President Akufo-Addo<\/strong><\/p>\n\u00a0<\/p>\n
President Akufo-Addo has asked the Ghana Revenue Authority (GRA) and the Ministry of Finance to renegotiate the revenue assurance contract with the Strategic Mobilisation (Ghana) Limited (SML), changing the fee structure from variable to fixed.<\/p>\n
According to the President, there is a clear need for the downstream petroleum audit services provided by SML.<\/p>\n
He stated that the GRA and the state have benefited from these services since SML began offering them, with an increase in volumes of 1.7 billion litres and an increase in tax revenue to the state of GH\u00a22.45 billion.<\/p>\n
\u201cGiven the experience and proficiency of SML over the last four years of providing this service, the President has directed that the fee structure be changed from a variable to a fixed fee structure,\u201d he stressed in the statement released to the media yesterday.<\/p>\n
The statement, signed by the Director of Communications at the Presidency, Eugene Arhin, pointed out that President Akufo-Addo also wants other provisions of the\u00a0contract, such as those governing intellectual property rights, termination, and service delivery expectations, to be addressed in the renegotiated contract.<\/p>\n
\u201cSML\u2019s performance in any renegotiated contracts should be monitored and evaluated periodically to ensure that it meets expectations,\u201d the President ordered.<\/p>\n
The statement said the President had accepted the KPMG\u2019s recommendations after reviewing the audit report, and directed that \u201cany renegotiated contract should be compliant with Section 33 of the PFM Act.\u201d<\/p>\n
\u201cThe Ministry of Finance and the Ghana Revenue Authority are to give effect to the above directives of the President immediately, and provide the Office of the President with an update on the steps taken,\u201d the statement noted.<\/p>\n
According to the statement,\u00a0President Akufo-Addo stated that\u00a0the upstream petroleum audit and minerals audit services have not yet begun, and no payments have been made for them, therefore they may be terminated.<\/p>\n
However, because upstream petroleum and minerals audit services have the potential to prevent significant revenue leakages, the President again\u00a0directed that the ministry and GRA conduct a comprehensive technical needs assessment, value-for-money assessment, and stakeholder engagements before implementing such services.<\/p>\n
He said the transaction audit and external price verification services may also be terminated.<\/p>\n
Quoting the KPMG\u2019s findings, the President disclosed that the GRA obtained partial value or benefit for those services, and noted that 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.<\/p>\n
\u201cKPMG\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,\u201d the statement pointed.<\/p>\n
Regarding the downstream petroleum audit services, the President said KPMG determined that there was an incremental volume of 1.7 billion litres and an incremental tax revenue of GH\u00a22.45 billion for the period under review.<\/p>\n
\u201cThere were also qualitative benefits, including a 24\/7 electronic real-time monitoring of the outflow and partial monitoring of inflows of\u00a0petroleum products at depots where SML had installed flowmeters.<\/p>\n
\u201cThis serves as a deterrent\u00a0for\u00a0under-declarations.\u00a0Other\u00a0qualitative\u00a0benefits\u00a0include six\u00a0levels\u00a0of\u00a0reconciliation done by SML to prevent revenue losses to GRA and the sharing of\u00a0discrepancy reports with GRA to follow up,\u201d the statement said.<\/p>\n
It noted that SML\u00a0had\u00a0yet\u00a0to\u00a0implement\u00a0the\u00a0upstream\u00a0petroleum\u00a0audit\u00a0and\u00a0minerals audit services, and therefore, there could be no assessment as to whether GRA would derive value or benefit from that service.<\/p>\n
By Ernest Kofi Adu<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
President Akufo-Addo \u00a0 President Akufo-Addo has asked the Ghana Revenue Authority (GRA) and the Ministry of Finance to renegotiate the revenue assurance contract with the Strategic Mobilisation (Ghana) Limited (SML), changing the fee structure from variable to fixed. According to the President, there is a clear need for the downstream petroleum audit services provided by […]<\/p>\n","protected":false},"author":1,"featured_media":143075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-175099","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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