Prof. Isaac Boadi
Dean of the Faculty of Accounting and Finance at the University of Professional Studies (UPSA), Prof. Isaac Boadi, has indicated that the smear media campaign against Strategic Mobilisation Ghana Limited (SML) in recent times could be attributed to a “petroleum cartel” that profited from the pre-SML revenue leaks.
Sharing his thoughts in an opinion piece titled, “Unpacking the Alleged Oil Cartel Campaign against SML in Ghana,” Prof. Boadi said central to the debate is the staggering revenue leakage that predated SML’s involvement, citing National Petroleum Authority’s (NPA) Bulk Oil Distribution Companies (BDCs) Performance Report and Bank of Ghana (BoG) Petroleum Account Credit Summary, which stated that a total of 2.36 billion litres of petroleum products went untaxed in 2019.
“The State lost approximately GH¢3.4 billion that year, averaging GH¢283 million monthly,” he quoted. “These figures underscore systemic vulnerabilities in Ghana’s petroleum sector, which SML claims to have addressed through real-time monitoring and auditing.”
He further noted that the five-year SML deal with the Ghana Revenue Authority (GRA) brought in a system that reduced petroleum sector leakages, and “significantly improved revenue assurance.”
He further noted that the then Parliamentary Energy Committee, chaired by Atta Akyea, lauded SML’s “practical solutions” to long-standing revenue losses.
“The Parliamentary Energy Committee noted that SML’s systems disrupted a ‘well-entrenched network’ of illicit actors, suggesting vested interests in its downfall,” he added.
Coordinated attacks or genuine concerns?
Prof. Boadi said the anti-SML campaign employed a dual strategy including media narratives and lawsuits by civil society groups, with SML retaliating with a GH¢21 million defamation suit against investigative journalist Manasseh Azure Awuni.
He noted that the SML saga reflects a broader struggle between transparency advocates and entities benefiting from opacity, indicating that while legitimate concerns about procurement processes should be investigated, the weight of institutional endorsements from KPMG to Parliament, bolsters SML’s credibility.
“The government faces a critical test: whether to uphold a system that recovers billions in lost revenue or yield to pressure from actors threatened by accountability.
“For Ghana’s fiscal health, the priority must be rigorous, evidence-based scrutiny—not sensationalised media trials. If SML’s critics possess irrefutable proof, let it be tested in court. Otherwise, the campaign risks being perceived as a desperate bid to resurrect an era of unchecked revenue leakage,” he noted.
Prof. Boadi averred that indeed SML’s revenue assurance systems have recovered billions for Ghana’s treasury, per audited data, while allegations against the company lacked substantiation from independent audits and parliamentary reviews. Prof. Boadi also called for a balanced role of accountability with adherence to factual rigour by journalists and civil society.
“This controversy underscores the delicate balance between investigative journalism and the potential for media narratives to be weaponised by powerful interests. As Ghana strives for good governance, transparency must cut both ways,” he said.
A Daily Guide Report