Akufo-Addo directs Finance Ministry, GRA to assist KPMG audit suspended SML contract

President Nana Addo Dankwa Akufo-Addo has directed the Ministry of Finance and the Ghana Revenue Authority (GRA) to offer the needed assistance to accounting and auditing firm, KPMG to audit the contract between the GRA and the Strategic Mobilisation Ghana Limited  (SML).

President Akufo-Addo appointed KPMG to conduct an audit into the transaction, which was entered into to enhance revenue assurance in the downstream petroleum sector, the upstream petroleum production and minerals and metals resources value chain.

The President tasked KPMG to complete the audit in two weeks.

This was contained in a press statement issued by the Director of Communications at the presidency Eugene Arhin on Tuesday January 2.

“The President has also tasked the Ministry of Finance and GRA to provide KPMG  with whatever assistance they will require for the conduct of the audit,” portions of the statement said.

The Terms of Reference of the audit are as follows: “i. conduct an audit to ascertain the rationale or needs assessment performed prior to the contract approval by GRA, and assess how the arrangement aligns with specific needs; ii. assess the appropriateness of the contracting methodology, verifying compliance with legal standards and industry best practices in the procurement process for the selection of SML;

iii. evaluate the degree of alignment between current activities and the stipulated contract scope, identifying any deviations; iv. evaluate the value or benefit that SML has so far offered to the GRA through this engagement; v. review the financial arrangements, including pricing structures, payment terms and resolution of any financial compliance issues; and vi. submit a report on your findings on the above, together with appropriate recommendations.”

The press release added that, “President Akufo-Addo has tasked KPMG to complete the assignment in two weeks.”

“The President has directed the Ministry of Finance and GRA to provide KPMG with whatever assistance they will require for conduct of the audit, and has also directed the Ministry of Finance and the Ghana Revenue Authority to suspend the performance of the contract, pending the submission of the audit report, including any payments presently envisaged under its terms,” the statement concluded.