The report that President Akufo-Addo has directed that the upstream petroleum audit and minerals audit services by the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML) may be terminated in response to an audit conducted by KPMG is one of the leading stories in the Ghanaian press on Wednesday.
The Graphic reports that in response to an audit conducted by KPMG regarding the transactions between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML), President Nana Addo Dankwa Akufo-Addo has directed that the upstream petroleum audit and minerals audit services by the latter may be terminated.
A press release issued by the Communications Directorate of the Jubilee House said the President acted based on the findings and recommendations of KPMG and has, by letter dated Thursday, April 18, 2024, given directives to the Ministry of Finance and the Ghana Revenue Authority.
The President also directed that the transaction audit and external price verification services may also be terminated because the GRA obtained only partial value or benefit from these services, partly due to a lack of monitoring.
“KPMG’s investigation found that GRA has introduced external price verification tools as part of ICUMS, among its other functions. This renders the reliance on SML for external price verification redundant,” the statement said.
The President further noted that although there is a clear need for the downstream petroleum audit services provided by SML, the fee structure needs review, directing a shift from a variable to a fixed fee structure and a review of other contract provisions.
Finally, the President directed that any renegotiated contracts with SML must undergo periodic monitoring and evaluation to ensure compliance and performance.
The newspaper says that the Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr Patrick Kwaku Ofori, has said amidst the global energy transition, government must prioritise investments to help protect the petroleum sector while transitioning into clean energy.
That, he said would help lay down the right foundation for a resilient and sustainable energy future for Ghana as the world transitions towards cleaner energy sources.
Energy transition is the global shift from fossil fuel-based energy systems to low-carbon and renewable energy sources.
It involves a fundamental transformation in the way energy is produced, distributed, and consumed. The primary drivers of energy transition are the need to mitigate climate change, reduce greenhouse gas emissions, improve energy security, and promote sustainable development.
As the world shifts towards clean energy sources, demand for traditional fossil fuels like petroleum may decrease, leading to lower revenues and profitability for petroleum companies.
Investments in oil and gas infrastructure may also become stranded as demand wanes, potentially leading to write-downs and financial losses for investors.
Increasing regulations aimed at reducing carbon emissions and promoting clean energy may impose additional costs and compliance burdens on petroleum companies, impacting their bottom line.
Therefore, navigating these risks will require strategic planning, diversification, and innovation within the petroleum industry to adapt to the changing energy landscape.
The Ghanaian Times reports that the African Development Bank (AfDB) has approved a $999,000 grant to support an initiative aimed at fostering green jobs for women, youth and people with disabilities in Ghana and Senegal.
Approved through its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF), the funds would be injected into the Strengthening Women, Youth and People with Disabilities’ Micro-Entrepreneurship for Green Jobs in Natural Resources (MicroGREEN) project.
The project aims to foster inclusive economic growth by providing up to 500 green job opportunities and business development services to marginalized groups in Ghana and Senegal.
The target reach group includes women, youth and people with disabilities/special needs, engaged in managing natural resource sectors such as agroforestry, fisheries and biodiversity.
The MicroGreen project, to be implemented over two years, will empower with entrepreneurship capacities and business skills at least 1,000 youth aged 15-35 years with female youth-led (60 per cent ) , people with disabilities/special needs ( 10 per cent ) and other youth (30 per cent) in both countries.
By focusing on capacity building and utilizing value chain-based SME development models, the project endeavors to enhance employment creation, ensure the sustainability of micro-enterprises, and integrate beneficiaries into the economic systems.
Implemented by Invest in Africa(link is external), a non-profit organization dedicated to fostering African SME growth and creating prosperous economies across the continent, the MicroGREEN project will leverage its expertise in market access, skills development, and access to finance to drive sustainable business growth and job creation in Ghana and Senegal.
The newspaper says that as part of Ghana’s post COVID-19 recovery process, the government has awarded a $35,000 grant to three scientists to research into possible vaccines to combat emerging infectious diseases.
The grant is part of a $28.5 million facility from the African Development Bank (AfDB) to implement Post COVID-19 Skills Development and Productivity Enhancement Project (PSDPEP) over a five-year period.
Being implemented by the Social Investment Fund (SIF), a pro-poor government institution and its partners, the PSDPEP aims to contribute to Ghana’s sustainable post-COVID-19 recovery in the health sector and support the restoration of livelihoods, income, employment opportunities and private sector development.
At a brief presentation ceremony in Accra on Friday, the Chief Executive Officer of the SIF, Mr Justice Amankwa-Mensah, explained that the three beneficiaries were the first batch of 20 researchers, particularly postgraduate (Ph.D. and MPhil) students expected to undertake the cutting-edge discovery.
While a medical laboratory scientist at the Ashiaman Municipal Hospital, Mrs Josephine Banini, and a lecturer at the Accra Technical University, Mr Saeed Alhassan, are researching into exploring Anti-Mycobacterium activity of selected natural plants extracts to fight multi-drug resistance, Mr Lennox Mac-Ankrah, a lecturer at the University of Health and Allied Sciences, is looking into mutations within people living with HIV on dolutegravir-based antiretroviral therapy
“The grant is to support innovative research to develop vaccines, therapeutics and diagnostics using synthetic peptides monoclonal antibodies and natural products,” Mr Amankwa-Mensah, who doubles as the project coordinator of the PSDPEP indicated.
He expressed hope that the project would contribute to Ghana’s health and research architecture, urging beneficiaries to take full advantage of the opportunity.
GIK/APA
Ghana: Press spotlights presidential orders for review of GRA-SML contracts, others
