SML denies receiving GH¢1bn compensation for GRA contract

KPMG, tasked with auditing the GRA-SML contract, reported the payment figure to the president. However, SML contests this amount, arguing that KPMG failed to consider the investments made and taxes paid during the contract period.

"The compensation of GH¢1,061,054,778.00 stated by KPMG is inaccurate," SML affirmed in the statement

In their statement, SML highlighted KPMG's omission of crucial details, such as the 31.5% GRA taxes deducted before payment, as well as interest payments of 32% and investment repayments made by SML.

"SML finds that KPMG’s failure to state GRA taxes of 31.5% taken before payment, interest payments of 32% plus the investment repayment made by SML, and other taxes/duties over the period creates a very unbalanced impression of the relationship between the compensation and the investment and other related costs. This omission is highly misleading," part of the statement read.

Below is the statement from SML: