President Akufo-Addo extends SML audit deadline
President Nana Addo Dankwa Akufo-Addo, has extended the period within which KPMG is to complete its audit from Tuesday, January 16, 2024, to a new date of Friday, February 23, 2024.
The audit involves the transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).
This follows a request made by KPMG to the President asking for an extension of the twoweek period originally given the company to undertake the assignment.
A statement issued by the Eugene Arhin, Director of Communications at the Office of the President said KPMG is to submit its final report no later than Friday, February 23, 2024.
In a related development, the statement said President Akufo-Addo has also taken note of the request made by GRA, asking for his permission to allow the monitoring system installed and used by SML to continue, notwithstanding the suspension of its GRA-related operations.
“The President has denied GRA’s request, and has directed that the status quo, with respect to the suspension of the performance of the contract, should remain in effect until the completion of the audit and, subsequent, submission of the audit report by KPMG” it added.
GRA in its request emphasized that the suspension of SML operations will lead to revenue losses to all intent and purposes.
The revenue collector points to a huge gap in the control system as well as the update of Oil Marketing Companies OMCs accounts.
In a letter dated January 16, 2024, addressed to President Akufo-Addo, GRA, represented by Commissioner General Rev. Dr. Ammishaddai Owusu-Amoah, assured that the contract with SML has been officially suspended in line with the President’s directive.
The letter highlighted that SML has expressed concerns about the operational ramifications and disruptions that might arise from the suspension.
Dr. Owusu-Amoah after a careful review of SML’s concerns and an understanding of the contracts and deliverables explained that GRA believes the system installed by SML to enhance revenue assurance and aid ongoing investigations could continue to run with the President’s permission.
He argued that this system is vital for control purposes and ensuring the integrity of Oil Marketing Companies’ accounts.
He further assured that the system would continue to record data in real-time until further directives from the President are received after the conclusion of the investigations.
Rev. Dr. Owusu-Amoah clarified that the contract with SML remains suspended, and no payments will be made until the President issues further directives.
He said GRA awaits the President’s guidance regarding the potential restart of the SML system to address leakages without making any payments until the outcome of investigations is determined.
The revenue authority committed to transparency and efficiency in its operations, awaiting further instructions from the highest office.
SML, GRA and the Ministry of Finance have been accused of underhand dealings which they denied.
The institutions accused issued separate statements to the media rejecting the allegations and challenge the media house that published the accusations to provide evidence.
Following the high public interest the story generated, President Akufo-Addo contracted global accounting firm, KPMG to audit the operations of SML with GRA.
SML expressed confident that the ordered audit into its contract with GRA and the Finance Ministry will vindicate the deal.
The company believes that the forthcoming report by KPMG, the firm tasked with conducting the audit, will demonstrate the integrity of the contract in safeguarding the state’s revenue.
Allegations of underhand dealings involving SML, GRA, and the Ministry of Finance were denied by the accused institutions.
In response to public interest, President Akufo-Addo commissioned global accounting firm KPMG to audit SML’s operations with GRA.
SML expressed confidence that the upcoming KPMG report will vindicate the integrity of the contract and its role in safeguarding the state’s revenue.
