US$18.9bn global revenue assurance industry underutilised – Prof. Boateng

…SML to boost Ghana’s share

By Ebenezer Chike Adjei NJOKU

Homegrown multi-site data capturing platforms such as Strategic Mobilisation Ghana Limited’s (SML) could position the country as a significant player in the rapidly expanding global revenue assurance market, according to respected supply chain governance expert Professor Douglas Boateng.

“Now is the perfect time for Africa to shine with multi-site data capturing, and SML, subject to the independent study and further roll out, could be our shining example and strategic weapon. It is not just a revenue assurance tool. It is a platform for data sovereignty, transparency, and industrial accountability. It is a system the continent can export, not a concept to be explained and validated,” he said.

The platform, which captures and analyses real-time data across multiple industrial sites, comes at a time when the global revenue assurance market is experiencing substantial growth. Industry analysts value the market at US$6.37 billion in 2024, with projections indicating it representing a compound annual growth rate of 11.51 percent to reach US$18.93 billion by 2034.

Speaking at an event marking SML Ghana’s fifth anniversary of operations in the petroleum downstream sector, Prof. Boateng described the platform – developed by the firm – as “a generational innovation with the power to reshape how Africa governs, minimises revenue leakages, secures, and scales its industrial future toward 2030 and Agenda 2063.”

Positioning Ghana to leverage global growth

“This growth is driven by the increasing complexity of revenue streams and the need for businesses to ensure accuracy and reliability in financial transactions. Ghana stands at the cusp of leveraging this growth. By implementing advanced revenue assurance systems like SML’s platform, Ghana can position itself as a leader in the African revenue assurance landscape.

By adopting and potentially exporting such technologies, Ghana can tap into the rapidly growing market, enhance its revenue collection capabilities, and contribute to economic growth nationally, regionally, and even globally. In today’s data-driven world, sovereignty is no longer measured by flags or borders, but by a nation’s capacity to own, interpret, and act on its data in real-time to achieve long-term socio-economic development,” Prof. Boateng, who holds the distinction of being Africa’s first appointed Professor Extraordinaire for Supply and Value Chain Management, said.

The professor, who has monitored SML’s development in consultation with experts from the UK, Canada, South Africa, and the USA, added that “the SML’s 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.”

SML’s platform has already attracted positive attention from the tax authorities. “Even the Ghana Revenue Authority has publicly acknowledged that the platform is indeed enhancing their revenue assurance processes,” Prof. Boateng noted, also referencing a KPMG report that “reaffirmed SML’s value-add to revenue assurance.”

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 technology has applications across numerous sectors, from “oilfields to telecom towers, from petrochemical plants to water systems,” potentially creating significant export opportunities for Ghana within the African continent and beyond.

“Imagine a Ghanaian-built platform deployed across Zambia’s copper belts, Nigeria’s oil terminals, and Kenya’s utility corridors, all feeding real-time, tamper-proof data back to African governments,” Prof. Boateng noted.

To document and study this innovation, Prof. Boateng revealed that an international academic and industrial consortium is being assembled with connections to institutions like the University of Mines and Technology (UMaT) in Tarkwa and various global universities.

Despite the platform’s apparent success, Prof. Boateng acknowledged ongoing debates about SML’s contractual arrangements with the government, noting that “it is not the technology that is on trial; rather, it is the risk-reward framework that demands more explanation to the public.” He advocated for refining “the governance surrounding SML’s risk-reward relationship framework” while protecting “what is already working.”

Industry analysts suggest that successful entry into the global revenue assurance market could provide significant economic benefits for Ghana, particularly in technology exports and services. The country’s ability to develop such systems domestically rather than importing them represents a potential shift in Africa’s position in the global technology ecosystem. “This is not innovation by import. This is innovation by intention, determination and perseverance,” Prof. Boateng stressed.

The professor further called for unity in supporting homegrown innovation. “Let us not fumble a generational opportunity because we were too distracted by temporary noise and a relative lack of understanding of the emerging business risk and reward relationships,” he said.

Strategic Mobilisation Ghana Ltd. (SML) is a wholly Ghanaian-owned technology-driven company specialising in revenue assurance, audit, and compliance solutions across Ghana’s extractive and trade sectors.

Established in 2017, SML has pioneered the deployment of real-time monitoring systems in the downstream petroleum industry, significantly enhancing transparency and tax compliance.

The company’s services have since expanded to include upstream petroleum and solid minerals auditing, as well as transaction audits at ports of entry. SML operates on a risk-based model, fully funding its technological infrastructure without upfront government payments. Its work has been credited with helping the Ghana Revenue Authority (GRA) recover billions of cedis in previously lost revenue.

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