Addo as part of his recommendations has directed that the fee structure under the contract be changed from a variable to a fixed fee structure.

“There is a clear need for the downstream petroleum audit services provided by GRA and the State have benefited from these services since SML commenced providing them. There has been an increase in volumes of 1.7 billion litres and an increase in tax revenue to the State of GHC2.45 billion,” a statement released by the Jubilee House communications directorate said.

“KPMG also observed that there were qualitative benefits, including a 24/7 electronic real-time monitoring of outflow and partial monitoring of inflows of petroleum products at depots where SML had installed flowmeters and six levels of reconciliation done by SML,” the statement said.

“This minimises the occurrence of under-declarations. However, it is important to review the contract for downstream petroleum audit services, particularly the fee structure. Given the experience and proficiency of SML over the last four years of providing this service, the President has directed that the fee structure be changed from a variable to a fixed fee structure. Other provisions of the contract worth reviewing include clauses on intellectual property rights, termination, and service delivery expectations,” it added.

Read the full statement below:

Reporting by Fred Dzakpata in Accra

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