HFields debunk allegations of plans to provide SML-like services to NPA
Founder and Chairman of HFields, Senyo Hosi, has debunked media reports of planning to provide services similar to the services provided by Strategic Mobilisation Ghana Limited (SML) to the Ghana Revenue Authority (GRA).
The media, some days ago was rife with reports of the NPA planning to contract an entity to provide supply assurance and management systems in the downstream petroleum sector.
The entity identified as HField was said to be introducing a system known as StockTrack that provides end-to-end primary supply assurance and stock-risk management for the downstream petroleum sector.
The StockTrack system and the service it was meant to provide for stakeholders in the petroleum downstream sector was however, likened to that of SML which was meant to provide revenue assurance, transaction audit, and external verification services to the GRA.
Basically, SML per its system intended to leverage advanced technological solutions to streamline tax collection processes, reduce leakages, and increase overall efficiency in revenue collection in the petroleum downstream sector.
But speaking to journalists and explaining the StockTrack system to them, Mr Hosi averred the system has nothing to do with providing revenue assurance as wrongly purported in the media.
He noted that the StockTrack system is a central petroleum stock monitoring and stock-risk management software for Bulk Oil Import Distribution and Export Companies (BIDECs) operating in the country and the country’s refinery supply chain.
Additionally, it is a supply chain execution data nexus of key supply actors comprising the Regulator, Financiers, International Oil Traders (IOTs), local Petroleum Service Providers (PSPs), and related service providers.
He makes the case that, StockTrack’s objectives are to: Provide end-to-end inventory visibility required to drive product supply assurance and planning; Facilitate real-time reporting on issues related to supply for sector management; Optimize stock risk management for financiers and de-risk the funding of the BIDEC and Refinery supply chain; and Provide a secure data repository, digitize and authenticate processes in the primary product supply chain.
Speaking on the relevance of the StockTrack system to the NPA, Mr Hosi posited that with the system the NPA has full visibility of everything that is happening in the petroleum downstream sector giving the regulator preemptive information and visibility to de-risk challenges in the sector and takes decisions to make sure supply of petroleum is sustained.
“The system is such that the regulator can have full visibility of everything that’s happening in the sector giving them preemptive information and visibility to de-risk challenges in the sector and take decisions to make sure the supply of petroleum is sustained.
“It ensures transparency throughout the entire supply chain processes in the downstream sector, every player in the downstream sector can see and track in real-time everything that is going on because the system captures all movements of the cargoes that come into the country.
“So the system we have developed has nothing to do with revenue assurance like that of the SML, the system is mainly designed for stock-risk management and supply assurance. It is not a duplication of any system in the world, this is a system originally developed by us,” he quipped.
