Akufo-Addo endorses KPMG’s recommendation to terminate upstream audit services for GRA by SML

President Akufo-Addo has accepted the recommendation by auditing firm KPMG to cease the upstream petroleum and minerals audit services previously rendered to the Ghana Revenue Authority (GRA) by SML.

As part of the recommendations of the President after a review of the audit report by KPMG, the President noted that, “The upstream petroleum audit and minerals audit services have not yet been commenced, and no payments have been made in respect of those services; therefore, they may be terminated.

“However, given that the upstream petroleum audit and minerals audit services could prevent significant revenue leakages, the President has directed that the Ministry and GRA conduct a comprehensive technical needs assessment, value-for-money assessment, and stakeholder engagements before implementing such services.”

As part of the recommendations, the President added that, “the transaction audit and external price verification services may also be terminated.

According to KPMG’s findings, GRA obtained partial value or benefit for those services.

However, the President recommended that there is a “clear need for the downstream petroleum audit services provided by SML

However, it is important to review the contract for downstream petroleum audit services, particularly the fee structure