{"id":174721,"date":"2024-04-24T14:34:25","date_gmt":"2024-04-24T14:34:25","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/04\/24\/president-akufo-addo-terminates-sml-upstream-deal\/"},"modified":"2024-04-24T14:34:25","modified_gmt":"2024-04-24T14:34:25","slug":"president-akufo-addo-terminates-sml-upstream-deal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/04\/24\/president-akufo-addo-terminates-sml-upstream-deal\/","title":{"rendered":"President Akufo-Addo Terminates SML Upstream Deal"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>President Nana Addo Dankwa Akufo-Addo<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>President Nana Addo Dankwa Akufo-Addo has sanctioned the recommendation to terminate the upstream petroleum and minerals audit services previously contracted to Strategic Mobilisation Limited (SML) by the Ghana Revenue Authority (GRA).<\/p>\n<p>The decision, informed by a detailed audit report by KPMG, asserts that these services, which had not yet commenced, could be discontinued without any payments made to SML.<\/p>\n<p>In light of KPMG\u2019s findings, President Akufo-Addo emphasized the necessity for a comprehensive assessment of technical needs, value-for-money considerations, and stakeholder engagements before engaging in such services to prevent potential revenue losses. While acknowledging the potential benefits of these audit services in curbing revenue leakages, the President highlighted the importance of evaluating their feasibility and effectiveness before implementation.<\/p>\n<p>Treading further on the audit recommendations, the President stated that the transaction audit and external price verification services could also be terminated due to insufficient value received as a result of GRA\u2019s lack of monitoring of SML\u2019s contractual obligations.<\/p>\n<p>KPMG\u2019s investigation revealed that GRA\u2019s use of external price verification tools within its systems rendered the reliance on SML redundant, prompting the need for reassessment and cost-effectiveness considerations in service provision.<\/p>\n<p>On the other hand, downstream petroleum audit services provided by SML received commendation, with tangible benefits observed in increased tax revenue and enhanced monitoring capabilities to minimize under-declarations. The President recommended retaining these services but proposed revisiting the contract structure, shifting to a fixed fee approach and reviewing contract clauses for improved governance and service delivery standards.<\/p>\n<p>The President emphasized the importance of monitoring SML\u2019s performance under any renegotiated contracts to ensure compliance with financial management regulations. The Ministry of Finance and the GRA were tasked with promptly implementing the President\u2019s directives and providing updates on the progress made in adhering to the recommendations outlined in KPMG\u2019s report.<\/p>\n<p>Backgrounding the decision, allegations of irregularities in the GRA\u2019s contract with SML by Fourth Estate sparked concerns, leading President Akufo-Addo to commission KPMG for an audit into the matter. Both GRA and SML have vehemently refuted any wrongdoing, with SML pursuing legal action against Fourth Estate for defamation.<\/p>\n<p>The Presidential directive reflects a commitment to enhancing transparency and efficiency in audit services, with a clear emphasis on prudent decision-making and optimal utilization of resources in line with good governance practices.<\/p>\n<p><strong>By Vincent Kubi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Nana Addo Dankwa Akufo-Addo \u00a0 President Nana Addo Dankwa Akufo-Addo has sanctioned the recommendation to terminate the upstream petroleum and minerals audit services previously contracted to Strategic Mobilisation Limited (SML) by the Ghana Revenue Authority (GRA). The decision, informed by a detailed audit report by KPMG, asserts that these services, which had not yet [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-174721","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>President Akufo-Addo Terminates SML Upstream Deal - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/04\/24\/president-akufo-addo-terminates-sml-upstream-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Akufo-Addo Terminates SML Upstream Deal - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"President Nana Addo Dankwa Akufo-Addo \u00a0 President Nana Addo Dankwa Akufo-Addo has sanctioned the recommendation to terminate the upstream petroleum and minerals audit services previously contracted to Strategic Mobilisation Limited (SML) by the Ghana Revenue Authority (GRA). 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