The company, which began in 2018 under a subcontract from the Ghana Revenue Authority (GRA), has helped close significant gaps in taxable petroleum product volumes, boosting government revenue and modernising oversight systems.

“Our story began with a bold vision: to support governments in safeguarding national revenue through end-to-end audit and revenue assurance services. Even at that early stage, our team demonstrated the value we could bring, combining precision, accountability, and technical expertise,” Director of Support Services at SML, Dr. Yaa Serwaa Sarpong, said in a keynote address when the company launched its upstream and solid minerals operations.

By 2019, SML had become a primary contractor for the GRA, and, by 2020, had secured two five-year contracts for transaction audits and downstream petroleum monitoring, both approved by the Public Procurement Authority (PPA). The company’s systems integrated data from the GRA, National Petroleum Authority (NPA), and petroleum depots to centralise oversight and improve tax collection.

Dr. Yaa Serwaa Sarpong, Director of Support Services at SML Ghana

Extant data shows that SML’s services have increased taxable monthly petroleum volumes from an average of 208 million litres to 450 million litres. From May 2020 to December 2024, this translated into 14.1 billion litres in captured excess volume and more than GH¢20 billion in additional tax revenue. “The implication is that GRA can meet its annual target even before the deadline, whereas, before SML’s operations, GRA struggled to achieve this,” Dr. Sarpong said.

The gains were sustained even during periods of economic disruption, including the COVID-19 pandemic.
The company’s technological systems replaced manual processes with real-time, tamper-proof monitoring infrastructure, which it says has improved compliance and accountability. “This has improved compliance, eliminated errors, and strengthened controls to ensure every litre is fully accounted for,’ she added.

SML also highlighted its funding model as a differentiator, with Dr. Sarpong noting: “The SML business model is a full risk-reward structure where SML fully bears the full cost of investment, with no mobilisation from the government, unlike most government contracts.”

In October 2023, GRA consolidated all of SML’s audit services, including transaction, downstream, upstream audit, and solid minerals audit, under a single contract. That agreement was approved by the PPA in September.

“These sectors are now entering a new era of transparency and real-time oversight, thanks to the technological innovation and strategic thinking SML brings to the table. Today, SML stands at the forefront of an integrated, intelligent revenue monitoring solution, a first-of-its-kind innovative approach in Ghana’s extractive industries.

“This milestone is not just about systems and numbers, is about perseverance and a united vision for Ghana’s future. We wholeheartedly recommit ourselves to excellence, to innovation, and to the shared prosperity of our nation, Ghana,” she added.

The company has also signalled its intent to expand beyond Ghana, positioning its model as a potential solution to illicit financial flows across Africa. “African countries lose about US$90 billion in illicit financial flows annually, according to the African Development Bank Group. SML is ready with the expertise, the tools, track record and groundbreaking innovation to support that continental transformation,” she said.

Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), acknowledged his initial scepticism about SML. “In my line of work, you get all kinds of information from a broader spectrum. Last year, I happened to have been accosted by people I know, and then the agenda was, discuss SML. At the time, I was not too charitable to this company.”

Professor Douglas Boateng,

However, after visiting SML facilities, Amoah changed his perspective. Mr. Amoah pointed to even greater potential in upstream operations. “If the downstream can give us GH¢20 billion within 4 years, I can assure the upstream can do three times more,” he said. He urged Political leaders to ensure that Ghana can verify reported production volumes from international companies.

Professor Douglas Boateng, a supply chain governance expert, described the SML platform as “a generational innovation with the power to reshape how Africa governs, minimises revenue leakages, secures, and scales its industrial future.” He stated that SML represents innovation by intention, determination and perseverance; as opposed to innovation by import.

According to selected global thought leaders, the SML fused platform, “until the end of the third quarter of 2024, was the only known system in an emerging economy operating at scale with proven multi-site, real-time data capture functionality,” Professor Boateng stated.

He highlighted the platform’s potential beyond Ghana, envisioning a Ghanaian-built platform deployed across Zambia’s copper belts, Nigeria’s oil terminals, and Kenya’s utility corridors.

SML’s model, which operates on a full risk-reward basis with no government mobilisation fees, sets it apart from conventional government contracts. “The SML business model is a full risk-reward structure where SML fully bears the full cost of investment, with no mobilisation from the government, unlike most government contracts,” Dr. Sarpong explained.

As it celebrates its fifth anniversary, SML has paid tribute to the many partners and institutions

that have supported its journey. “This milestone is not just about systems and numbers, but about perseverance and a united vision for Ghana’s future. We wholeheartedly recommit ourselves to excellence, to innovation, and to the shared prosperity of our nation, Ghana,” Dr. Sarpong added.