SML clarified that its engagement with the Ghana Revenue Authority (GRA) is based on a “risk-reward contract,” emphasizing that GRA does not make any financial commitment in the investment chain, and SML is not exempted from duties and taxes.
Addressing the allegation of a $100 million annual payment, SML emphasized that its upstream operations have not commenced and, therefore, no revenue has been generated. The company pointed out that the $100 million-per-year payment allegation is entirely fictional.
The controversy surrounding the contract has led to calls from the minority in Parliament for the immediate suspension of the contract between the Finance Ministry and SML for revenue assurance services.
Read the full statement by SML below:
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