The consolidated contract seeks to leverage the experience, technology, and know-how of SML Ghana Limited in the downstream petroleum sector and the mineral and metals sector to provide revenue assurance in the upstream.
RESPONSE TO ALLEGATIONS BY FOURTH ESTATE
GRA restates that the consolidated contract, which is a risk-reward contract, seeks to bring efficiency to the revenue assurance services provided to GRA. SML, per the contract, is required to provide resources for the execution of the contract. By implication, if there is no value addition, SML is not paid. In short, the principle of risk and reward is the fulcrum of the contract.
The contract is for five (5) years and is performance-based and approved under Section 40 of the Public Procurement Act, Act 663, 2003.
The Board and Management www.gra.gov.gh
affirm that all legal and proper processes were followed in procuring the services of SML.
3. SML solely financed the capital expenditures and cutting-edge technology that is employed in the monitoring and auditing services provided to GRA in the downstream petroleum sector.
CONCLUSION
GRA is confident that with the introduction of various initiatives, technology, and revenue assurance measures such as this, GRA will continue to see a significant increase in revenue, such as the about 50% year-on-year increase in revenue this year.
However, GRA will continue to explore more methods of blocking leakages and increasing compliance to enable us to attain a national tax-to-GDP ratio of over 18%.
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