Akufo-Addo accepts KPMG’s advice to halt upstream audit services for GRA by SML

Following a thorough review of KPMG’s audit report, President Akufo-Addo has endorsed the recommendation to discontinue the upstream petroleum and minerals audit services previously provided to the Ghana Revenue Authority (GRA) by Strategic Management Limited (SML).

Notably, these services had not yet commenced, and no payments had been made to SML.

As part of the recommendations after a review of the audit report by KPMG, President Akufo-Addo 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.”

In a press release on Wednesday, April 24, President Akufo-Addo added “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.

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