President Nana Akufo-Addo, has ordered the immediate suspension of the revenue assurance contract signed between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML).
In addition, Akufo-Addo has also appointed the Audit, Tax, and Advisory Services firm, KPMG, to conduct an immediate audit of the transaction.
This was contained in a statement dated January 2 signed by the Director of Communications at the Presidency, Eugene Arhin.
The president has tasked KPMG to complete its report in two weeks and “submit appropriate recommendations to him.”
Given this, the Ministry of Finance and the GRA are also to suspend the performance of the contract, pending the submission of the audit report.
“The President has directed the Ministry of Finance and GRA to provide KPMG with whatever assistance they will require for conduct of the audit, and has also directed the Ministry of Finance and the Ghana Revenue Authority to suspend the performance of the contract, pending the submission of the audit report, including any payments presently envisaged under its terms.”
The audit comes on the back of a Fourth Estate’s report, indicating that SML had been awarded a 10-year contract and that it takes $100 million annually from the contract.
The Fourth Estate also said its investigations had disproved wild claims by SML Company that it had helped save Ghana billions of cedis that would have been lost in the downstream petroleum sector but for its intervention.
However, SML dismissed the report, insisting that it was given a 5-year contract instead and dispelled claims that it takes $100 million annually.
GRA also reacting to the report stated that its board and management followed the right processes in procuring the services of SML.
The Authority justified the deal saved Ghana ¢3 billion.
Read Akufo-Addo’s statement below: