KPMG audit reveals GH¢1.06 billion paid to SML in GRA transaction

April 24, 2024
KPMG audit reveals GH¢1.06 billion paid to SML in GRA transaction

An audit conducted by into the revenue mobilization transaction between the (GRA) and Strategic Mobilisation Ghana Ltd (SML) has unveiled that SML was paid a total of GH¢1,061,054,778.00 from 2018 to the present date.

This disclosure came through a press statement released by the Communications Director of the Presidency, Eugene Arhin, on Wednesday, April 24.

President Nana Addo Dankwa initiated the audit of the contract between the two entities on January 2, 2024. Initially set to conclude by January 16, 2024, the deadline was extended to February 23, 2024.

Upon the audit's completion, many Ghanaians urged the president to publicize the findings, which he did through the April 24 press statement.

The statement revealed that no fee had been paid for upstream petroleum audit and minerals audit services, but the total fees paid under the contracts from 2018 to the suspension date amounted to GH¢1,061,054,778.00.

Moreover, it disclosed that the estimated total fees to be paid to SML under the 2023 Contract for five years were GH¢5,173,091,857.00, averaging about GH¢1 billion per year.

Following a comprehensive review of the audit report, President Akufo-Addo endorsed the recommendation to discontinue the upstream petroleum and minerals audit services previously provided to GRA by Strategic Management Limited (SML). He further directed GRA and the to renegotiate the contract.

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