Home » President Akufo-Addo Initiates Comprehensive Audit of GRA-SML Contract

President Akufo-Addo Initiates Comprehensive Audit of GRA-SML Contract

Ghana's President Orders KPMG Audit on GRA-SML Contract

by Oluwatosin Racheal Alabi

In a decisive move towards transparency and accountability, Ghana’s President Nana Addo Dankwa Akufo-Addo has ordered an immediate audit of the controversial contract between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML). This significant step, involving the well-known audit, tax, and advisory firm KPMG, aims to scrutinize the agreement focused on enhancing revenue assurance in Ghana’s petroleum and minerals sectors.

This directive, as outlined in a press statement by Communications Director Eugene Arhin, reflects the President’s commitment to ensuring transparency and accountability in governmental contracts. The audit, which is expected to take two weeks, comes amidst growing public concern over the effectiveness and integrity of the contract between GRA and SML, particularly in its role in the downstream petroleum sector, upstream petroleum production, and the minerals and metals resources value chain.

The President’s specific terms of reference for the KPMG audit include a thorough investigation into the contractual relationship between GRA and SML. This involves examining the contractual terms, the execution process, and the overall impact on revenue assurance in the relevant sectors.

In addition to commissioning the audit, President Akufo-Addo has instructed both the GRA and the Ministry of Finance to fully cooperate with KPMG by providing all necessary documentation and support. The President emphasized the importance of this cooperation for the successful conduct of the audit.

Furthermore, the President has directed the Ministry of Finance and GRA to temporarily suspend the performance of the contract with SML, pending the outcome of the audit report. This includes the suspension of any payments currently envisaged under the contract’s terms.

The President’s decision has been met with mixed reactions. While some view it as a step towards greater accountability in government contracts, others, like the Minority Leader, suggest it may be an attempt to “whitewash” the contract’s controversy. Despite these differing views, the audit is seen as a critical step in addressing concerns around the GRA-SML contract and ensuring that public contracts serve the best interests of Ghana and its citizens.

In his New Year message, President Akufo-Addo expressed confidence in Ghana’s future, emphasizing the government’s commitment to ensuring a stable and prosperous nation. The audit into the GRA-SML contract aligns with this vision, as it seeks to reinforce trust in public institutions and ensure that government contracts are executed with the highest standards of transparency and efficiency.

As the KPMG audit proceeds, stakeholders from various sectors, including finance, petroleum, and minerals, as well as the general public, will be keenly observing the outcomes. The findings of this audit could have significant implications for future government contracts and the overall management of Ghana’s revenue-generating sectors.

In conclusion, President Akufo-Addo’s directive for an audit into the GRA-SML contract marks a pivotal moment in Ghana’s journey towards greater fiscal transparency and accountability. As the nation awaits the results of this critical investigation, the move is expected to set a precedent for how government contracts are managed and monitored in Ghana, potentially impacting the country’s economic landscape and governance standards for years to come.

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