A recent collaboration between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML) has resulted in the Ghanaian government earning GHC2.45 billion in revenue. Apexnewsgh reports
This achievement was highlighted in a report by KPMG, the auditing firm appointed by President Akufo-Addo to investigate the GRA/SML transaction.
The partnership between GRA and SML, initiated by the Ministry of Finance, was aimed at enhancing revenue assurance in the downstream petroleum sector, upstream petroleum production, and the minerals and metals resources value chain. Following the audit report, President Akufo-Addo recommended changes to the fee structure of the contract, shifting from a variable to a fixed fee arrangement.
According to a statement from the Jubilee House communications directorate, KPMG noted the positive impact of the collaboration, including increased volumes of 1.7 billion litres and a rise in tax revenue of GHC2.45 billion for the state.
The implementation of 24/7 electronic real-time monitoring of outflows and partial inflow monitoring at petroleum product depots also resulted in minimizing under-declarations.
In light of KPMG’s observations, President Akufo-Addo directed a review of the contract for downstream petroleum audit services, with an emphasis on the fee structure, intellectual property rights clauses, termination protocols, and service delivery expectations.
After four years of successful service provision by SML, the shift to a fixed fee structure aims to optimize the benefits of the collaboration and further enhance revenue collection for the government.
Source: Apexnewsgh.com
