President Nana Addo Dankwa Akufo-Addo of Ghana has directed a comprehensive audit into the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML).
The contract, designed to bolster revenue assurance in the downstream petroleum sector, upstream petroleum production, and the minerals and metals resources value chain, has now come under scrutiny.
The President, through a press statement released has appointed KPMG to conduct an immediate audit.
The President has also suspended the performance of the contract pending the submission of the audit report.
KPMG is to complete the audit within two weeks, submitting recommendations.
This new developement is to shed light on the contract’s intricacies, addressing concerns about the contracting methodology, needs assessment, and the overall value derived from the engagement between the GRA and SML.
Attached below is a copy of the statement
PRESIDENT AKUFO-ADDO DIRECTS AUDIT INTO SML/GRA CONTRACT; SUSPENDS PERFORMANCE OF 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), a contract which was entered into to enhance revenue assurance in the downstream petroleum sector, the upstream petroleum production and minerals and metals resources value chain.
The Terms of Reference of the Audit are as follows:
i. conduct an audit to ascertain the rationale or needs assessment performed prior to the contract approval by GRA, and assess how the arrangement aligns with specific needs;
ii. assess the appropriateness of the contracting methodology, verifying compliance with legal standards and industry best practices in the procurement process for the selection of SML;
iii. evaluate the degree of alignment between current activities and the stipulated contract scope, identifying any deviations;
iv. evaluate the value or benefit that SML has so far offered to the GRA through this engagement;