President Akufo-Addo scrutinizes audit report on GRA–SML transaction

By Stephen Asante

Accra, April 03, GNA – President Nana Addo Dankwa Akufo-Addo is studying the findings of an audit report on transactions between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML).

This follows his receipt of the report on Wednesday, March 27, 2024, and is expected to in due course, make his decisions known to the Ghanaian people.

The Director of Communications, Office of the President, Eugene Arhin, confirmed this in a Facebook post on April 03.

Following public criticism, the President directed KPMG, an internationally acclaimed Audit, Tax and Advisory Services firm, to conduct an audit regarding the transactions which the two entities entered in 2020.

The contract was meant to enhance revenue assurance in the downstream petroleum sector, the upstream petroleum production and the minerals and metals resources value chain.

KPMG, which was initially given up to January 16, 2024, to complete its work, was granted an extension of its working period, following a request to the President.

The auditors were tasked to conduct an audit to ascertain the rationale or needs assessment performed before the contract approval by GRA and assess how the arrangement aligns with specific needs.

They were also to assess the appropriateness of the contracting methodology.

The KPMG’s working mandate was to verify compliance with legal standards and industry best practices in the procurement process for the selection of SML and evaluate the degree of alignment between current activities and the stipulated contract scope, identifying any deviations.

Per its terms of reference, the audit firm was to evaluate the value or benefit that SML had so far offered to the GRA through the engagement.

The President tasked the auditors to review the financial arrangements, including pricing structures, payment terms and resolution of any financial compliance issues and submit a report on its findings, together with appropriate recommendations.

He, therefore, directed the Ministry of Finance and GRA to provide KPMG with whatever assistance it required for conducting the audit.

As part of the probe, the Ministry of Finance and GRA were ordered to suspend the performance of the contract, pending the submission of the audit report.

GNA