There is a clear need for the downstream petroleum audit services provided by SML – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has indicated that findings from the audit by KPMG on the contract between Ghana Revenue Authority (GRA), Ministry of Finance, and Strategic Mobilisation Ghana Limited (SML) show the deal is important.

The President early this year directed KPMG to audit the deal between government and SML after a report by the Fourth Estate alleged that the company was being paid millions for no job done.

After receiving the audit report from KPMG and studying the findings, President Akufo-Addo says there is a clear need for the downstream petroleum audit services provided by SML.

“There is a clear need for the downstream petroleum audit services provided by SML. GRA and the State have benefited from these services since SML commenced providing them,” the president said in a press statement from the presidency.

President Akufo-Addo explained that this is because there has been an increase in volumes of 1.7 billion litres and an increase in tax revenue to the State of GHS2.45 billion.

He added that the deal is also important because KPMG observed in its audit that there were qualitative benefits, including a 24/7 electronic real-time monitoring of outflow and partial monitoring of inflows of petroleum products at depots where SML had installed flowmeters and six levels of reconciliation done by SML.

Meanwhile, the President acting on the findings of the KPMG report has directed that the Ministry and GRA conduct a comprehensive technical needs assessment, value-for-money assessment, and stakeholder engagements.

President Akufo-Addo further directed that SML's performance in any renegotiated contracts should be monitored and evaluated periodically to ensure that it meets expectations.

The President also ordered that any renegotiated contract should be compliant with section 33 of the PFMA.