Nana Grants KPMG’s SML Audit Extension

 

 

President Nana Akufo-Addo has granted KPMG’s request for an audit extension on the transaction involving the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML).

The audit and tax services firm was initially given up to Tuesday, January 16, 2024, to complete its enquiry into the GRA and SML’s deal, but it now has up to Friday, February 23, 2024 to submit its report to the presidency.

Director of Communications at the Presidency, Eugene Arhin, indicated in a statement that this followed a request made by KPMG to President Akufo-Addo, asking for an extension of the two-week period originally given the company to undertake the assignment.

The President directed an immediate audit of SML and GRA’s five-year contract, signed in 2019, for SML to provide revenue assurance services.

The contract aims to improve revenue assurance in the downstream petroleum sector, upstream petroleum production, and the mineral and metals resource value chain.

But recently, the agreement has generated a lot of public criticism, particularly from the Minority in Parliament.

Following controversies and allegations that emerged from the contract, President Akufo-Addo asked KPMG to conduct an audit into the transactions.

The statement also stated that President Akufo-Addo had taken note of GRA’s request for authorization to continue the monitoring system installed and used by SML, despite 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,” the statement noted.

By Ernest Kofi Adu

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