SML bags GH¢1bn from GRA contract since 2018 – KPMG audit report

A total amount of GH¢1,061,054,778.00 has been paid to Strategic Mobilisation Ghana Ltd from 2018 to date, the KPMG audit on the revenue mobilisation transaction between the Ghana Revenue Authority (GRA) and SML has disclosed.

A statement from the Presidency Wednesday, April 24, 2024 signed by the Director of Communications at the Office of the President containing the findings of the reports, recommendations and the President’s directives, made the disclosure.

“The total fees paid under the contracts from 2018 to the date of suspension amount to GH¢1,061,054,778.00. No fee has been paid for the upstream petroleum audit and minerals audit services.

It added that “the total fees estimated to be paid to SML under the 2023 Contract for five years is GH¢5,173,091,857.00, which averages to about GH¢1 billion per year.”

Following a thorough review of the audit report, President Akufo-Addo also endorsed the recommendation to discontinue the upstream petroleum and minerals audit services previously provided to the Ghana Revenue Authority (GRA) by Strategic Management Limited (SML) if it is discovered that it will not be in the interest of the state.

He also instructed the Ghana Revenue Authority (GRA) and the Ministry of Finance to renegotiate the contract.

A report by the Fourth Estate, alleged irregularities in a multi-million dollar contract awarded to SML by the Ghana Revenue Authority (GRA). Despite the allegations, both the GRA and SML vehemently denied any wrongdoing.

In response to the accusations, SML has taken legal action against the Fourth Estate alleging defamation. The concerns raised regarding the contract between the GRA and SML prompted President Akufo-Addo to direct KPMG to conduct an audit into the matter.

On March 27, he received from KPMG its report on the audit conducted. Calls came for the President to make the findings of the audit public for Ghanaians to know if they taxes were being used for a good cause.

The President, following the calls, has issued a statement highlighting the findings and recommendations of the report, and attached with it his directives to the Finance Ministry and the GRA regarding the contract.

Find the full statement from the President here.