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SML: Contract Boosts GRA’s Petroleum Downstream Revenue to over Ghc 12 billion

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Details emerging from the contract between Strategic Mobilization Ghana Limited (SML) and the Ghana Revenue Authority (GRA) have revealed positive outcomes for the country’s revenue.

Since the revenue assurance contract was signed in December 2019, operations commenced in June 2020 after a one-month pilot period, resulting in a noticeable increase in revenue. According to documents obtained by 3news.com from GRA, revenue has surged by GH¢12,981,376,688.00. This significant rise in revenue suggests that the contract has been beneficial for the country’s financial interests.

However, amidst these developments, SML has taken legal action against the media outlet responsible for releasing ‘The GH¢3bn Lie Documentary’. “Plaintiff says that the onslaught of backlash from the public which has arisen from the Defendants’ false reportage has adversely impacted Plaintiff’s operations. “Plaintiff says that although it published rejoinders to the Defendants’ false reportage, the Defendants have failed and/or refused to retract and apologize to the plaintiff for the false information they have consistently peddled.”

Furthermore, they are requesting a perpetual injunction against the publication of further defamatory material, a retraction and apology, and any other orders deemed appropriate by the High Court. The Fourth Estate, in a December 2023 investigative report, implicated SML, GRA, and the Ministry of Finance.

The report alleged that GRA granted SML a purported 10-year contract with an annual payment of $100 million, raising concerns about possible irregularities. SML refuted the claim, asserting that it had a five-year contract instead. The GRA, in a statement on December 20, 2023, maintained that the proper procurement procedures were followed.

On January 3, 2024, SML welcomed President Nana Addo Dankwa Akufo-Addo’s directive to suspend its ongoing revenue assurance operations and undergo an audit of its contract with the GRA and the Ministry of Finance.

President Akufo-Addo appointed KPMG, an audit, tax, and advisory services firm, to conduct the immediate audit.

SML expressed confidence that the audit would provide a clear and accurate depiction of its operations.

However, President Akufo-Addo extended the limit given to audit firm KPMG, to complete its audit following its request. Following the extension, KPMG is expected to submit its report on Friday, February 23.

Additional source: 3News