In a recently-released KPMG audit report, it’s disclosed that Strategic Mobilisation Ghana Ltd (SML) received GH¢720 million from the GH¢2.45 billion revenue generated through the Energy Sector Levy Act (ESLA) in its revenue mobilisation transaction with the Ghana Revenue Authority (GRA).
The audit revealed that the GRA-SML agreement resulted in an increase in volume liftings and tax revenue, amounting to GH¢12.98 billion for the period between May 1, 2020, and December 31, 2023.
“Based on analysis using ESLA reported liftings as the pre-SML, the incremental reported volume that is attributable to the involvement of SML is determined as 1.70 billion litres for the period.”
“This works out to a monthly average of 38.6 million litres per month.”
“The incremental revenue that is attributable to the involvement of SML is GH¢2.45 billion for the period.”
“The fee of GH¢720 million paid to SML for the same period constitutes 29.41% of the incremental tax revenue,” the report said.