The revenue assurance agreement between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML) has been suspended by President Nana Akufo Addo. As a result, KPMG, a firm that provides audit, tax, and advisory services, has been tasked with conducting an immediate audit of the transaction.

“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has appointed KPMG, the reputable Audit, Tax and Advisory Services firm, to conduct an immediate audit into the transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML), a contract which was entered into to enhance revenue assurance in the downstream petroleum sector, the upstream petroleum production and minerals and metals resources value chain,” the President stated in a statement dated January 2 and signed by Eugene Arhin, the Director of Communications at the Presidency.

This comes after the Fourth Estate’s report, which stated that SML was given a 10-year contract and receives $100 million from it every year.

According to the Fourth Estate, SML Company’s outrageous claims that it saved Ghana billions of cedis that would have been lost in the downstream petroleum sector were refuted by its investigations.

KPMG’s report is due in two weeks, and President Akufo-Addo has instructed KPMG to “submit appropriate recommendations to him.”

In addition, Akufo Addo gave the Ministry of Finance and the GRA instructions to halt contract execution until the audit report was submitted.

“The President has directed the Ministry of Finance and GRA to provide KPMG with whatever assistance they will require for conduct of the audit, and has also directed the Ministry of Finance and the Ghana Revenue Authority to suspend the performance of the contract, pending the submission of the audit report, including any payments presently envisaged under its terms.”