Findings and recommendations by KPMG on SML-GRA contract

GRA then added external price verification to the services offered by SML and signed a downstream petroleum audit agreement with SML.

The 2023 Contract extended the scope of SML’s services to include upstream petroleum and minerals audit.

KPMG also found that there was no evidence that the 2018 and 2019 contracts (transaction audit services, external price verification, and downstream petroleum audits) were submitted to the GRA Board for discussion and approval contrary to the GRA Act, Corporate Governance Manual for Governing Boards/Councils of the Public Services, and sound and accepted corporate governance practices.

Regarding the downstream petroleum audit services, KPMG determined that there was an incremental volume of 1.7 billion litres and an incremental tax revenue of GHS 2.45 billion for the period under review.

SML had yet to implement the upstream petroleum audit and minerals audit services, and therefore, there could be no assessment as to whether GRA would derive value or benefit from that service.

The total investment value in the contract for the upstream petroleum audit and minerals audit services amounts to $ 133,486,722.51

For the transaction audit, external price verification, and downstream petroleum audit services, KPMG recommended that since SML has been providing that service for over four years, it has gained experience and become more proficient