Thursday, 30 May

Akufo-Addo suspends SML-GRA contract, asks KPMG to audit deal

President Nana Akufo-Addo

President Nana Akufo-Addo has ordered an audit into the SML/GRA Contract and suspended its performance, the Director of Communications at the Jubilee House, Mr Eugene Arhin has announced in a press statement.

A statement issued on Tuesday, 2 January 2024, said, “The president has appointed KPMG, the reputable audit, tax and advisory services firm, to conduct an immediate audit into the transaction between the GRA and Strategic Mobilisation Ghana Limited (SML), a contract 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 terms of the reference of the audit are as follows:

1.    Conduct an audit to ascertain the rational or needs assessment performed prior to the contract approval by GRA and assess how the arrangement aligns with specific needs;

2.    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;

3.    Evaluate the degree of alignment between current activities and the stipulated contract scope identifying any deviations;

4.    Evaluate the value or benefit that SML has so far offered to GRA through this engagement;

5.    Review the financial agreement, including pricing structures, payment terms, and resolution of any financial compliance issues;

6.    And submit a report on your findings on the above, together with appropriate recommendations.

The president wants the work done in two weeks.