TIG Post

Tag: KPMG

  • Gov’t is happy SSNIT hotel scandal, KPMG report are breathing because NDC is after AG – Bridget Otoo claims

    Gov’t is happy SSNIT hotel scandal, KPMG report are breathing because NDC is after AG – Bridget Otoo claims

    Prominent social media personality, Bridget Otoo, has alleged that the government must be pleased with the recent developments in the Ambulance case involving the Minority Leader Dr Cassiel Ato Forson and the state, being represented by the Attorney General Godfred Dame.

    She believes that the controversy surrounding the case has provided the government breathing space from the public with regard to the KPMG audit report by President Nana Akufo-Addo over the deal between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) and the ongoing sale of SSNIT hotels to Member of Parliament for Abetifi Constituency, Bryan Acheampong.

    “The government must be happy with the NDC’s focus on the AG. I mean, SSNIT hotel scandal is now breathing and SML KPMG full report is also breathing,” she wrote in a post on X on May 29.

    Ambulance case

    Dr. Ato Forson, a former Deputy Finance Minister, is facing trial for his alleged involvement in the procurement of faulty ambulances for Ghana. This case has sparked public conversations, with some individuals calling for the Attorney General’s resignation.

    The Attorney General insisted that Jakpa had sent letters requesting a plea bargain, which had not been accepted. However, the NDC countered these claims by playing a tape during a press conference on Tuesday, May 28. The NDC General Secretary, Johnson Asiedu Nketiah, stated that Jakpa never requested a plea bargain.

    The New Patriotic Party (NPP) has stated that the alleged audio tape involving Attorney General Godfred Dame and Richard Jakpa, the third accused in the ambulance case, released by the opposition National Democratic Congress (NDC), has been tampered with.

    At a press conference on Tuesday, May 28, NPP National Organizer Henry Nana Boakye (Nana B) described the tape as distorted and manipulated, claiming it was “cut and pieced together” by the NDC to create a misleading impression.

    KPMG Audit

    The release of the KPMG audit report by President Nana Akufo-Addo comes in response to weeks of mounting pressure from the public and civil society organizations for transparency regarding the contentious 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.

    The report revealed tax evasion by the company, contracts awarded without PPA and Parliamentary approval.

    SSNIT

    Organised Labour has voiced concerns over the ongoing divestiture of the Social Security and National Insurance Trust (SSNIT) shares in four hotels to Rock City Hotel, owned by Bryan Acheampong, the Minister of Agriculture.

    The group has urged the government to halt the process, warning of a potential nationwide strike by workers if the divestiture proceeds.

    SSNIT is close to finalizing the sale of 60% of its shares in Labadi Beach Hotel, LA Palm Royal Beach Resort, Ridge Royal Hotel, and Elmina Beach Resort to Rock City Hotel.

    This move has sparked widespread criticism, prompting North Tongu MP Okudzeto Ablakwa to file a petition with the Commission on Human Rights and Administrative Justice (CHRAJ).

  • Gov’t released KPMG report to take Ghanaians’ attention from sale of SSNIT hotels – Bridget Otoo

    Gov’t released KPMG report to take Ghanaians’ attention from sale of SSNIT hotels – Bridget Otoo

    Prominent social media personality, Bridget Otoo, has alleged that the release of the KPMG audit report by President Nana Akufo-Addo over the deal between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) is meant to distract the public from the ongoing sale of SSNIT hotels to Member of Parliament for Abetifi Constituency, Bryan Acheampong.

    The release of the KPMG audit report by President Nana Akufo-Addo comes in response to weeks of mounting pressure from the public and civil society organizations for transparency regarding the contentious 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.

    In reaction, Bridget Otoo noted that since the labour unions have threatened a strike over the SSNIT deal with Rock City Hotel, the government has found it prudent to release the KPMG report.

    “The government doesn’t care about anything! It’s either their way or nothing… As @lordcudjoe puts it “all crooked deals are cooked at the “ #JulorbiHouse They didn’t want to release the SML report, now that Labour unions are threatening strike over this heartless deal of handing over 60% stake in 6 hotels to a sitting MP and minister, they have found it necessary to release the report. #SSNITStopTheSaleNow,” she wrote.

    SSNIT

    Organised Labour has voiced concerns over the ongoing divestiture of the Social Security and National Insurance Trust (SSNIT) shares in four hotels to Rock City Hotel, owned by Bryan Acheampong, the Minister of Agriculture.

    The group has urged the government to halt the process, warning of a potential nationwide strike by workers if the divestiture proceeds.

    SSNIT is close to finalizing the sale of 60% of its shares in Labadi Beach Hotel, LA Palm Royal Beach Resort, Ridge Royal Hotel, and Elmina Beach Resort to Rock City Hotel.

    This move has sparked widespread criticism, prompting North Tongu MP Okudzeto Ablakwa to file a petition with the Commission on Human Rights and Administrative Justice (CHRAJ).

  • SML owes gov’t GHC31.88 million in taxes – KPMG report

    SML owes gov’t GHC31.88 million in taxes – KPMG report

    The KPMG report on the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) has revealed that SML owes the government over GHC31 million in taxes.

    During the period from 1 September 2020 to 30 April 2021, a bulk payment to SML covering invoices for an eight (8) month period did not have VAT and WHT deductions, amounting to GHE13.38 million.

    This contradicts GRA’s standard practice of deducting such taxes for payments to SML between 1 June 2020 and 31 August 2023.

    Additionally, SML failed to fulfil its statutory obligations by neither filing returns nor remitting these taxes to GRA.

    Pursuant to Section 71(1) of the RA Act, the accrued interest on the tax liability is estimated at GHC18.50 million owed by SML to GRA as of 31 January 2024. Consequently, the total liability incurred by SML amounts to GHC31.88 million.

    The release of the report comes after weeks of increasing pressure from the public and civil society organizations calling for transparency due to reported issues with the contract. President Nana Akufo-Addo commissioned KPMG to audit the contract on January 2, 2024, with an initial deadline of January 16, 2024, which was later extended to February 23, 2024.

    The report has raised concerns about the management of taxpayer funds and has prompted calls for accountability and reforms within the GRA. The government has stated that it will take appropriate action based on the findings of the report to ensure that such lapses do not occur in the future.

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  • SML received GHC1.5bn and not GHC1bn as Akufo-Addo stated – Bright Simons cites KPMG report

    Bright Simons, Vice President of IMANI Africa, has responded to the recently released KPMG audit report on the controversial contracts and transactions between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).

    The over 300-page report was made public on May 22, 2024, after weeks of the presidency withholding its release, citing provisions of the Right to Information (RTI) law.

    Mr Simons, who has been vocal about the need for the full report to be disclosed, highlighted major findings that revealed the deal to be even worse than initially reported based on the documentary that first brought the matter to light.

    In a series of posts on X, Simons noted that the earlier summary by the Presidency had major gaps while outlining bombshell findings from his initial analysis of the report.

    a. SML received close to 1.5 Billion cedis in payments not 1 Billion per the presidency.

    b. KPMG saw the impact of taxes on increasing revenue. Clearly, that wasn’t SML’s work.

    c. SML’s magical flowmeters never worked as specified throughout anyway.

    d. SML refused to pay taxes on its fees from GRA.

    e. Ministry of Finance deliberately refused to do Value for Money evaluation

    On April 24, 2024, President Akufo-Addo received a request from the Media Foundation for West Africa (MFWA) under section 18 of the Right to Information Act, 2019 (Act 989) (RTI Act), for a copy of the KPMG report.

    The President had commissioned KPMG on December 29, 2023, to conduct an inquiry to gain a clear understanding of the matters in controversy and to be properly advised in making necessary decisions.

    Initially, the presidency refused to release the report, citing that the KPMG report contained opinions, advice, deliberations, and recommendations integral to the President’s deliberative process, and thus qualified as exempt information under section 5 (1) (a) and (b) (i) of the RTI Act.

    However, a detailed press statement outlining KPMG’s findings and recommendations, as well as the President’s directives to the Ministry of Finance and GRA, was published at the time.

    After initially deciding not to release the full audit report by KPMG, the presidency announced in a statement dated May 22 that the report had been released despite earlier exemptions raised under the Right to Information (RTI) Act.

    “The President, in the interest of full transparency in governance, openness, and honesty with the public, has decided to waive the privilege under section 5 of the RTI Act and has directed the publication of the KPMG report in full,” the statement signed by Communications Director, Eugene Arhin read in part.

  • Akufo-Addo publishes complete KPMG report on GRA-SML deal

    Akufo-Addo publishes complete KPMG report on GRA-SML deal

    President Nana Akufo-Addo has released the KPMG audit report on the controversial contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).

    This release comes after weeks of increasing pressure from the public and civil society organizations calling for transparency due to reported issues with the contract.

    The President commissioned KPMG to audit the contract on January 2, 2024, with an initial deadline of January 16, 2024, which was later extended to February 23, 2024.

    The audit revealed that SML received GH¢1,061,054,778.00 from 2018 to the present while only partially fulfilling its obligations.

    It also noted that SML’s efforts had contributed to increased revenue in the downstream petroleum sector.

    However, SML disputes the audit’s claim of receiving GH¢1,061,054,778.00, 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 denied a Right to Information (RTI) request from the Media Foundation for West Africa (MFWA) for the full KPMG audit report.

    However, the Presidency has now reversed its stance and released the report.

    President-Akufo-Addo-releases-KPMG-Report-on-GRA-SML-TransactionDownload
  • Deputy AG defends Presidency’s decision to withhold KPMG report from the public

    Deputy AG defends Presidency’s decision to withhold KPMG report from the public

    Deputy Attorney General Alfred Tuah-Yeboah has defended the presidency’s decision to withhold the full KPMG report on the revenue assurance contract between GRA-SML.

    In response to a request from the Media Foundation for West Africa (MFWA) for the complete report, the presidency cited specific sections, including deliberations and recommendations, as exempt from disclosure under provisions of the RTI Act.

    Citing concerns over confidentiality and the sensitivity of the data, the presidency declined to release the report in its entirety, as outlined in a letter to the MFWA signed by the Chief Director to the Chief of Staff, H. M. Wood.

    Speaking at the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, Tuah-Yeboah urged the public to respect the presidency’s decision.

    He emphasized the validity of the reasons given by the presidency for withholding the report, stating that its release would serve no constructive purpose. According to Tuah-Yeboah, releasing the report would not yield any tangible benefits, supporting the presidency’s stance on withholding it.

    Tuah-Yeboah reiterated the importance of respecting the presidency’s decision, highlighting the need for transparency and adherence to legal protocols regarding the disclosure of sensitive information.

    “I think the reason for the decline of the request has been outlined by the government, and for now we must stick to that. But if something new comes up, and there’s a need to revisit it that should be the case. As we have it now, the reason has been made known to the public and it’s also within the law. So, let’s see what happens.”

    “The president has the report, he has gone through it, and based on the advice, he has come out with what he thinks should to be done. Moving forward, if we think there’s a need for the report to be out and if there’s no other reason but if upon further assessment there’s a need to review it, why not? As I said, there’s a reason for it, that reason is valid, let’s stick to it and move on,” he insisted.

  • Govt paid KPMG $320K to audit shady GRA-SML deal – Report

    Govt paid KPMG $320K to audit shady GRA-SML deal – Report

    Government allocated a substantial $320,000 to consultancy giant KPMG for an investigation into alleged corrupt contracts between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML), as reported by StatsGH.

    These contracts have come under intense scrutiny for suspected opacity and potential financial misconduct.


    In a recent update on the X platform, “BREAKING Government of Ghana paid KPMG $320,000 to make a report on the corrupt contracts GRA signed with SML. Today, the Government says it cannot show the report to the tax payer under the RTI”.

    Despite the considerable investment in this inquiry, the Government has now stated its inability to make the report public under the Right to Information (RTI) Act.


    This decision has triggered widespread indignation among citizens and transparency advocates, who have long clamored for increased governmental accountability.

    Many are questioning the wisdom of allocating such a substantial sum for a report now withheld from public view.

    Critics argue that transparency and accountability are indispensable tenets of effective governance.

    They contend that withholding the report erodes public confidence in the government’s commitment to combatting corruption.


    Following a request by the Media Foundation for West Africa (MFWA) for access to the comprehensive KPMG audit report, the Presidency, in a letter dated May 7, 2024, declined the Right to Information (RTI) application.

    The decision has drawn condemnation, with Manasseh, part of the MFWA team reporting on the “SML scandal,” criticizing President Akufo-Addo’s refusal to release the complete report.


    Manasseh underscored the precedent set by President John Dramani Mahama, who, even without the Right to Information Law, released critical reports to the public.

    He questioned Akufo-Addo’s motives for withholding the KPMG report and pledged continued scrutiny of the SML scandal.


    In response to the MFWA’s request, the Presidency cited section 5 (1) (a) and (b) (i) of the RTI Act, claiming the report’s contents contain deliberative processes integral to the President’s decision-making and are therefore exempt from disclosure.

    Despite this refusal, the Presidency asserted that the report’s findings and recommendations had been disclosed in a detailed press statement.

    “Upon careful consideration and in accordance with section 5 (1) (a) and (b) (i) of the RTI Act, I regret to inform you that your request has been refused. Section 5 (1) (a) and (b) (i) states that information prepared for or submitted to the President or Vice President containing opinions, advice, deliberations, recommendations, minutes, or consultations, is exempt from disclosure and that disclosure of such information would compromise the integrity of the deliberative process by revealing the thought process, considerations, and influence on decision-making reserved for the highest offices of the land.

    “The full KPMG Audit Report comprises opinions, advice, deliberations, and recommendations that are integral to the President’s deliberative process and, therefore, qualifies as exempt information under section 5 (1) (a) and (b) (i),” the letter read in part.

  • Akufo-Addo to order release of KPMG audit report on GRA-SML contract – Report

    Akufo-Addo to order release of KPMG audit report on GRA-SML contract – Report

    President Akufo-Addo is set to authorize the release of the KPMG audit report on the controversial contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML), Asaase Radio has reported, citing a source close to the office of the president.

    This development comes after the Chief Director at the Office of the President, H.M. Wood, declined a demand by the Media Foundation for West Africa (MFWA) for the full KPMG report on the revenue assurance contract between the GRA and SML.

    In April of this year, the MFWA had requested a copy of the comprehensive KPMG audit report on the GRA/SML revenue assurance contract, utilizing the Right to Information Act, 2019 (Act 989), also known as the RTI Act.

    However, in a statement on Wednesday (8 May), the Chief Director at the Office of the President said “Upon careful consideration and in accordance with section 5 (1) (a) and (b) (i) of the RTI Act, I regret to inform you that your request has been refused.”

    “Section 5 (1) (a) and (b) (i) states that information prepared for or submitted to the president or vice-president containing opinions, advice, deliberations, recommendations, minutes, or consultations, is exempt from disclosure and that disclosure of such information would compromise the integrity of the deliberative process by revealing the thought process, considerations, and influence on decision-making reserved for the highest offices of the land,” the statement added.

    Nevertheless, Asaase News reports that sources at the Jubilee House indicate the President will authorize the release of the report because there is nothing to hide.

    “I can say on authority that both the letter to GRA and the press release from the presidency on the KPMG report on the GRA-SML deal captured, without omission the substance and essence of all the material findings and, it is important to add that the President gave not his recommendations to GRA but the totality, without reservation, of all the recommendations by KPMG.

    “President Akufo-Addo very simply passed on all that KPMG recommended should be done about SML contracts, including cancelling two of them, suspending two others, and renegotiating the variable fee of the one that was recommended to remain but altered to have a fixed fee,” the Asaase News source at the presidency said.

    The source further reckoned that “The report is yet to be made public because there is a sense that GRA must be allowed to recommend without any inordinate pressure the actual substance of the recommendations.”

    According to Asaase News, a senior source at the Ministry of Finance has stated emphatically that the Ghana Revenue Authority (GRA) may go even further than recommended. After conducting a needs assessment and full stakeholder consultations on the two outstanding contracts regarding the monitoring of mining production and upstream oil and gas production, GRA may open the two contracts up for competitive bidding.

    President Akufo-Addo received the KPMG report on April 2, 2024, three months after tasking the audit firm to investigate the GRA-SML deal. Following a review of the report, the government issued a press statement directing the GRA to review the deal among other directives.

    The President appointed and tasked KPMG on January 2, 2024, to conduct an immediate audit of the transaction between the GRA and Strategic Mobilization Ghana Ltd (SML), aimed at enhancing revenue assurance in the downstream petroleum sector, upstream petroleum production, and minerals and metals resources value chain.

    The audit’s terms of reference were six-fold: to ascertain the rationale or needs assessment performed before the contract approval by GRA, assess the appropriateness of the contracting methodology, evaluate the degree of alignment between current activities and the stipulated contract scope, evaluate the value or benefit that SML has offered to the GRA, review the financial arrangements, and submit a report on findings with appropriate recommendations.

    In compliance with recent directives from President Akufo-Addo regarding its deal with SML, GRA has terminated the transaction Audit and External Verification Service Contract (AEVS) with SML. GRA has also decided to amend the measurement Audit for the Downstream Petroleum Products Contract by revising the fee structure to a fixed fee structure. Additionally, the Authority will thoroughly review other provisions such as service delivery expectations, termination, and intellectual property rights.

    “This is about the presidential directives dated 18 April 2024 on the recommendations of KPMG concerning the Contract for Consolidation of Revenue Assurance Services between the Government of Ghana acting per the Ministry of Finance, Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML).

    “Following the directives of the President, GRA has undertaken a thorough review of the Consolidation of Services (Transaction Audit and External Verification Services) contract dated 3 October 2019, the Measurement Audit for Downstream Petroleum Products Contract dated 3 October 2019, and the Contract for Consolidation of Revenue Assurance Services (Upstream and Minerals Audit) contract dated 25 October 2023,” the GRA letter read.

    “Based on the review, the following actions are to be taken: First, The Transaction Audit and External Verification Services Contract will be terminated. Secondly, the Measurement Audit for Downstream Petroleum Products Contract will be amended.

    “Specifically, the fee structure will be revised to a fixed fee structure. In addition, other provisions such as service delivery expectations, termination, and intellectual property rights will be subjected to a thorough review.

    “Thirdly, the Upstream Petroleum and Minerals Revenue Audit portions of the Contract for Consolidation of Revenue Assurance Services cannot take effect until a comprehensive technical needs assessment, value-for-money assessment, and relevant stakeholder consultations have been achieved,” the GRA letter to SML further read.

  • Akufo-Addo rejects request for full disclosure of KPMG audit report on GRA-SML contract

    Akufo-Addo rejects request for full disclosure of KPMG audit report on GRA-SML contract

    The Presidency has rejected a Right to Information (RTI) application filed by the Media Foundation for West Africa (MFWA) seeking access to the complete KPMG audit report regarding the revenue mobilization agreement between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML).

    Citing sections 5 (1) (a) and (b) (i) of the RTI Act, the Presidency stated that the report contains sensitive information deemed crucial and falls under exempt categories under the law.

    In a letter addressed to the MFWA and signed by the Chief Director to the Chief of Staff, H. M. Wood, the Presidency expressed regrets over its inability to fulfill the media outfit’s request.

    “Upon careful consideration and in accordance with section 5 (1) (a) and (b) (i) of the RTI Act, I regret to inform you that your request has been refused. Section 5 (1) (a) and (b) (i) states that information prepared for or submitted to the President or Vice President containing opinions, advice, deliberations, recommendations, minutes, or consultations, is exempt from disclosure and that disclosure of such information would compromise the integrity of the deliberative process by revealing the thought process, considerations, and influence on decision-making reserved for the highest offices of the land.

    “The full KPMG Audit Report comprises opinions, advice, deliberations, and recommendations that are integral to the President’s deliberative process and, therefore, qualifies as exempt information under section 5 (1) (a) and (b) (i),” the letter read in part.

    The Presidency emphasized that the findings and recommendations of the KPMG report had been disclosed in a detailed press statement.

    “Understanding the public interest in the GRA-SML contract, the President has published the principal findings and recommendations of the KPMG report in a detailed press statement issued by the Office of the President on 24th April 2024. Thus, the public remains informed while respecting the statutory restrictions on specific disclosures,” it added.

    Regarding the KPMG report:

    The audit, commissioned by President Akufo-Addo on January 2, 2024, with a deadline initially set for January 16, 2024, but later extended to February 23, 2024, was conducted by KPMG, an auditing firm.

    The report indicated that SML received a total of GH¢1,061,054,778.00 from 2018 to date while partially fulfilling its obligations. However, it also acknowledged SML’s contribution to revenue increase in the downstream petroleum sector.

    Responding to the report, SML disputed the stated figure, arguing that KPMG failed to consider their investments and taxes paid during the review period.

    In his response, Sulemana Braimah, Executive Director of the MFWA, reiterated the foundation’s commitment to transparency by submitting an RTI request for the full KPMG Audit Report.

  • It is pointless to publish KPMG’s full report – Afenyo-Markin

    It is pointless to publish KPMG’s full report – Afenyo-Markin

    Majority in Parliament has rejected demands for the complete disclosure of the KPMG report on the GRA and SML contracts.

    After the audit report was submitted on April 24, 2024, a statement from the Presidency disclosed that the total fees paid under the contracts from 2018 until the suspension date exceeded one billion Ghana cedis.

    However, SML has denied this assertion.

    In response, the NDC has joined the chorus calling for President Akufo-Addo to release the full audit report.

    Addressing reporters, Majority Leader Alexander Afenyo-Markin argued that the full report serves as an advisory document for the President in decision-making; hence, it would be inappropriate to make it public.

    “There’s no doubt in our minds that the document is for advisory purposes; it is an opinion that is guiding Mr. President in decision-making. So, it is not within the rights of anybody to demand it.

    “Much as it is in the law that members of the public have the right to receive public documents for the sake of transparency and good governance.

    It is also a Bonafide document of the president to give this advice, and opinion to himself,” the Majority leader said.

  • Contract must be cancelled, monies paid for half-work done must be refunded – Manasseh over KPMG report on GRA/SML deal

    Contract must be cancelled, monies paid for half-work done must be refunded – Manasseh over KPMG report on GRA/SML deal

    Investigative journalist Manasseh Azure Awuni has urged for a comprehensive investigation into the revenue mobilisation agreement between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).

    In his statement, the Editor of The Fourth Estate emphasized that despite President Nana Akufo-Addo’s suspension of the contract for a thorough review, it should ultimately be canceled.

    President Nana Akufo-Addo had directed KPMG to audit the GRA-SML contract on January 2, 2024.

    Following the submission of the audit report, the Presidency issued a press release on Wednesday, April 24, stating, “Given that the upstream petroleum audit and minerals audit services could prevent significant revenue leakages, the President has directed that the Ministry and GRA conduct a comprehensive technical needs assessment, value-for-money assessment, and stakeholder engagements before implementing such services.”

    Manasseh Azure Awuni expressed disagreement with the President’s directive during his appearance on Citi FM.

    “I expect this contract to be cancelled, and it is not something that should continue because it is not in the interest of the public.

    “So, what has been recommended for termination and even the existing downstream one, they both have to be cancelled, and further investigations conducted for monies to be retrieved because they kept saying they [SML] did partial fulfilment of the contract terms, and I don’t think we can pay somebody fully, and they will give us partial results,” he remarked to Selorm Adonoo.

    Manasseh Azure Awuni also insisted that “some persons should be made to face the law. The former MASLOC boss [Sedina Tamakloe Attionu] has been jailed, and what has sent her to jail is a tiny fraction of what has been wasted in this SML scandal.”

  • Selection of KPMG by Akufo-Addo to audit GRA/SML contract illegal – Domelevo

    Selection of KPMG by Akufo-Addo to audit GRA/SML contract illegal – Domelevo

    Former Auditor-General Daniel Yaw Domelevo has condemned the appointment of KPMG to audit the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML), calling it illegal and unprofessional.

    The audit was ordered by President Akufo-Addo on January 2, 2024.

    In his comments regarding the contract, its suspension, and the subsequent audit, the former Auditor-General expressed his belief that every aspect of the process showed signs of illegality, corruption, and unprofessional conduct.

    Mr. Domelevo stated in an interview with Selorm Adonoo on The Big Issue on Citi FM and Citi TV that assigning KPMG to conduct the audit violated procurement regulations and raised concerns of conflict of interest, as KPMG has ongoing contracts with both the Ghana Revenue Authority and the Ministry of Finance.

    “I don’t see why KPMG accepted to do the audit because first and foremost, KPMG provides services to GRA and MOF [the Ministry of Finance] so they are conflicting but let’s put that aside because it is not a big deal. KPMG cannot accept an illegal contract from the government. The contract under which KPMG was selected to go and provide the service should have been a competitive selection process.

    “If the KPMG contract did not go through the public procurement process, that is either through competitive tendering or approval from the Public Procurement Board, then they have entered into an illegal contract and that is illegal and unprofessional.”

    The former Auditor-General added that “It is necessary for us to know how KPMG was selected and there are some state agencies that could have done the work and the law under Clause 8 of Article 187, the 1992 Constitution provides that the president on advice from the Council of State, may in the national interest, request the Auditor General to conduct some audits and so why didn’t this go to do the Auditor General?”

    Following the submission of the audit report, an April 24 press statement from the Presidency said “the total fees paid under the contracts from 2018 to the date of suspension amount to GH¢1,061,054,778.00.”

    SML has contested and denied that the company was paid GH¢1,061,054,778.00.

  • Contracts were awarded illegally, gov’t hiding more shady deals in GRA/SML contract – Dr. Arthur Kobina Kennedy 

    Contracts were awarded illegally, gov’t hiding more shady deals in GRA/SML contract – Dr. Arthur Kobina Kennedy 

    A member of the New Patriotic Party (NPP) known for his roles as a physician, author, and politician, Dr. Arthur Kobina Kennedy, has raised concerns about the potential government concealment of details regarding the contract between Strategic Mobilisation Limited (SML) and the Ghana Revenue Authority (GRA).

    Dr. Kennedy suspects that the lack of transparency surrounding the contract is meant to hide any illegalities and negative impacts it may have on the Ghanaian people.

    He argues that regardless of any perceived benefits, the contract should be considered invalid due to its alleged illegal signing.

    During an interview on JoyNews’ AM Show on Friday, April 26, Dr. Kennedy called on the government to release the full KPMG audit report on the contract to the public. He believes that this transparency would help Ghanaians understand the issues at hand and how the state has been affected.

    Emphasizing the importance of transparency in governance, especially concerning public funds and contracts, Dr. Kennedy urged the government to prioritize accountability and provide the necessary information to the public. This, he said, would ensure that citizens are informed about decisions that directly impact them.

    Dr. Kennedy reiterated the need for openness and urged the government to address any irregularities in the SML-GRA contract for the benefit of all Ghanaians.

    “It appears that the government is trying to hide something. The fundamentals of this are clear and the contracts were awarded illegally and regardless what benefits have been accrued, it begs the question of why, regardless of the official disapproval, people went round the processes and awarded the contract.”

    “Of course, a contract can be awarded improperly to somebody who might deliver some benefits when for example the terms of the contract were inimical to the public interest. And I think that the best thing the government can do is actually to release the KPMG report so that the public can we review that,” he said.

    KPMG, a reputable auditing firm, has completed and presented its report on the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) to President Akufo-Addo.

    The audit was initiated by the President on January 2, 2024, following an expose by the 4th Estate. Initially scheduled to be concluded by Tuesday, January 16, 2024, the deadline was extended to Friday, February 23, 2024.

    According to the audit findings, SML has received a total of GH¢1,061,054,778.00 since 2018 while fulfilling its obligations partially. SML has challenged this finding, claiming that the report, in general, justifies the contract.

  • Publish and bring before parliament KPMG audit report on SML/GRA contract – Isaac Adongo tells Akufo-Addo

    Publish and bring before parliament KPMG audit report on SML/GRA contract – Isaac Adongo tells Akufo-Addo

    The Ranking Member on Parliament’s Finance Committee, Isaac Adongo, has called on President Akufo-Addo to immediately release the KPMG audit report on the revenue assurance contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML).

    Mr Adongo urged the President to ensure that a copy of the report is presented to Parliament when the House reconvenes from recess, emphasizing that this step is essential for transparency in the deal and will enable Parliament to conduct an independent investigation into the contract.

    In a press statement issued on Friday, April 26, Mr Adongo reiterated the importance of transparency in government contracts, stating that it is crucial for accountability and public trust.

    The Bolgatanga Central Member of Parliament highlighted the Minority’s commitment to uncovering any breaches or irregularities in the contract, affirming that they would not allow the government to conceal any wrongdoing.

    Mr Adongo assured the Ghanaian people that the Minority would continue to demand accountability from the government and remain steadfast in protecting the public purse.

    He encouraged citizens to join in the effort to ensure that government contracts are executed with integrity and in the best interest of the nation.

    “At this moment, I respectfully request that Parliament be furnished with a copy of the KPMG report to aid the Finance Committee’s investigation.

    “It strikes me as unusual that the report only contains mild suggestions and recommendations despite the abundance of information available to the public regarding the SML arrangement.

    “Consequently, we must scrutinize the comprehensiveness of their mandate, including their TOR, methodology, and approach.”

    “Our primary objective is to expose the beneficial owners of this group and utilize Parliament’s authority to recover the funds that have been paid due to this illegality.

    “I trust that the President understands that my Parliamentary scrutiny request is founded on section 33 of the PFM Act, which mandates that Parliament authorize contracts with multi-year obligations in the first instance.”

    “For the unsuspecting public, this recent development further reinforces the belief amongst many discerning people of Ghana, that Bawumia and his associates are simply spearheading a corruption-infested digitalisation strategy steeped in delusions and shrewdness.

    “Without equivocation, this government’s touted mantra of digitalisation is merely a scheme, a political propaganda of chicanery deployed to hoodwink and exploit the people of Ghana for their self-serving benefit,” an excerpt of his statement said.

    KPMG, a reputable auditing firm, has completed and submitted its report on the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) to President Akufo-Addo.

    The audit was initiated by the President on January 2, 2024, following an expose by the media. Originally scheduled to be concluded by January 16, 2024, the deadline was extended to February 23, 2024, due to circumstances.

    According to the audit findings, SML has received a total of GH¢1,061,054,778 since 2018 while fulfilling its obligations partially.

    However, SML has challenged this finding, asserting that the report in general justifies the contract.

    KPMG-REPORT-ON-SML-MUST-BE-PUBLISHED-AND-LAID-IN-PARLIAMENT_HON.-ISAAC-ADONGODownload
  • MFWA invokes RTI to demand KPMG audit report on GRA/SML contract

    MFWA invokes RTI to demand KPMG audit report on GRA/SML contract

    The Media Foundation for West Africa (MFWA) has submitted a Right to Information (RTI) application to the Presidency, requesting the full KPMG audit report on the revenue mobilisation agreement between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).

    KPMG, the auditing firm, has completed and presented its report on the GRA-SML contract to President Akufo-Addo.

    The President commissioned KPMG to audit the contract between the two organizations on January 2, 2024. The audit deadline was extended from the original date of January 16, 2024, to February 23, 2024.

    The audit revealed that SML had received a total of GH¢1,061,054,778.00 from 2018 to date while partially fulfilling its obligations. However, the report indicated that SML’s work had increased revenue in the downstream petroleum sector.

    SML has disputed the claim that it received GH¢1,061,054,778.00 for its revenue mobilisation contract with the GRA, arguing that KPMG cited the figure “without reference to the investments made and the taxes paid” during the review period.

    Sulemana Braimah, Executive Director of MFWA, stated that the foundation had filed an RTI request with the presidency for the complete KPMG Audit Report. He expressed hope that the president would comply with the law and release the report.

    “Yesterday, we submitted a formal RTI Request to the Office of the President for a copy of the full KPMG Audit Report. We hope that the President will respect the law and release the report to us,” he stated.

    Bright Simons, Vice President of IMANI Africa, has questioned President Akufo-Addo’s remarks regarding the KPMG audit report on the revenue mobilisation deal between the GRA and SML.

    In an opinion piece, Simons suggested that it would be beneficial for the President to acknowledge the irregularities in the awarding of the SML contracts, particularly in light of the observations made in the Presidency’s press statement about the audit.

    Martin Kpebu, a private legal practitioner, has also dismissed the KPMG report on the GRA-SML contract as a ‘whitewash’.

    He argued that the auditing firm’s close relationship with the GRA compromises its ability to conduct an unbiased and objective evaluation.

    In an interview on Eyewitness News with Umaru Sanda, on Wednesday, April 24, 2024, Kpebu indicated that KPMG’s ties with the GRA suggest a conflict of interest.

    “This KPMG report is not up to scratch, it’s just a whitewash. they haven’t done any good job at all…from day one, the writing was on the wall that KPMG was not up to the task because they couldn’t be independent enough. They have relations with GRA” he stated.

  • SML confirms unpaid $100m according to KPMG Report

    SML confirms unpaid $100m according to KPMG Report

    Strategic Mobilisation Ghana Limited (SML) has clarified that the audit assurance report by KPMG confirmed the non-receipt of a $100 million payment from the government.

    According to the company, the KPMG report vindicated them after The Fourth Estate’s expose.

    Issuing a press statement on Thursday, April 25, SML reiterated its dedication to Ghana’s development, pledging to uphold ethical standards and maintain work quality.

    In response to President Akufo-Addo’s directive for the review of their revenue assurance contract, SML outlined its position in another press release.

    The company stressed its commitment to a better Ghana and emphasized ethical conduct and operational excellence.

    SML informed that its legal team will address other professional misjudgments highlighted in the KPMG report.

    Regarding concerns about overlapping responsibilities with the National Petroleum Authority (NPA), SML clarified its non-involvement in such practices.

  • KPMG audit report proves we haven’t been paid $100m by GRA – SML

    KPMG audit report proves we haven’t been paid $100m by GRA – SML

    Strategic Mobilisation Ghana Limited (SML) has highlighted that the audit assurance report by KPMG confirmed that it has not received a payment of $100 million from the government.

    The company emphasized that the KPMG report, as communicated through a press statement released by the Communications Director of the Presidency, Eugene Arhin, exonerated their position following the expose by The Fourth Estate.

    In a press statement issued on Thursday, April 25, SML reaffirmed its commitment to contributing to Ghana’s development by adhering to ethically acceptable standards and maintaining the quality of its work.

    The company emphasized its dedication to assisting in building a better Ghana for all citizens and stressed its commitment to ethical practices and maintaining high standards in its operations.

    Moreover, SML mentioned that it has instructed its legal team to address other professional misjudgments identified in the KPMG report.

    Following President Akufo-Addo’s directive on January 2 for an audit of the GRA-SML contract by KPMG, the audit report revealed that SML was paid a total of GH¢1,061,054,778.00 from 2018 to the present.

    But Strategic Mobilisation Ghana Ltd (SML) has refuted claims that it received GH¢1,061,054,778.00 as compensation for its revenue mobilisation contract with the Ghana Revenue Authority (GRA).

    Regarding concerns about potential duplication of work by the National Petroleum Authority (NPA), SML clarified that it is not engaged in such practices.

  • SML welcomes Akufo-Addo’s decision; company to probe KPMG’s “professional misjudgments”

    SML welcomes Akufo-Addo’s decision; company to probe KPMG’s “professional misjudgments”

    Strategic Mobilisation Ghana Limited (SML), in response to KPMG’s audit report on its contract with the Ghana Revenue Authority (GRA), has reaffirmed its commitment to contributing to Ghana’s development by adhering to ethically acceptable standards and maintaining the quality of its work.

    SML issued a press statement on Thursday, April 25, outlining its position in response to President Akufo-Addo’s directive for the Ghana Revenue Authority (GRA) and the Ministry of Finance to review aspects of their revenue assurance contract following the KPMG audit report.

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

    This directive was communicated through a press statement released by the Communications Director of the Presidency, Eugene Arhin.

    SML stated that it remains dedicated to assisting in building a better Ghana for all citizens. The company emphasized its commitment to ethical practices and assured that it would uphold high standards while carrying out its duties.

    Addressing concerns raised by the President and the public, SML highlighted its commitment to following due process in the review initiated by the GRA and the Ministry of Finance.

    Additionally, SML clarified that the audit conducted by KPMG revealed that the company had not received a speculated $100 million payment, refuting claims circulated in the media.

    “SML is fully committed and confident in its efforts to ethically contribute to building a better Ghana for present and future generations while adhering to high ethical standards. We have instructed our lawyers to examine some of KPMG’s professional misjudgments and their extension into the other unfavourable positions of the government.”

    “In the final analysis, it is ennobling that both KPMG and the government did not jettison this Ghanaian undertaking of high international standards in the plugging of revenue loopholes for national development,” an excerpt of the statement said.

  • Publish full report by KPMG on GRA-SML contract – Bright Simons tells Akufo-Addo

    Publish full report by KPMG on GRA-SML contract – Bright Simons tells Akufo-Addo

    Vice President of IMANI Africa, Bright Simons, has expressed concerns regarding President Akufo-Addo’s comments on the audit report conducted by KPMG on the revenue mobilisation transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML).

    Mr Simons stressed the significance of the President acknowledging the infractions in awarding the SML contracts, particularly in light of the observations made in the press statement issued by the Presidency concerning the audit.

    He further called for the President to make the full audit report by KPMG public.

    “We insist on seeing the full KPMG report.”

    Per the audit report, the collaboration between the GRA and SML resulted in the government earning GHC2.45 billion from the downstream petroleum sector.

    In reaction, Mr Simons disputed “their claim that any increase in petroleum consumption should be attributed to SML.”

    “We demand an open forum to show that the weight of expert opinion in Ghana is against any such claim,” he added.

    President Akufo-Addo endorsed KPMG’s recommendation to discontinue the upstream petroleum and minerals audit services previously provided to the GRA by SML, as communicated by Eugene Arhin, the Communications Director at the Presidency, in a press statement on Wednesday, April 24.

    The statement also revealed that SML received a total payment of GH¢1,061,054,778.00 from 2018 to the present.

  • GRA yet to see documents on investments made by SML in downstream petroleum sector since 2018 – KPMG

    GRA yet to see documents on investments made by SML in downstream petroleum sector since 2018 – KPMG

    An audit report from KPMG on the contracts signed between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML) shows that there is not full transparency on the part of the latter.

    According to KPMG, SML did not provide GRA supporting documents or relevant information to verify the investment it has made in the contracts signed from 2018 to 2023.

    KPMG made this known when it revealed that the government would be liable to pay Strategic Mobilisation Ghana Limited (SML) a return on investment equivalent to the fair value of SML’s investment in its contract with the Ghana Revenue Authority (GRA) should it terminate its contract without cause.

    According to KPMG in its audit report on the contract between GRA and SML, the total investment value in the contracts for the transaction audit, external price verification services, and downstream petroleum audit services amounts to US$44,044,180.00.

    The total investment value in the contract for the upstream petroleum audit and minerals audit services amounts to US$133,486,722.51.

    Therefore, the total investment value for all the services provided by SML to GRA amounts to US$177,530,902.51.

    However, “SML had yet to implement the upstream petroleum audit and minerals audit services, and therefore, there could be no assessment as to whether GRA would derive value or benefit from that service.”

    Should the government decide to terminate the contract, KPMG recommended that GRA verify the investment of any of the services that were provided by SML.

    Regarding the downstream petroleum audit services, KPMG determined that there was an incremental volume of 1.7 billion litres and an incremental tax revenue of GHS 2.45 billion for the period under review. 

    “There were also qualitative benefits, including a 24/7electronic real-time monitoring of the outflow and partial monitoring of inflows of petroleum products at depots where SML had installed flowmeters,” the report added.

    The downstream petroleum sector refers to the final stage in the petroleum industry, where refined petroleum products are distributed and sold to consumers. This sector includes activities such as refining, storage, transportation, and marketing of petroleum products. Examples of downstream activities include operating refineries, distributing fuels to gas stations, and selling petroleum products to end-users like consumers and businesses.

    The upstream petroleum sector is the initial stage of the petroleum industry, which involves exploration, drilling, and production of crude oil and natural gas. This sector focuses on locating and extracting crude oil and natural gas from underground reserves. Activities in the upstream sector include geological surveys, drilling exploratory wells, and operating oil and gas production facilities. The products extracted in the upstream sector are then processed and refined in the downstream sector for distribution and sale to consumers.

    Meanwhile, as part of his recommendations, President Akufo-Addo has directed that the fee structure under the contract be changed from a variable to a fixed fee structure.

    This change is expected to enhance transparency and accountability in the collaboration between GRA and SML, ensuring that the government receives value for money.

    “…it is important to review the contract for downstream petroleum audit services, particularly the fee structure. Given the experience and proficiency of SML over the last four years of providing this service, the President has directed that the fee structure be changed from a variable to a fixed fee structure. Other provisions of the contract worth reviewing include clauses on intellectual property rights, termination, and service delivery expectations,” the report from the Presidency added.

    Below is the full report by President Akufo-Addo.

  • GRA-SML contract generated GHC2.45bn revenue for gov’t – KPMG

    GRA-SML contract generated GHC2.45bn revenue for gov’t – KPMG

    The KPMG audit report on the contracts between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML), highlighted by President Akufo-Addo, shows the successful collaboration between the two companies.

    Per the audit report, the collaboration resulted in the government earning GHC2.45 billion from the downstream petroleum sector.

    “Regarding the downstream petroleum audit services, KPMG determined that there was an incremental volume of  1.7 billion litres and an incremental tax revenue of GHS 2.45 billion for the period under review. 

    “There were also qualitative benefits, including a 24/7electronic real-time monitoring of the outflow and partial monitoring of inflows of petroleum products at depots where SML had installed flowmeters.”

    KPMG also confirmed that SML received from the government a total of GH¢1,061,054,778.00 from 2018 to the present date when President Akufo-Addo called for the suspension of the contract.

    The president took action in January by appointing KPMG to conduct an immediate audit of the transaction between GRA and SML after a documentary by the Fourth Estate raised concerns about SML allegedly benefiting from the state without performing any work.

    The contract, initiated by the Ministry of Finance, aimed to enhance revenue assurance in the downstream petroleum sector, upstream petroleum production, and the minerals and metals resources value chain.

    As part of his recommendations, President Akufo-Addo has directed that the fee structure under the contract be changed from a variable to a fixed fee structure.

    This change is expected to enhance transparency and accountability in the collaboration between GRA and SML, ensuring that the government receives value for money.

    “…it is important to review the contract for downstream petroleum audit services, particularly the fee structure. Given the experience and proficiency of SML over the last four years of providing this service, the President has directed that the fee structure be changed from a variable to a fixed fee structure. Other provisions of the contract worth reviewing include clauses on intellectual property rights, termination, and service delivery expectations,” the report from the Presidency added.

    Below is the full report by President Akufo-Addo.

  • SML partially delivered service requirements due to GRA’s lack of monitoring and evaluation processes – KPMG

    SML partially delivered service requirements due to GRA’s lack of monitoring and evaluation processes – KPMG

    A recent report by KPMG has shed light on the Ghana Revenue Authority’s (GRA) failure to effectively monitor and evaluate services provided by Strategic Mobilisation Limited (SML), leading to partial delivery of service requirements.

    The report released by the Communications Director of the Presidency, Eugene Arhin, highlights GRA’s lack of processes to assess the performance of services and hold both its personnel and SML accountable for non-performance.

    The investigation found that GRA engaged SML for transaction audit services without obtaining approval from the Public Procurement Authority (PPA) three times between June 2017 and September 2017. Despite the lack of approval, GRA proceeded to engage SML as a subcontractor to West Blue, eventually taking over services from West Blue when their contract ended in December 2018.

    Regarding external price verification services, KPMG determined that SML partially delivered on the service requirements.

    “This is also partly due to GRA’s lack of instituting monitoring and evaluation processes toassess the performance of the service and hold its personnel and SML accountable for non-performance,” a portion of the statement by President Akufo-Addo on KPMG’s audit report read.

    In the downstream petroleum audit services, KPMG, however, found an incremental volume of 1.7 billion litres and an incremental tax revenue of GHS 2.45 billion for the period under review.

    The services also included 24/7 electronic real-time monitoring of outflows and partial monitoring of inflows of petroleum products, serving as a deterrent for under-declarations. However, SML had yet to implement the upstream petroleum audit and minerals audit services, areas that could potentially have significant revenue leakages.

    KPMG recommended that GRA conduct a comprehensive needs assessment to establish the need for these services.

    Below is the full report by President Akufo-Addo

  • GRA failed to obtain PPA approval for a 2-year contract with SML – KPMG

    GRA failed to obtain PPA approval for a 2-year contract with SML – KPMG

    President Akufo-Addo has made public the audit report by KPMG on the contract signed between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML), delivered to him on Wednesday, March 27, 2024.

    The report released by the Communications Director of the Presidency, Eugene Arhin, finds the GRA guilty of failing to obtain approval from the Public Procurement Authority (PPA) for contracts with Strategic Mobilisation Limited (SML).

    According to a report by KPMG, GRA sought approval from PPA three times between June 2017 and September 2017 to engage SML for transaction audit services, but approval was not granted.

    Despite this, GRA proceeded to engage SML as a subcontractor to West Blue, eventually taking over services from West Blue when their contract ended in December 2018.

    Furthermore, GRA added external price verification to the services offered by SML and signed a downstream petroleum audit agreement with SML, all without PPA approval.

    It was not until August 27, 2020, under new leadership at GRA, that PPA ratified the procurement processes used to engage SML. This raises questions about GRA’s adherence to procurement regulations and the oversight of its contracting processes.

    The lack of PPA approval for these contracts highlights the need for greater transparency and accountability in GRA’s procurement practices.

    It is essential for public institutions to follow due process and obtain the necessary approvals to ensure the integrity of the procurement process and the prudent use of public funds.

    Below is the full report by President Akufo-Addo

  • Akufo-Addo is studying findings of KPMG audit report on GRA/SML deal – Eugene Arhin

    Akufo-Addo is studying findings of KPMG audit report on GRA/SML deal – Eugene Arhin

    President Akufo-Addo is poised to reveal his stance on the controversial revenue mobilisation contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).

    Eugene Arhin, the Director of Communications at the Presidency, disclosed that President Akufo-Addo has received the audit report conducted by KPMG on the contract.

    In a Facebook post on Wednesday, April 3, Mr. Arhin announced that the report was delivered to the President on Wednesday, March 27. President Akufo-Addo is currently scrutinizing the report’s findings before communicating his decision to the public.

    “The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Wednesday, 27th March 2024, received from KPMG its report on the audit conducted, at the behest of the President, on the transactions between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).”

    “President Akufo-Addo is studying the findings of the audit report, and will, in due course, make his decisions known to the Ghanaian people.”

    After the audit period ended, calls from various quarters, including Minority Leader Dr. Cassiel Ato Forson, for the release of the report intensified.

    The delay by President Akufo-Addo in addressing the report has raised suspicions of an intentional effort to conceal what critics describe as a “questionable” deal.

    Dr. Cassiel Ato Forson, speaking on behalf of the Minority, expressed determination not to allow any attempt to cover up the issue. He affirmed their commitment to ensuring that Parliament promptly investigates the matter.

    A report by the Fourth Estate alleged irregularities in a multi-million dollar contract awarded to SML by the Ghana Revenue Authority (GRA). Despite the allegations, both the GRA and SML vehemently deny any wrongdoing.

    In response to the accusations, SML has taken legal action against the Fourth Estate, alleging defamation.

    Following concerns raised regarding the contract between the GRA and Strategic Mobilisation Ghana Ltd (SML), President Akufo-Addo directed KPMG to conduct an audit into the matter.

  • Akufo-Addo gets hold of KPMG’s report on GRA/SML contract

    Akufo-Addo gets hold of KPMG’s report on GRA/SML contract

    President Akufo-Addo has received the KPMG audit report on the revenue mobilisation contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).

    The report was delivered to him on Wednesday, March 27, as announced in a Facebook post by Eugene Arhin, the Director of Communications at the Presidency, on Wednesday, April 3.

    Mr. Arhin also mentioned that President Akufo-Addo is currently reviewing the findings of the audit report and will communicate his decisions to the Ghanaian public in due course.

    “The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Wednesday, 27th March 2024, received from KPMG its report on the audit conducted, at the behest of the President, on the transactions between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML).”

    “President Akufo-Addo is studying the findings of the audit report, and will, in due course, make his decisions known to the Ghanaian people,” he posted.

    After the audit period ended, calls for the release of the report came from various quarters, including Minority Leader Dr. Cassiel Ato Forson. The delay by President Akufo-Addo in addressing the report has raised suspicions of an intentional effort to conceal what critics describe as a “questionable” deal.

    Dr. Cassiel Ato Forson, speaking on behalf of the Minority, expressed determination not to allow any attempt to cover up the issue. He affirmed their commitment to ensuring that Parliament promptly investigates the matter.

    A report by the Fourth Estate alleged irregularities in a multi-million dollar contract awarded to SML by the Ghana Revenue Authority (GRA). Despite the allegations, both the GRA and SML vehemently deny any wrongdoing.

    In response to the accusations, SML has taken legal action against the Fourth Estate, alleging defamation. Following concerns raised regarding the contract between the GRA and SML, President Akufo-Addo directed KPMG to conduct an audit into the matter.

  • Akufo-Addo yet to release KPMG audit report on GRA/SML deal a month after deadline

    Akufo-Addo yet to release KPMG audit report on GRA/SML deal a month after deadline

    KPMG was set to unveil its audit findings on the transaction involving the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd. (SML) to President Akufo-Addo today, Friday, February 23.

    Originally due on Tuesday, January 16, the deadline was extended to accommodate KPMG’s request, as confirmed by the President’s office.

    A statement released on Wednesday, January 24, by Eugene Arhin, the Director of Communications at the presidency, specified that “KPMG is to submit its final report no later than Friday, 23rd February 2024.”

    The scrutiny surrounding the transaction escalated following an investigative piece by the Fourth Estate in December 2023, implicating SML, the GRA, and the Ministry of Finance.

    The report raised concerns about a purported 10-year contract worth $100 million annually awarded by the GRA to SML, hinting at potential irregularities.

    In response, SML denied the decade-long contract, asserting that it had secured a 5-year agreement instead.

    On December 20, 2023, the GRA issued a statement affirming that they had followed proper procedures in engaging SML’s services.

    However, on January 2, 2024, President Nana Addo Dankwa Akufo-Addo directed SML to suspend its ongoing revenue assurance operations and ordered an immediate audit of the contract with GRA and the Ministry of Finance, assigning KPMG the responsibility.

    In light of these developments, SML expressed optimism that the audit results would bring clarity and accuracy regarding its operations.

    It is however more than a month, the President has yet to make the findings public.

  • The Fourth Estate petitions RTI commission as KPMG withholds details on govt contracts

    The Fourth Estate petitions RTI commission as KPMG withholds details on govt contracts

    On January 5, 2024, The Fourth Estate submitted a Right to Information (RTI) request to KPMG, seeking copies of all contracts signed with the Government of Ghana in the past decade.

    However, after 14 days, KPMG declined to fulfill the request.

    Consequently, The Fourth Estate lodged an appeal with the CEO of KPMG Ghana on January 26, 2024, as stipulated by section 31 of RTI Act 989.

    “Except as otherwise provided in this Act, a person aggrieved by a decision of the information officer of a public institution may submit an application for internal review of that decision to the head of the public institution.”

    However, over 15 days have passed since the appeal was made, and the CEO has yet to respond to it.

    Section 35 of the RTI Act states, “Where the head of the public institution fails to give a decision on a request for internal review within 15 days, the head of that public institution is deemed to have affirmed the original decision of the information officer.”

    Consequently, The Fourth Estate has urged the RTI Commission to enforce the release of the information from the firm.

    President Nana Akufo-Addo appointed KPMG on January 3 to audit a contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Company Limited.

    The RTI request to KPMG was prompted by concerns voiced by several Civil Society Organizations including IMANI Africa, the Africa Centre for Energy Policy, and Occupy Ghana, regarding potential conflicts of interest due to KPMG’s existing contracts with the GRA.

  • KPMG submits audit report of GRA/SML contract today

    KPMG submits audit report of GRA/SML contract today

    KPMG is scheduled to present its audit findings on the transaction involving the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Ltd (SML) to President Akufo-Addo on Friday, February 23.

    Originally expected on Tuesday, January 16, the deadline was extended to accommodate a request from KPMG, as confirmed by the President.

    A statement by Eugene Arhin, Director of Communications at the presidency, on Wednesday, January 24, stated, “KPMG is to submit its final report no later than Friday, 23rd February 2024.”

    The scrutiny intensified after an investigative report by the Fourth Estate in December 2023 implicated SML, the GRA, and the Ministry of Finance. The report alleged that the GRA had awarded SML a 10-year contract worth $100 million annually, raising suspicions of irregularities.

    SML refuted claims of a decade-long contract, asserting instead that it had secured a 5-year agreement. The GRA, in a statement released on December 20, 2023, maintained that proper procedures were followed in engaging SML’s services.

    However, on January 2, 2024, President Nana Addo Dankwa Akufo-Addo directed SML to halt its ongoing revenue assurance operations and mandated an immediate audit of the contract with GRA and the Ministry of Finance, assigning KPMG to the task.

    In response, SML expressed confidence that the audit outcome would provide clarity and accuracy regarding its operations.

  • SMEs’ capital infusion gets a significant lift

    SMEs’ capital infusion gets a significant lift

    In a groundbreaking collaboration, the three leading Professional Service firms of the ‘Big Four,’ namely KPMG, PwC, and Deloitte, have officially launched a campaign aimed at elevating advisory and tax services to bolster capital raising efforts for Small and Medium Enterprises (SMEs) in Ghana.

    Supported by the Ghana Venture Capital and Private Equity Association (GVCA) and the Ghana Investment Support Programme (GhiSP), powered by British International Investment, this campaign signifies a transformative shift in the landscape of business advisory and tax services. It underscores the commitment of these industry giants to contribute significantly to the growth of the private equity ecosystem and improve access to finance for SMEs.

    As part of the campaign, KPMG, PwC, and Deloitte have collectively pledged to enhance accessibility to their services for SMEs seeking to raise capital, including all GVCA members, Fund Managers, and their portfolio companies. This initiative is poised to have a profound impact by empowering businesses with quality advisory and tax services, enhancing their investment readiness.

    The GVCA has consistently championed the interests of its members and Ghana’s dynamic SME sector. This latest development solidifies their dedication to providing beneficiaries with the tools necessary for success in an increasingly competitive and globalized business environment.

    In a joint statement, PwC, KPMG, and Deloitte expressed their satisfaction in joining GVCA in this campaign, stating, “We are pleased to join GVCA in this campaign to promote improved access to quality advisory and tax services. By working with the Association and with GhISP, we aim to enhance the investor readiness of SMEs, serving as a catalyst to assist them in attracting capital for scaling.”

    Hannah Acquah, CEO of GVCA, highlighted the significance of this collaboration for SMEs, stating, “Private Equity and Venture Capital compels SMEs to establish stronger management and governance structures, navigate pervasive risks, and provide sustainable jobs while intentionally pursuing a double bottom line: providing returns for investors and fostering sustainable job creation. Having KPMG, PwC, and Deloitte join us means our members can navigate complex business challenges and reach new heights of success.”

    David Tetteh, speaking on behalf of GhISP, expressed excitement about supporting this trailblazing campaign. He emphasized that the commitment of the top professional service firms to expand the accessibility of their services to SMEs will significantly impact supporting the growth and expansion of this crucial segment of the Ghanaian economy while creating investment opportunities for capital providers.

    For KPMG, PwC, and Deloitte, joining the GVCA is not just a collaboration; it is a testament to their shared vision of advancing the interests of the Ghanaian business community. It embodies their commitment to fostering innovation, providing valuable support, and ultimately driving the growth of SMEs in Ghana.

  • GRA/SML contract: Extending KPMG’s audit period will cost the govt more – Prof. Samuel Antwi

    GRA/SML contract: Extending KPMG’s audit period will cost the govt more – Prof. Samuel Antwi

    Dean of Graduate Students at the University of Professional Studies, Accra (UPSA), Prof. Samuel Antwi, has pointed out that the extension of KPMG’s work tenure may result in the government having to pay additional fees for their services.

    KPMG is tasked with auditing the revenue assurance contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML-Ghana).

    President Akufo-Addo ordered an audit into the contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML) due to concerns and revelations about the company’s performance and the accuracy of its claims.

    The audit, initially scheduled to conclude on January 16, 2024, has been extended to February 23, 2024, following a request from KPMG, which has been approved by the president.

    Prof. Antwi emphasized that despite being a request from KPMG, the extension would still incur additional costs for the government as the client.

    “We’re going to pay for it because as I explained for every additional time except ‘give me some few days to put up my report’ an assignment that you were given two weeks to do, if you’re given six additional weeks, it means that there is some additional works you intend to do for which the client should pay.

    “You can’t tell me that a job you have spent two weeks to do, you need six weeks to write a report. So we really need to interrogate why KPMG is asking for an additional six weeks.

    “It means that in evaluating the work, the pre-audit arrangement, they made some mistakes in estimating the time they needed to complete the work. And once they realised that they needed an additional six weeks to complete the work, the client would have to pay more money.”

    According to him, the turn of events is rather strange and KPMG may have to explain why they could not finish within the initial two weeks.

    “They should come and tell us what is the issue that they’re unable to finish in two weeks, they need to finish in eight weeks,” he said.

  • Ghana’s growth depends on a judiciary that commands respect of the people – Akufo-Addo tells new justices 

    Ghana’s growth depends on a judiciary that commands respect of the people – Akufo-Addo tells new justices 

    President Akufo-Addo has conveyed a crucial message to the newly appointed justices of the Supreme Court, highlighting the pivotal role of the judiciary in shaping Ghana’s growth trajectory.

    In his address during the swearing-in ceremony of the new justices, President Akufo-Addo underscored the profound impact that a respected judiciary holds on the nation’s progress. 

    Mr Akufo-Addo said that the growth of Ghana demands a judiciary that commands the respect of the people through the quality of the delivery of justice as well as the comportment of its judges.

    He said these while swearing in the three new Supreme Court justices at the Jubilee House in Accra on Wednesday January 3.

    “To our new Supreme Court judges, Justice Henry Anthony Kowfie, Justice Yaw Asare Darko, and Justice Richard Agyei Frimpong, it is extremely important for you to bear in mind that the growth of our nation demands that we have a judiciary that commands the respect of the people by the quality of the delivery of justice as well as the comportment of its judges.

    “Applications of the laws of the land must occur in the words of the judicial oath that you have just taken, without fear or favour, affection or ill-will – and, therefore, without recourse to the political, religious or ethnic affiliations of any citizen of the land or any person before you,” President Akufo-Addo further said.

    “When a person falls foul of the law, society demands that the person be dealt with accordingly, and law-enforcement agencies, including the Supreme Court, must ensure that this is done.

    “That is the true meaning of the concept of equality before the law and I am confident that you will uphold it and distinguish yourselves in the work of the court,” the president said.

  • KPMG Survey reveals 66% of Ghanaians use Mobile Money weekly 

    KPMG Survey reveals 66% of Ghanaians use Mobile Money weekly 

    A recent survey conducted by global audit and advisory firm KPMG has brought to light the remarkable surge in mobile money usage among Ghanaians. 

    The findings indicate that a staggering 66% of the population embraces the convenience of mobile money transactions on a weekly basis, signifying a significant shift in financial habits across the nation.

    The 2023 KPMG West Africa Banking Industry Customer Survey has revealed that mobile money has emerged as the dominant channel in Ghana’s payment landscape, with 66% of participants indicating weekly utilization.

    Even with a significant shift toward digital channels, the nation continues to primarily operate as a cash-based economy.

    The ease of transferring money between accounts and mobile wallets, the report said, emerged as the most important experience metric for retail customers.

    Notably, certain banks refrain from imposing fees on their customers for transferring funds between their mobile money wallet and bank account, fostering convenience. Additionally, there was an uptick in customers utilising financial technology platforms.

    Sixteen percent of respondents indicated using fintech platforms weekly, up from 10.0% in 2022.

    Fifty three percent of respondents reported using their bank’s mobile app at least once a week, a 3-percentage point increase from last year.

    The USSD platform’s penetration also continued its upward trajectory, evidenced by a growth in weekly customer usage. Presently, 28% of respondents use their bank’s USSD platform weekly.

    Despite a substantial move towards digital channels, Ghana remains predominantly a cash-based economy.

    A significant 32.0% of respondents indicated weekly Automated Teller Machine (ATM) usage, emphasising the importance of 24/7 cash availability at these machines which ranks as the second most crucial metric for retail respondents.

    The report also stated that with 36% of respondents favouring the ATM for cash withdrawals and 22% preferring mobile money, the cultural preference for cash persists due to its perceived security and widespread acceptance, particularly in traditional markets and informal sectors.

    “Despite advancements in digital security, there persists a prevailing mistrust and reluctance toward the security of digital platforms”, it added.

    In summary, the report said the ongoing journey of digital adoption is gaining momentum, albeit moderately. Thus, the Ghanaian payment sphere presents a fertile ground, ripe with opportunities for substantial disruption and transformative change.

  • SML-Ghana welcomes KPMG audit of contract with GRA; optimistic of a positive turnout

    SML-Ghana welcomes KPMG audit of contract with GRA; optimistic of a positive turnout

    Strategic Mobilisation Ghana Ltd (SML), in a resolute stance, has asserted its confidence in the forthcoming audit, mandated for its contract with the Ghana Revenue Authority (GRA) and the Finance Ministry.

    SML has expressed the belief that the investigation will ultimately validate the integrity of the deal.

    SML is optimistic that the upcoming report from KPMG, the firm entrusted with conducting the audit, will showcase the contract’s integrity in safeguarding the state’s revenue.

    In a press statement issued on Wednesday, January 3, SML welcomed the audit directive and assured full compliance.

    The statement emphasised the company’s anticipation of the audit proving the legitimacy and efficacy of its dealings with the GRA and the Ministry of Finance.

    “We welcome the directive and the decision to appoint KPMG to conduct an immediate audit of the contract.

    “SML awaits the results of the audit, as it will help establish a clear and accurate picture of our operations. We remain resolute in upholding the highest business standards and welcome the scrutiny that this audit would bring.”

    “We are confident that the findings will confirm the integrity of our collaboration with GRA and the Ministry of Finance and provide ample evidence of the value we provide citizens,” SML said.

    The audit was ordered by President Akufo-Addo on Tuesday, January 2, with KPMG appointed to conduct the audit within a two-week timeframe.

    Specific terms of reference for the audit were outlined in a press statement from the Presidency issued by Communications Director Eugene Arhin.

    In December 2023, The Fourth Estate published an investigative piece implicating Strategic Mobilisation Ghana Ltd. (SML), the Ghana Revenue Authority (GRA), and the Ministry of Finance.

    The report accused GRA of awarding SML a 10-year contract, generating $100 million annually, and raised concerns about alleged underhand dealings.

    Following the report, SML refuted claims of a 10-year contract, asserting that it was awarded a 5-year contract instead. Additionally, SML denied allegations of receiving $100 million annually from its contract.

    On Wednesday, December 20, 2023, the Ghana Revenue Authority issued a statement affirming that its board and management had followed the correct processes in procuring the services of SML.

    The situation continues to unfold, with conflicting statements from the involved parties. We will continue to monitor and report on further developments.

  • Akufo-Addo appointing private firm to audit GRA/SML contract shocks Franklin Cudjoe

    Akufo-Addo appointing private firm to audit GRA/SML contract shocks Franklin Cudjoe

    President Nana Akufo-Addo’s decision to appoint a private firm for the audit of the GRA/SML contract has left Franklin Cudjoe, a prominent figure and head of policy think tank IMANI, expressing disbelief.

    In a statement, Mr Cudjoe said the move by the President is an indication that he (the President) has lost faith in the state investigative bodies. 

    “Clearly the President has lost faith in all the state’s investigative bodies to investigate the SML matter. Not even in his own Office of Special Prosecutor he championed with such fanfare and millions of tax payers’ money.

    “I know the President is worried about mounting quarterly / monthly scandals even in his last year in office, (which he alone must be blamed for) but l had no idea he would be this erratic in asking a private company with NO constitutional power to investigate grave acts of state institutions the same private company advises for a fee and in some instances in direct competition with other clients of the same state entities it works for,” Mr. Cudjoe stated.

    His comments come on the back of the directive by President Akufo-Addo to KPMG to audit the contract between the Strategic Mobilisation Limited (SML-Ghana) and the Ghana Revenue Authority. 

    A contractual agreement was established to bolster revenue assurance in the downstream petroleum sector, as well as in the upstream petroleum production and the value chain of minerals and metals resources.

    President Akufo-Addo has tasked KPMG to complete the assignment in two weeks, and submit appropriate recommendations to him.

    In a Facebook post the IMANI boss questioned why the President has mandated a body with no constitutional power to investigate the SML and GRA alleged scandal.

    According to him, he cannot fathom why the President could not direct the Office of Special Prosecutor (OSP) to conduct investigation into the SML and GRA deal but rather KPMG.

    “Clearly the President has lost faith in all the state’s investigative bodies to investigate the SML matter. Not even in his own Office of Special Prosecutor he championed with such fanfare and millions of tax payers’ money.

    “I know the President is worried about mounting quarterly / monthly scandals even in his last year in office, (which he alone must be blamed for) but l had no idea he would be this erratic in asking a private company with NO constitutional power to investigate grave acts of state institutions the same private company advises for a fee and in some instances in direct competition with other clients of the same state entities it works for,” Mr. Cudjoe stated.

    He continued: “Well, my dear friend the President listens to none these days, (recall he hasn’t bothered to respond to his party’s General Secretary’s hapless cry for a reshuffle) but I will still offer my advice- please hand over the reins of government to your Veep now to avoid further blunders.

    “We can meet later to discuss what must go into your memoir- for there is still a lot of beautiful stories about you before you became President the world must know.

    “In Lloyd Amoah ‘s tone, “Pay Attention”.

  • KPMG Survey reveals Ghanaians protected their investments in 2023 by saving in foreign currency

    KPMG Survey reveals Ghanaians protected their investments in 2023 by saving in foreign currency

    KPMG’s latest report has shed light on a notable shift in the savings habits of certain Ghanaians, reflecting a growing inclination to preserve the value of their incomes.

    As per the findings outlined in the report, the combination of double-digit inflation and the devaluation of the cedi has contributed to a surge in living expenses, especially in crucial sectors like food, housing, and transportation.

    Furthermore, a vital debt restructuring effort aimed at securing an IMF bailout has resulted in diminished confidence among local investors, triggered by losses experienced by bondholders.

    In unison, these elements have forged an unpredictable macroeconomic terrain, presenting a challenge to the purchasing power of consumers.

    Thirty-five percent of respondents indicated savings and investments as one of their top priorities – the third highest, highlighting a resilient savings behavior despite economic pressures.

    Notably, 92% of respondents affirmed their commitment to saving.

    “However, only one in five is able to set aside more than twenty percent of their income, signaling that rising costs have eroded disposable incomes. In response to this challenge, some Ghanaians have turned to saving in foreign currencies to safeguard the value of their money” it stated.

    In this year’s research, KPMG West Africa, delved into customer spending habits to understand their financial priorities. The findings unveiled that food (62%) and transportation (40%) stood out as the primary expenses for respondents.

    These categories align with inflation drivers in Ghana, such as food prices and transportation fares, particularly fuel prices. Consequently, consumers have strategically adjusted their spending patterns and embraced various strategies to optimise their budgets for long-term savings.

    18 to 25 years spend more on food, airtime and data

    Similar to their Nigerian counterparts, the research revealed the spending patterns of individuals aged 18 to 25, indicating significant allocations to categories such as food, airtime & data, transportation, education, and personal care.

    To foster loyalty among these young customers, it stressed that banks could consider implementing reward programmes linked to specific transactions or spending thresholds. This could involve offering complimentary airtime, discounts on ride-hailing services, or vouchers for frequently visited restaurants and food vendors.

    Such initiatives could enhance customer retention and engagement within this demographic.

    “For more affluent banking customers, those earning over ¢20,000 monthly, our survey found that their primary expenditure focuses on savings and investments. Remarkably, approximately 81% of these customers save over 20% of their income, while around 43% allocate more than 20% towards investments.

    This presents an opportunity for banks to provide tailored investment guidance to assist these clients in preserving their capital amidst competing financial demands” the report stated.

    Meanwhile, consumers are adapting to manage their expenses by embracing alternatives, such as opting for more budget-friendly brands. Additionally, there is a noticeable shift in household spending priorities from non-essential categories towards essential ones.

    According to the report, these are the top five spending categories in Ghana

    62%    –          Food

    40%    –         Transportation

    35%    –          Savings and Investments

    34%    –          Power Utilities33%    –          Family Obligations

  • KPMG forecasts cedi resilience to early-year pressure in 2024

    KPMG forecasts cedi resilience to early-year pressure in 2024

    Renowned auditing and accounting firm, KPMG, anticipates a degree of stability for the Ghana cedi as the country prepares to receive the second installment of the International Monetary Fund (IMF) loan.

    Partner for Deal Advisory at KPMG, Evans Asare, highlighted that the demonstrated resilience in recent times reflects an increasing level of confidence in the country’s economy.

    “We see the local currency coming up strongly against the other major currencies due to some few certainties and confidence in the economy after some time now. We observed that the expected inflows from the second tranche of the International Monetary Fund’s programme are beginning to send positive signals and therefore going into 2024, I think the currency can withstand that early-year pressure,” he was quoted by the media

    According to Evans Asare, Ghana’s growth rate may return to pre-COVID levels in 2024.

    He said “It is expected that our projected Gross Domestic Growth target of 1.5 percent will double and grow above projections. We expect growth to return to pre-COVID-19 levels.”

    During the mid-year budget review, Ghana’s growth rate underwent a downward revision, plummeting from 2.8% to a mere 1.5%. This marked a significant adjustment.

    The International Monetary Fund (IMF) similarly foresaw a GDP growth of 1.5% for Ghana in 2023, while the World Bank’s projection was slightly more optimistic, predicting 1.6% growth.

    As of September 2023, the inflation rate remains elevated at 38.1%, posing economic challenges.

  • Collapse of USA’s Silicon Valley should be a lesson for Ghana – KPMG Senior Partner

    Collapse of USA’s Silicon Valley should be a lesson for Ghana – KPMG Senior Partner

    Anthony Sarpong, a senior partner at the accounting and auditing firm KPMG Ghana, has counselled the Bank of Ghana and other central banks in Africa to view the failure of banks in developed countries as a warning to the banking industry to avoid a similar situation in the future.

    Maintaining sufficient liquidity to cover customer withdrawals, in his opinion, is one way to stop bank failure.

    He said the failure of those banks is a wake-up call that must not be disregarded in an interview with Joy Business following the collapse of US Bank, Silicon Valley Bank, and other larger financial institutions.

    However, he expressed assurance that the steps taken by the Bank of Ghana to support banks will be successful.

    “You noticed that the regulator has taken swift action to contain the effect of what is happening in the United States on the banking sector and any potential spill-over. So we won’t expect any effects”.

    “However, it’s a developing situation and therefore must be watched with caution so that the fear it triggered in the US does not have a negative impact on Ghanaian banks as we go through our own challenges, he explained.

    Furthermore, Mr. Sarpong urged the Bank of Ghana to ensure sufficient liquidity in the banking industry.

    “The main area is to ensure sufficient liquidity of the banks, and the Bank of Ghana has assured of liquidity support to our banks. So one will be sure that we won’t go through a similar situation as we go on with our own debt restructuring”..

    On March 10, Silicon Valley Bank, one of the most prominent lenders in the start-up ecosystem, collapsed.

  • WAEC to release 2022 BECE results on January 25

    WAEC to release 2022 BECE results on January 25

    A recently published KPMG Banking Industry Customer Experience Survey 2022 ranked Absa Bank among the top threein customer service in Ghana.

    Absa has consistently moved up in the KPMG rankings, starting in 10th position in the first rollout of the survey in 2016 and maintaining a top three position since 2020.

    The survey highlighted several key areas of strength for Absa, including empathy, personalisation, time and effort, exceeding expectations, integrity and resolution.

    The bank was also highly rated for the ease of transferring money between accounts and mobile wallets, with special mention given to its ATM QR code functionality for withdrawing money.

    “We are thrilled to see that our efforts to become the most customer-obsessed bank in Ghana are paying off,” said Evelyn Acquah, Chief Customer Officer at the bank.

    “Our colleagues have worked hard to provide excellent customer service and we are proud to see that reflected in this survey. Our target is to be a consistent number one in the industry.”

    Absa plans to roll out new and innovative ways to take its customer commitment to the next level this year.

    “We are constantly asking the most critical questions about our operating model and how we can increasingly stand beside our customers and offer them ease and convenience. It is an ethos and approach to work that define the Absa way of doing things, Evelyn said.

    The bank has been an ever-present financial institution in Ghana’s banking industry over the last century, playing a crucial role in the country’s socioeconomic growth and transformation.

    The bank aims to continue improving the experience of its customers through the provision of innovative products, digital channels and excellent service delivery.

    Source: Myjoyonline

  • 2023 Budget: Clear-cut national ESG framework paramount – KPMG

    The 2023 budget statement and economic policy must include a clear and viable path on climate action, access to affordable and clean energy, and high-quality education because governments around the world are being held more accountable by their citizens and investors for higher environmental, ethical, and social standards.

    This is a significant finding from a Pre-Budget Survey performed by the advising company KPMG, which collected 70 responses from “100 leading enterprises operating in Ghana across 10 sectors of the economy.”

    The report suggested that failure to swiftly address issues around Environmental, Social, and Governance (ESG) at a national level will have dire implications for the country’s near-term financing options, as well as its long-term environmental sustainability.

    Referencing the decision by global rating agencies Moody’s and Fitch to lower the country’s long-term issuer rating to ‘Caa2’ and ‘CCC’ respectively – in part due to its low ESG credit impact score – the KPMG said: “Government has the opportunity to seize this moment to re-establish its role with respect to driving gains on major ESG issues”.

    “Even though the government of Ghana signed the Paris Agreement, it needs to take action to save the environment. This includes, but is not limited to, regular tree-planting exercises and stopping illegal mining,” read the report signed off by Anthony Sarpong, Senior Partner and Head of Advisory & Markets.

    The comments come amid elevated concerns over the impact of climate change on rainfall patterns and sea levels, and the domino-effect these could have on natural disasters and food security.

    Furthermore, overall handling of the illegal mining (galamsey) menace by the state was deemed overwhelmingly inadequate – with the majority of respondents (84.3 percent) expressing dissatisfaction with government’s efforts in that regard, compared with only 2.9 percent of the respondents who were “highly satisfied”.

    With the value of ESG assets being estimated to rise to as much as US$160trillion by 2036, with the International Finance Corporation suggesting that climate-facing investment opportunities in emerging markets could reach US$23trillion by 2030, key financial sector players like the Bank of Ghana and Ghana Stock Exchange have developed ESG guidelines for institutions under their remit.

    Despite these opportunities, the investment in climate adaptation for nations in sub-Saharan Africa, which is estimated to cost between US$30-50 billion each year over the next decade – 2 to 3 percent of the gross domestic product, is considered prohibitively high for some governments.

    Richer, more industrialised nations have failed to meet a long-standing pledge to deliver US$100billion by 2020 to aid poorer countries adjust to climate change, falling short by US$17billion.

    This led to a number of voices at the 2022 United Nations Climate Change Conference (COP27), including that of President Nana Addo Dankwwa Akufo Addo, calling on those nations to redeem their pledges – seeing that they have contributed more to climate change than their less-industrialised peers.

    Analysts are however convinced that recent global developments show that each nation must lead its own ESG charge.

    “Now is the time for government to transform its mindset and consider ESG holistically as central to its mission… Now is the time for government to lead by example,” KPMG added.

  • What industry leaders want government to focus in 2023 budget

    Business executives and other sector stakeholders have identified a number of issues they want the government to concentrate on as it presents the budget statement to parliament, according to a 2023 pre-budget poll performed by auditing and accounting company KPMG.

    On November 24, the Finance Minister, Ken Ofori-Atta, is anticipated to make a statement to MPs in an effort to draw attention to programs and initiatives intended to reestablish macroeconomic stability and growth.

    KPMG selected more than 100 of the nation’s top companies before the presentation and received replies from 70 of them across ten industries.
    They asked the government to put an emphasis on fair employment and economic progress, which opens up chances for everyone to live decently.

    “Government must focus on economic growth driven by industry, innovation and infrastructure which would lead to reduced poverty,” the respondents noted.

    They further want government to develop sustainable cities and communities aimed at reducing societal problems and prevent a large scale of destruction during natural disasters like floods etc. while focusing on industry, innovation and infrastructure growth to propel the Ghanaian economy.

    In terms of agriculture development, the business leaders want government to invest more by planting enough stable food such as rice, maize, sugar, etc.

    “We have a wide land but not cultivated and we should be able to produce food to feed ourselves and will ensure exports which will help the country’s Balance of Payments, Gross Domestic Product and reduce the increasing forex and inflation.”

  • 64% of businesses want domestic and external debt restructuring prioritized – KPMG survey

    According to a 2023 pre-budget study by the auditing and accounting company KPMG, more than 64.3% of business executives want the government to give domestic and international debt restructuring top priority.

    This is intended to reduce the danger of credit default among debt holders, the poll claims, even as the government enlists the IMF for a program of economic assistance.

    Other survey respondents think the government should restructure its international debt because of its exposure to foreign exchange.
    According to the poll, the cedi has underperformed against major foreign currencies over the past few years.

    In terms of support to Micro Small and Medium Enterprises, the survey noted that approximately 80% of industry leaders believe government has done a poor job in ensuring enterprises gain access to financial services.

    They also noted low-cost financing and integration into value chains and market as reasons for the poor performance of government to ensure MSMEs remain sustainable and supported.

    Touching on whether some government initiatives have met the required expectations, the KPMG survey said 85.7% of respondents described the Planting for Food and Jobs programmes as a failure as they believe it is not meet the expectations of business leaders.

    Meanwhile, on the controversial Electronic Transfer Levy, the KMPG survey noted, “during these difficult times, more than half of business leaders believe electronic levy (E-Levy) is a major source of concern” and want the tax measure to be reviewed.