Committee on Mines and Energy commends SML Audit Firm
The Select Committee on Mines and Energy of Parliament has lauded Strategic Mobilisation Limited (SML), a Ghanaian revenue and assurance audit firm, for establishing a world-class facility to monitor Ghana's oil revenue.
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However, it refrained from making official pronouncements to avoid prejudicing President Nana Addo Dankwa Akufo-Addo's directive for an investigation.
The President tasked KPMG with conducting an immediate audit into the transaction between the Ghana Revenue Authority (GRA) and SML.
This contract aimed to enhance revenue assurance in the downstream petroleum industry, following an exposé by a media outlet alleging that GRA pays SML up to $100 million annually for its digital petroleum monitoring service.
During a visit to SML's data division center in Tema, Mr. Samuel Atta Kyea, Chairman of the Committee, commended the company for its initiative but emphasized the need to await the outcome of the ongoing investigation before making any conclusions. He expressed appreciation for the company's efforts to track petroleum products across 16 depots and underscored the importance of factual information in decision-making.
The Minority caucus in Parliament had previously called for the suspension of the 10-year contract between the Finance Ministry and SML, describing it as a burden on taxpayers. Consequently, the Committee on Mines and Energy, along with the Finance Committee, was tasked with examining the contract, prompting their visit to SML's facility.
Yaa Serwaa Sarpong (PhD), Director of Support Services at SML, refuted negative perceptions about the company's operations, highlighting its role in accurately tracking oil production and revenue. She cited collaborative efforts with GRA that resulted in significant savings for Ghana and increased taxable volumes, contributing billions of Ghanaian cedis to the country's revenue.
Dr. Oppong expressed confidence that the MPs, having witnessed the capabilities of SML's digital facility, would be better positioned to present an accurate assessment of the situation.
The outcome of the investigation will shed light on any financial malfeasance and provide clarity on the matter.