GRA board, SML Ghana to boost revenue collection audit beyond downstream sector

Posted by: smlwebadmin
Category: News

The Ghana Revenue Authority (GRA) has expressed its commitment to supporting Strategic Mobilisation Limited (SML) Ghana – a revenue and assurance audit firm, as it expands its gatekeeping services beyond the country’s petroleum downstream sub-sector.

During a stakeholder engagement between the Board of GRA and SML Ghana, Board Chair Dr. Anthony Oteng-Gyasi suggested that the success achieved in the petroleum downstream sector is worth replicating.

He praised SML Ghana for implementing more effective digital and innovative controls, which have resulted in fewer and smaller restatements and increased revenue generation for government. “What we have seen here today is indeed a good job by SML Ghana, and we are very happy to know that they keep monitoring in real-time and at all times; and we hope that these processes will further enhance our tax collection and also increase our revenue mobilisation,” he said.

These sentiments were similarly expressed by the Commissioner-General of GRA, Dr. Ammishaddai Owusu-Amoah, who stated that the tax authority is increasingly seeking to apply data in revenue collection efforts. Consequently, he said, the GRA will look at other sectors where SML’s audit processes can be applied to help close the country’s revenue gap.

“Since our working relationship began, we have seen an increase in revenue; and whatever opportunity we have to look at it in other areas, we will pursue it. The goal is to be able to increase revenue, and we are quite pleased with what they have done thus far. So, we will continue to monitor the areas where we know that monitoring will aid in closing the revenue gap,” Dr. Owusu-Amoah stated.

Sectors such as mining and upstream oil and gas, among others, have been sounded-out as possible areas of application for SML Ghana’s technology.

With possible expansion on the horizon, the GRA’s Commissioner-General urged SML Ghana to continue investing in innovative measures used in carrying out their daily activities to forestall any potential future shortfalls.

He also encouraged the audit company to sustain its ongoing relationships with key stakeholders and deepen others, saying it will enrich the audit quality and improve the nation’s revenue mobilization processes. “We urge you to maintain the standard in terms of the sensors you use and the management devices, and to avoid falling out and giving incorrect readings. The entire nation is counting on you for these revenues, and the GRA is prepared to provide the necessary assistance to ensure smooth revenue assurance,” he said.

For his part, Managing Director-SML Ghana, Christian Tetteh Sottie, explained that the engagement’s purpose was to provide the board with a detailed methodology of how SML Ghana is leveraging technology to improve the sector, and dispel any misconceptions while establishing a foundation for both sides as partners.

He thanked the board for their present and ongoing efforts to facilitate SML Ghana’s daily operations, adding that SML Ghana will continue to implement the necessary measures and processes to ensure a smooth audit process.

Mr. Sottie also announced that further interactions will be held to keep stakeholders informed of all developments aimed at improving the economy. “We will continue to hold these meetings on a regular basis, and we will institutionalize them so that any updates can be communicated to them subsequently in these engagement meetings,” he said.

Since 2020, SML’s efforts have been instrumental in aiding the tax authority to meet and beat its targets.

Last year, the GRA successfully mobilized GH¢75.5billion in domestic revenue – exceeding its collection target by GH¢3.6billion. This achievement represents a five percent increase over the previous year’s target of GH¢71.94billion. The Customs Division, which includes the petroleum downstream sector, with the technology deployed by SML Ghana surpassed its target by GH¢2.06billion to achieve revenue of GH¢22.26billion last year.

SML has grown and remained an initiative provider, solution finder, perfect and precise service-delivery company. It is currently offering Transactions Price Audit and Assurance Services, External Price Verification Services for the Customs Division of Ghana Revenue Authority (GRA), and Downstream Petroleum Measurement Audit to aid reconciliation and revenue enhancement for GRA.

The key strength of SML is its ability to adapt solution specific needs to the delight of clients, thereby exceeding their expectations. SML’s reputation is always guided by the consistency and level of services it offers, and the unmatched manner in which it operates. This is achieved with a workforce consisting of Ghanaian professionals and experts in various fields such as Petroleum Engineering, Business Analysis, Information Technology, and has experienced Price Analysts and experts in Project Management.

Source: B&FT

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