More interesting findings have surfaced since the audit report on the controversial agreement between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML) was made public.

According to audit firm KPMG, the revenue mobilisation agreement can be terminated by either party.

However, the firm noted in its report on the contract that such a termination could result in financial implications for both the government and the GRA.

Per the report, "upon termination, GoG and GRA remain liable to settle SML for services already completed but not yet paid. GoG and GRA are not entitled to a refund of any compensation already paid to SML, regardless of the termination cause.”

“If GoG or GRA terminates without a cause, it becomes liable to pay SML an ROI equivalent to the fair value of SML’s investment in the contract,” it stated.

The audit firm advised that government agencies ensure that all contracts involving the Government of Ghana are reviewed by institutional legal resources.

"For contracts that include the GoG as a party, it is advised that the Attorney-General, who serves as the principal legal advisor to the government, reviews the contract to ensure the terms are compliant with all relevant laws and the interests of the government are protected and not exposed to any avoidable financial or reputational liabilities."

President Akufo-Addo, on May 22, released the KPMG audit report on the controversial contract.

This release follows weeks of pressure from Ghanaians, including civil society organisations, who demanded that the full report be made public due to numerous infractions in the contract.

The President commissioned KPMG to audit the contract on January 2, 2024, with an initial deadline of January 16, 2024, later extended to February 23, 2024. According to the audit findings, SML received a total of GH¢1,061,054,778.00 from 2018 to the present while partially fulfilling its obligations.

The report also noted that SML's work had contributed to increased revenue in the downstream petroleum sector.

• Read also: GRA-SML deal: Akufo-Addo releases KPMG report

Contrary to the audit report's claims, SML has disputed receiving GH¢1,061,054,778.00 for its contract with the GRA, arguing that KPMG cited the figure "without reference to the investments made and the taxes paid" during the review period.

On May 8, the Presidency declined a Right to Information (RTI) application submitted by the Media Foundation for West Africa (MFWA) seeking the full KPMG audit report.

However, on May 22, the Presidency reversed its decision and released the report.

However according to the report, the GRA has disbursed a total of GH¢1,400,202,403.56 to SML between 2018 and 2023 for its contractual services. 

These payments were made for three out of the six service contracts executed by SML, despite lacking approval from the Public Procurement Authority (PPA).

This revelation is documented on page 31 of the comprehensive KPMG report.

The reported payment figure sharply contrasts with the previously stated amount of GH¢1,061,054,778.00, as declared in a press release by the Communications Director of the Presidency, Eugene Arhin, on Wednesday, April 24.