SML swallows GH¢720m of ESLA's GH¢2.45bn - KPMG report

Strategic Mobilisation Ghana Ltd (SML) was paid GH¢720 million out of GH¢2.45 billion revenue raised from the Energy Sector Levy Act (ESLA) under its revenue mobilisation transaction with the Ghana Revenue Authority (GRA), a recently-released KPMG audit report has disclosed.

The report showed that the GRA-SML deal led to a hike in the volume liftings and tax revenue of GH¢12.98 billion for the period 1 May 2020 – 31 December 2023.

“Based on analysis using ESLA reported liftings as the pre-SML, the incremental reported volume that is attributable to the involvement of SML is determined as 1.70 billion litres for the period."

"This works out to a monthly average of 38.6 million litres per month."

“The incremental revenue that is attributable to the involvement of SML is GH¢2.45 billion for the period."

"The fee of GH¢720 million paid to SML for the same period constitutes 29.41% of the incremental tax revenue,” the report said.