SML Positions Ghana As A Front Runner … to drive data sovereignty –Prof Boateng

In an era where control over data rivals territorial sovereignty, Ghana is emerging as a continental frontrunner in safeguarding critical national information through a homegrown innovation, developed by Strategic Mobilisation Ghana Limited (SML).

At a recent event in Tema, marking SML’s fifth year of operations in the petroleum downstream sector, industrial strategist and African development advocate, Professor Douglas Boateng, declared, “Sovereignty today is not just about territory – it’s about owning the lifeblood of decision-making: your data.”

His remarks come at a time when international attention is increasingly focused on data sovereignty. Research from the International Data Corporation (IDC) shows that while only 45 percent of countries had some form of data sovereignty policy in place in 2023, that number is expected to surge to 90 percent by 2026.

The shift underscores a rising global consensus: countries can no longer afford to outsource control of strategic digital systems.

“Too often in Africa, we equate progress with importing technology,” said Prof. Boateng.

“What SML has done breaks that cycle. It’s not just a technological feat; it’s a statement of intent, resilience and capacity.”

The strategic impact is clear. The Ghana Revenue Authority (GRA), one of the key beneficiaries of the platform has credited SML to help enhance its revenue assurance mechanisms. In a landscape where Ghana’s tax-to-GDP ratio hovers below 15 percent- compared to the sub-Saharan average of 16.5 percent, according to IMF data – such improvements carry weighty implications for national development.

Beyond revenue, the geopolitical dimension is hard to ignore.

“You can’t have financial independence when your data is being processed and stored outside your control,” Prof. Boateng said.

“SML’s model provides that digital independence. And they’re doing it on Ghanaian soil, using Ghanaian talent.”

This push also aligns with the African Union’s Digital Transformation Strategy 2020–2030, which places strong emphasis on data sovereignty and indigenous technology solutions.

Yet, as the AU’s Digital Economy Initiative reports, only 16 percent of African nations have made meaningful progress on implementing such frameworks – highlighting Ghana’s standout position.

The architecture behind SML’s operations is as notable as its results. The company fully funds its technology infrastructure under a risk-based model – meaning government incurs no upfront costs.

Compensation to SML is performance-based and contingent on demonstrable outcomes. A KPMG review of the company’s impact reaffirmed its effectiveness, although detailed figures remain confidential.

Still, not all has been smooth sailing. Public scrutiny has emerged around the transparency of SML’s contract with government.

Addressing these concerns, Prof. Boateng made a distinction: “What’s in question is not the technology – it’s the terms of engagement. And those terms should absolutely be open to public examination.”

 

He urged constructive dialogue: “Let’s help the Ministry of Finance, the GRA and other institutions embrace real-time fiscal monitoring.

“We cannot afford to dismiss a system of this calibre due to misunderstandings. The opportunity before us is too important.”

Founded in 2017, SML began by tackling revenue leakages in Ghana’s petroleum downstream sector.

Since then, it has expanded its suite of services to cover upstream oil monitoring, solid minerals audits, and transaction oversight at ports.

All of this is powered by locally developed digital infrastructure—an achievement that remains rare across emerging economies.

 

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Dollar Withdrawals: ‘Bolga Adam Smith’ lied?

By Jennifer Ambolley

The Bank of Ghana (BoG) has publicly refuted claims made by one of its own board members, Isaac Adongo, that the Central Bank intends to impose a near-total ban on over-the-counter US dollar withdrawals from financial institutions.

Mr. Adongo, who also serves as the Member of Parliament for Bolgatanga Central, had stated during an upcoming interview on PM Express with Evans Mensah that, the BoG was preparing to strictly limit access to dollars in a bid to shore up the cedi.

“If you put your dollars in the bank account, it is okay. We are happy with that,” Adongo said.

“You can only get dollars if indeed you are going to use them for a dollar-denominated transaction,” he added, emphasising that the Central Bank’s role includes controlling the usage of foreign currency in the economy.

He further remarked, “When you request dollars, we’ll provide cedis instead,” asserting that this policy shift would reinforce the recent strength of the Ghanaian cedi, which he celebrated as the world’s best-performing currency.

However, in a swift and firm rebuttal, the BoG issued an official statement signed by the Bank’s Secretary, Sandra Thompson on Thursday, 15th May, 2025 clarifying that no such change in policy has been made or even considered.

“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the Central Bank confirmed. The statement continued, “The Bank has not contemplated reviewing these existing measures.”

It also reiterated that for non-FEA and non-FCA account holders, foreign currency purchases for travel are still permitted – capped at US$10,000 per person per trip – provided travelers present a valid passport, visa and confirmed travel ticket.

Additionally, the BoG affirmed that cheque books may still be issued on both FEA and FCA accounts and urged all financial institutions and the general public to take note and comply with the current regulations.

Mr. Adongo’s remarks, which now appear misleading, sparked concern among market watchers and currency holders, fearing a fresh wave of forex restrictions.

The BoG’s clarification seeks to restore calm and reaffirm its commitment to transparent and consistent forex policies.

 

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