Professional Web Design

Akufo-Addo suspends SML/GRA contract, orders performance audit

January 2, 2024
Akufo-Addo suspends, orders audit of SML -GRA contract
President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa has directed an immediate audit into the contractual agreement between the (GRA) and Strategic Mobilization Ghana Ltd (SML).

The President has also suspended the ongoing performance of the contract, pending the outcome of the audit.

has been appointed to conduct the audit, bringing its expertise in Audit, Tax, and Advisory Services to scrutinize the transaction.

The contract with SML was initiated to enhance revenue assurance in various sectors, including the downstream petroleum industry, upstream petroleum production, and the value chain of minerals and metals resources.

The President outlined the specific Terms of Reference for the audit, covering crucial aspects of the agreement:

  1. To investigate the rationale or needs assessment conducted before GRA's contract approval and assess its alignment with specific needs.
  2. To evaluate the appropriateness of the contracting methodology, ensuring compliance with legal standards and industry best practices in the procurement process for SML's selection.
  3. To assess the degree of alignment between current activities and the stipulated contract scope, identifying any deviations.
  4. To evaluate the value or benefit derived by GRA through the engagement with SML.
  5. To review financial arrangements, including pricing structures, payment terms, and resolution of any financial compliance issues.
  6. To submit a comprehensive report on the findings along with appropriate recommendations.

The President has set a two-week timeline for KPMG to complete the audit and submit their report, including any recommendations.

In support of the audit process, President Akufo-Addo has instructed the and GRA to extend full cooperation to KPMG.

Additionally, the Ministry of Finance and GRA are directed to suspend the execution of the contract until the audit report is submitted.

This directive includes any payments that were anticipated under the contract's terms.

Latest from Politics