The Majority in Parliament has jumped to the defense of the Ghana Revenue Authority-Strategic Mobilisation Limited (SML) deal.

The caucus insists that no wrong has been occasioned.

The opposition National Democratic Congress (NDC) and some Civil Society Organisations have been demanding the termination of the contract following the issuance of the government's white paper after a KPMG audit.

Addressing journalists in Parliament, Majority Leader Alexander Afenyo-Markin warned his NDC colleagues and CSOs against posturing that he believes could destroy indigenous Ghanaian businesses.

"Often times, under the guise of due diligence, under the guise of transparency, we often get out of control and destroy Ghanaian businesses, whereas foreign firms who operate in certain sectors get the kind of protection that makes them develop their businesses," he said.

• Read more: Renegotiate SML contract – Akufo-Addo to GRA, Finance Ministry

The Majority insist the legal issues raised by the NDC and CSOs against the deal in particular the demand that the deal should have come to Parliament for approval are all without basis.

Two weeks ago, President Akufo-Addo instructed the Ghana Revenue Authority (GRA) and the Ministry of Finance to renegotiate the revenue assurance contract with Strategic Mobilisation Limited (SML).

The President emphasised that the renegotiation should be closely monitored and evaluated periodically to ensure it meets expectations.

The decision to renegotiate the contract follows the President's acceptance of the recommendation by KPMG after its audit into the deal.

The audit findings prompted the need for a review of the revenue assurance contract, highlighting areas where improvements are necessary to enhance its effectiveness.

"There is a clear need for the downstream petroleum audit services provided by SML. GRA and the State have benefited from these services since SML commenced providing them. There has been an increase in volumes of 1.7 billion litres and an increase in tax revenue to the State of GHS 2.45 billion. KPMG also observed that there were qualitative benefits, including a 24/7 electronic real-time monitoring of outflow and partial monitoring of inflows of petroleum products at depots where SML had installed flowmeters and six levels of reconciliation done by SML."