"President Akufo-Addo terminates SML’s Upstream Petroleum and Minerals Audit Contract with GRA"

" President Akufo-Addo terminates SML's Upstream Petroleum and Minerals Audit Contract with GRA \r\n\r\nPresident Nana Akufo-Addo has endorsed a recommendation by auditing giant KPMG to terminate the upstream petroleum and minerals audit service contract awarded to Strategic Mobilization Ghana Ltd (SML) by the Ghana Revenue Authority (GRA) and the Finance Ministry.\r\n\r\nAnnouncing the decision in a comprehensive five-page press release on Wednesday, April 24, 2024, the President clarified that the upstream petroleum and minerals audit services have yet to commence, and no payments have been made towards these services.\r\n\r\nConsequently, he deemed it appropriate to terminate the contract.\r\n\r\nNevertheless, the President emphasized the critical role of such audit services in curbing significant revenue leakages from Ghana's lucrative petroleum and mineral sectors.\r\n\r\nIn a bid to ensure the effective and efficient implementation of these crucial audit services, President Akufo-Addo has instructed the Finance Ministry and the Ghana Revenue Authority (GRA) to undertake a comprehensive technical needs assessment, a value-for-money evaluation, and extensive stakeholder consultations before proceeding.\r\n\r\n\"The upstream petroleum audit and minerals audit services have not yet been commenced, and no payments have been made in respect of those services; therefore, they may be terminated.\r\n\r\n\"However, given that the upstream petroleum and minerals audit services could prevent significant revenue leakages, the President has directed that the Ministry and GRA conduct a comprehensive technical needs assessment, value-for-money assessment, and stakeholder engagements before implementing such services,\" read parts of the 5-page statement by the Presidency.\r\n\r\n\"The transaction audit and external price verification services may also be terminated. According to KPMG\u2019s findings, GRA obtained partial value or benefit for those services. This was also due to a lack of monitoring on the part of GRA to ensure that SML performed the services as stipulated in the contracts. KPMG\u2019s investigation found that GRA has introduced external price verification tools as part of ICUMS, among its other functions. This renders the reliance on SML for external price verification redundant,\" it further stated.\r\n\r\n Read details of the statement: \r\n\r\n "

"President Akufo-Addo terminates SML’s Upstream Petroleum and Minerals Audit Contract with GRA"

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