President Akufo-Addo has ordered an audit into the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).
The audit will be conducted by KPMG and is slated to last for two weeks.
A press statement from the Presidency, issued by Communications Director Eugene Arhin, outlines the President's specific terms of reference for the KPMG audit.
Read more: The GH¢3bn Lie: Government pays hundreds of millions to company despite false claims about its work
The President’s action comes after an investigation by The Fourth Estate revealed that SML had been awarded contracts that entitles the company to more than $100 million every year.
The company admitted it was not performing the advertised services that claimed to tackle under-reporting, diversion and dilution when the investigative journalists confronted it with evidence. It has since deleted those claims from its website.
The Managing Director of SML, Christian Tetteh Sottie, also admitted that the company’s claim that its services had saved Ghana GHS3 billion was false.
The directive reflects a commitment to ensuring transparency and accountability in the execution of the GRA's contractual agreement with SML.
"The President of the Republic, Nana Addo Dankwa Akufo-Addo, has appointed KPMG, the reputable Audit, Tax and Advisory Services firm, to conduct an immediate audit into the transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (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," an excerpt of the release said.
President Akufo-Addo further instructed the Ghana Revenue Authority (GRA) and the Ministry of Finance to adhere to his directive and furnish KPMG with all necessary documentation for the upcoming audit.
"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 release concluded.
Latest Stories
-
Don’t celebrate yet, declined T-bill yields artificial – IPPA to Finance Minister
6 hours -
Hidden epidemics in Africa and power of serosurveillance
6 hours -
Policy rate hike came at a wrong time; government must be financially disciplined – IPPA
7 hours -
Telecel CEO calls for collaboration between academia and industry for nation-building
7 hours -
Telecel Enterprise Business Director advocates strengthened support for women entrepreneurs
7 hours -
Chamber of Licensed Gold Buyers hails enactment of GoldBod Act
7 hours -
Securing Rugby’s Future: Morocco welcomes 2025 international seminar on African Rugby Development
8 hours -
UHAS commits to advancing role of sports in public health and national dev’t
9 hours -
FixTheCountry to stage May 1 protest over gov’t inaction on illegal mining
9 hours -
Some film producers wanted to end my dreams – Yvonne Nelson
9 hours -
Daily Insight for CEOs: The CEO’s guide to financial leadership
9 hours -
China-Ghana Mining Association inaugurated to deepen bilateral collaboration
9 hours -
Gov’t to equip pre-tertiary schools with tech tools to boost STEM and AI education
10 hours -
Delta Air Lines champions women’s leadership in global trade
10 hours -
Caveman CEO wins The Royal Senchi’s 1st Golf Invitational
10 hours