The Office of the Special Prosecutor (OSP) has revealed that Ghana’s government has saved an additional $173 million on crude oil and GH₵2.6 billion on gold exports following the cancellation of Strategic Mobilisation Ghana Limited (SML) revenue assurance contracts. These savings come on top of the earlier reported GH₵1.2 billion saved from the main SML contract termination.
In an addendum to its earlier statement, the OSP explained that the additional savings arose from avoiding payments tied to crude oil and gold export monitoring services that were never implemented. The contracts, which would have monitored revenue from upstream oil production and gold exports to international markets, never commenced due to audits by KPMG and ongoing investigations by the OSP.
The anti-corruption office emphasized that these contracts were based on a variable fee structure linked to exports of crude oil and gold. “These contracts, which were based on a variable fee structure linked to exports of crude oil and gold, would have cost the State approximately US$173 million for crude oil and GHS 2.6 billion for gold exports over five years,” the OSP noted in its statement.
According to the OSP’s analysis, Ghana exports about 3.85 million barrels of crude per month, with SML’s fee set at $0.75 per barrel. That would have translated into approximately $2.89 million monthly and $34.65 million annually, amounting to $173 million over five years.
Similarly, gold exports valued at over GH₵5.8 billion per month would have attracted a 0.75% service fee, costing the State GH₵43.7 million monthly and GH₵525 million annually. Over the five-year contract period, the payout would have reached $173.25 million and GH₵2.63 billion, money the government has now saved.
The revelation comes as the OSP prepares to press formal charges by the end of November 2025 against several individuals implicated in the controversial contracts. Those facing charges include former Minister of Finance Kenneth Nana Yaw Ofori-Atta and his former Chef de Cabinet, Ernest Akore; two former Commissioners-General of the Ghana Revenue Authority, Emmanuel Kofi Nti and Rev. Ammishaddai Owusu-Amoah; a former Commissioner of the Customs Division of GRA and General Manager of SML, Isaac Crentsil; and a former Commissioner of the Customs Division of GRA and Member of Parliament for Jaman South constituency, Kwadwo Damoah.
Special Prosecutor Kissi Agyebeng has described the contract as “a masterful and mischievously crafted scheme” orchestrated by former Finance Minister Ken Ofori-Atta. The investigation uncovered evidence that the deal was designed and executed under Ofori-Atta’s supervision to benefit a select few, while causing significant financial loss to the state, and was “immediately set in motion” after he assumed office in January 2017.
According to Agyebeng, SML received over GH₵1.4 billion in payments despite lacking the technical capacity and experience to provide the services it claimed to offer. The OSP report concluded that there was no genuine need for SML’s engagement in the revenue assurance operations of the GRA, stating that the contracts were secured through self-serving official sponsorship and promotion based on false and unverified claims.
President John Dramani Mahama on Friday, October 31, 2025, terminated all contracts between the Government of Ghana and Strategic Mobilisation Ghana Limited following the conclusion of the OSP investigation. The OSP said Ghana’s decision to halt the contracts saved the country from further costs while investigations continue into the processes leading to the award of the deal.
The SML probe has been one of the most closely watched anti-corruption investigations in recent months, with civil society groups and opposition politicians calling for transparency in how revenue assurance contracts are awarded in the extractive sector. The OSP plans to recover a total of GH₵125 million from SML following findings that the company received overpayments from the state.
For now, billions of cedis that would have gone to a private contractor remain in the state’s coffers, available for development projects, public services, or debt repayment. The OSP has assured it will continue pursuing the case to its logical conclusion and ensure all those found culpable are held accountable.
Source: newsghana.com.gh
