Inside Ghana’s SML Deal: Full Timeline and Facts Behind the GH¢10.3 Billion Revenue Assurance Controversy

The story of Strategic Mobilisation Ghana Limited (SML) is one of rapid growth, public scrutiny, and accountability. What began as a modest trading company in 2017 has evolved into one of Ghana’s most debated government contracts. The SML case offers a detailed look at how oversight, transparency, and due diligence

can shape public confidence in state partnerships.

What really happened in the SML deal? Here’s the timeline.

The Beginning: SML’s Establishment and Early Ambitions

SML was incorporated on February 14, 2017. At the time of its registration, the company’s business purpose was broadly defined to include general trading, services, and the import and export of goods. There was no initial indication that it would enter the complex domain of petroleum revenue assurance.

That changed in 2018 when the Ghana Revenue Authority (GRA) engaged SML in a one-year pilot contract to monitor revenue from the downstream petroleum sector. This pilot marked the company’s first foray into government-related operations.

The Contract Extension and the Start of a Bigger Deal

In 2019, following the completion of the pilot phase, the GRA extended the contract. It was structured as a ten-year agreement consisting of a five-year initial term with an option to renew for another five years. This long-term partnership laid the foundation for SML’s deep involvement in petroleum revenue assurance and set the stage for what would later become a national controversy.

Expansion and Public Exposure in 2023

By October 2023, the Ministry of Finance directed that SML’s services be expanded to cover upstream petroleum operations and mineral exports. The decision appeared to strengthen SML’s role in government revenue assurance but quickly drew attention from investigative journalists.

On December 18, 2023, The Fourth Estate published an investigative report titled “The GH¢10.3 Billion SML Deal.” The exposé alleged that the value of SML’s contracts was exceptionally high, amounting to a potential ten-year cost of about GH¢10.3 billion. It questioned the company’s qualifications, transparency, and the procurement processes that led to its selection.

The Fourth Estate’s Allegations and Public Reaction

The investigation claimed that SML made false representations about its revenue-saving achievements, including claims of saving Ghana approximately GH¢3 billion. It alleged that the contract was awarded through single-source procurement without the necessary due diligence or competitive bidding.

The report also questioned whether SML had the required experience in petroleum revenue assurance, noting that its earlier business activities were in logistics and trading. Additionally, it claimed that SML received payments for services it was not fully delivering and criticized the lack of transparency surrounding the entire contract.

The publication triggered intense public debate and prompted official investigations.

Government Response and KPMG Audit in 2024

Following the public outcry, President Nana Addo Dankwa Akufo-Addo ordered a full-scale audit of the SML contracts on January 2, 2024. The international accounting firm KPMG was tasked to review the details and submit its report within two weeks. The President also directed the Ministry of Finance and the GRA to suspend all SML-related contract activities during the review.

KPMG completed its audit and submitted the report to the President in March 2024. In April 2024, the President released a summary of his response. He ordered that the upstream petroleum and minerals monitoring components be discontinued since they were not part of the original contract. The downstream petroleum monitoring contract was to be renegotiated and revised to a five-year term, and the suspension on SML’s operations was lifted.

The Role of the Office of the Special Prosecutor

While the audit was ongoing, the Office of the Special Prosecutor (OSP) launched its own criminal investigation based on a petition from three journalists from The Fourth Estate. The probe examined potential breaches of procurement and anti-corruption laws.

In June 2025, the OSP conducted raids on SML’s offices and arrested several former officials from SML, the GRA, and the Public Procurement Authority. On October 3, 2025, the OSP concluded its investigation, and by October 30, Special Prosecutor Kissi Agyebeng announced that charges would be filed against former Finance Minister Ken Ofori-Atta and five other individuals. The OSP also announced plans to recover GH¢125 million from SML for what it described as unjust enrichment.

The Bigger Picture

The SML case has become one of Ghana’s most significant governance and accountability stories. It highlights how government contracts must balance innovation with transparency and oversight. While the digital monitoring of petroleum revenues remains an important national goal, the controversy underscores the importance of ethical procurement and public disclosure.

With charges filed and court processes pending, SML saga stands as a cautionary tale for both public and private actors engaged in large-scale government partnerships. It reinforces a key lesson for Ghana’s governance landscape: transparency and due process are not just legal requirements but the foundation of public trust.