The Ghana Revenue Authority (GRA) justifies its involvement in the Strategic Mobilization Limited, the country's first digital petroleum products audit project, noting that it has led to an increase of over 33% in the sector's output.
"The work of SML over the period has led to a significant increase in the figures reported in the downstream petroleum sector, from an average of 350 million liters per month in 2018 and 2019, to 450 million liters per month from 2020/2021," the statement said.
Prior to SML's involvement, GRA used a manual system of fuel gauging, which was outdated and posed risks, the authority added.
According to the GRA, SML introduced modern measurement techniques using sensors in the depots, resulting in more accurate data and reduced revenue leakages.
The authority emphasized that the partnership with SML is based on a five-year contract that aims to effectively improve performance-based revenue services.
The revenue authority initially signed an agreement with auditors in 2019 that covered only the oil processing sector, but this year the agreement was expanded to include the oil and gas production sector and the value chain of mineral and metal resources.
In October, Andrew Kofi Egyapa Mercer, Ghana's deputy energy minister, told the media that the country is looking to boost oil and gas production by selling more exploration rights to avoid leaving valuable fossil fuels untapped and to generate revenue to fund the energy transition.