SML Ghana expand revenue audit
The Ghana Revenue Authority (GRA) has expressed its commitment to support Strategic Mobilisation Limited (SML) Ghana, a revenue and assurance audit firm, as it expands its services to other sectors beyond the petroleum downstream sub-sector.
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The other sectors include mining and upstream oil and gas.
During a stakeholder engagement between the Board of the GRA and SML Ghana, the Board Chairman, Tony Oteng-Gyasi, suggested that the success SML Ghana and GRA had achieved in the petroleum downstream sector was worth replicating.
He commended the audit and assurance technology company for implementing more effective digital and innovative controls, which had resulted in fewer and smaller restatements and increased revenue generation for the government.
“What we have seen here today is indeed a good job by SML Ghana and we are very happy to know that the company keeps monitoring in real-time and at all times.
“We hope that these processes should further enhance our tax collection and also increase our revenue mobilisation," Mr Oteng-Gyasi said.
Closing revenue gap
Similarly, the Commissioner-General of the GRA, Rev. Dr Ammishaddai Owusu-Amoah, stated that the tax authority was increasingly seeking to apply data in revenue collection efforts.
Consequently, he said, the GRA would look at other sectors where SML’s audit processes could be applied to help close the country's revenue gap.
“Since our working relationship began, we have seen an increase in revenue and whatever opportunity we have to look at it in other areas, we will pursue it,” Rev. Dr Owusu-Amoah said.
The goal, he added, was to be able to increase revenue, saying the GRA was quite pleased with what SML Ghana had done so far.
“So we will continue to monitor the areas where we know that monitoring will aid in closing the revenue gap," Rev. Dr Owusu-Amoah stated.
With the possible expansion on the horizon, the GRA Commissioner-General urged SML Ghana to continue to invest in innovative measures used in carrying out their daily activities to forestall any potential shortfalls.
He also encouraged the audit firm to sustain its ongoing relationships with key stakeholders and deepen others, saying that would enrich the audit quality and improve the nation’s revenue mobilisation processes.
"We will urge you to maintain the standard in terms of the sensors you use and the management devices and to avoid falling out and giving incorrect readings,” Rev. Dr Owusu-Amoah stated.
He said the entire country was counting on the company for those revenues and the GRA was prepared to provide the necessary assistance to ensure smooth revenue assurance.
Leveraging technology
For his part, the Managing Director of SML Ghana, Christian Tetteh Sottie, explained that the purpose of the engagement was to provide the board with a detailed methodology of how SML Ghana was leveraging technology to improve revenue collection from the downstream oil and gas sector and dispel any misconceptions.
He thanked the board for its presence and ongoing efforts to facilitate SML Ghana's daily operations, adding that SML Ghana would continue to implement the necessary measures and processes to ensure a smooth audit process.
Mr Sottie also announced that further interactions would be held to keep stakeholders informed of all developments aimed at improving the economy.
“We will continue to hold these meetings on a regular basis and we will institutionalise them so that any updates can be shared at such engagements," he said.
Background
Since 2020, SML’s efforts have been instrumental in aiding the tax authority not only to meet but also beat its targets.
Last year, the GRA mobilised GH¢75.5 billion in domestic revenue, exceeding its collection target by GH¢3.6 billion.
The achievement represents a five per cent increase over the previous year's target of GH¢71.94 billion.
The Customs Division of GRA, which includes the petroleum downstream sector, with the help of the technology deployed by SML Ghana, surpassed its target by GH¢2.06 billion to achieve a revenue of GH¢22.26 billion last year.
SML Ghana
Strategic Mobilisation Limited (SML) is a wholly-owned Ghanaian Company.
The company has two main divisions specialising in the Audit of Downstream Petroleum Products and Trade Transaction Pricing and Business Process Audits at its Tema and Osu offices respectively.
The key strength of SML is the ability to adapt solution-specific needs to the delight of its clients, thereby exceeding their expectations.
SML’s reputation is always guided by the consistency and the level of services it offers, with a workforce consisting of Ghanaian professionals and experts in various fields such as petroleum engineering, business analysts, information technology experts, experienced price analysts and experts in project management.