Finance and economic policy analyst Senyo Hosi has offered a detailed account of the origins and controversies surrounding the Strategic Mobilisation Limited (SML) deal, describing it as \u201ca very sorry story\u201d and \u201can embarrassing matter\u201d from a policy standpoint.<\/p>\n\n\n\n
According to Hosi, the policy foundation for the SML initiative was built on research he led during his time as Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD).<\/p>\n\n\n\n
\u201cThe policy case for SML was built on my work. That is the fact,\u201d he stated.<\/p>\n\n\n\n
As chief editor of the CBOD\u2019s petroleum industry reports, Hosi said his team conducted extensive analyses to evaluate tax leakages and irregularities within the petroleum sector.<\/p>\n\n\n\n
\u201cThere was a lot of illegality happening \u2014 quality breaches, revenue breaches, distortions in market pricing,\u201d he explained. \u201cOur reports consistently showed a huge negative delta. The first one came out in 2017, comparing performance with 2016, and we presented it several times to the Economic Management Team.\u201d<\/p>\n\n\n\n
Hosi revealed that when his team proposed solutions to address the revenue losses, the idea of engaging SML never came up.<\/p>\n\n\n\n
\u201cWhen we were doing our solutions, we didn\u2019t think of SML at all,\u201d he said. \u201cInterestingly, I was even part of the team that edited Ken Ofori-Atta\u2019s speech launching SML. But I am not complicit \u2014 this is what happened.\u201d<\/p>\n\n\n\n
He recounted how his report revealed that Ghana was losing billions of cedis in petroleum revenue and that these losses could have been easily traced and addressed using data already available at the National Petroleum Authority (NPA).<\/p>\n\n\n\n
\u201cThe NPA has a data repository that could validate actual transactions. If NPA is paying for ten, GRA should know what it\u2019s supposed to get. That was the logic,\u201d he explained.<\/p>\n\n\n\n
Following his presentations to the Economic Management Team, a committee was formed comprising himself, Akore, and then-GRA Commissioner General Amishaddai Owusu-Amoah.<\/p>\n\n\n\n
The committee, he said, recommended an audit to establish the true scale of the losses. \u201cEY was appointed, and the audit confirmed that although we had estimated losses at about three or four billion, the real losses were closer to five billion,\u201d Hosi revealed.<\/p>\n\n\n\n
He said the next step was to obtain detailed data from the Ghana Revenue Authority (GRA) to determine accountability, but the process was derailed.<\/p>\n\n\n\n
\u201cAll of a sudden, the data got missing at GRA under the excuse of transitioning from GCNet to ICUMS,\u201d he claimed.<\/p>\n\n\n\n
Click the Video attached and listen to Senyo Hosi<\/strong><\/em><\/p>\n\n\n\n https:\/\/www.youtube.com\/embed\/B2buS7A3SIU?si=AnpDXTn9UoMMuShX<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/a><\/a><\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Finance and economic policy analyst Senyo Hosi has offered a detailed account of the origins and controversies surrounding the Strategic Mobilisation Limited (SML) deal, describing it as \u201ca very sorry story\u201d and \u201can embarrassing matter\u201d from a policy standpoint. According to Hosi, the policy foundation for the SML initiative was built on research he led […]<\/p>\n","protected":false},"author":8,"featured_media":31567,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[43,1],"tags":[13126,11554,7960,8364,1350,7396,7076,1088,12354,192,8214,135,11206,5910,483,5721,10742,6831,6723,1153,5441,5081,5278,8383,675,10041,12386,1502,8033,10415,9550],"class_list":["post-47355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-amoah","tag-audit","tag-case","tag-cedis","tag-ceo","tag-data","tag-delta","tag-ey","tag-finance","tag-ghana","tag-ghana-revenue-authority","tag-gra","tag-gra-sml","tag-initiative","tag-ken-ofori-atta","tag-losses","tag-market","tag-missing","tag-npa","tag-ofori-atta","tag-oil","tag-petroleum","tag-quality","tag-revenue","tag-senyo-hosi","tag-speech","tag-strategic-mobilisation-limited-sml","tag-tax","tag-video","tag-work","tag-youtube"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/47355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=47355"}],"version-history":[{"count":1,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/47355\/revisions"}],"predecessor-version":[{"id":47356,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/47355\/revisions\/47356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/31567"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=47355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=47355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=47355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}