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

Ghana Leads in Data Sovereignty Innovation

Ghana is becoming a leader in data sovereignty. This is through an innovation by Strategic Mobilisation Ghana Limited (SML). Professor Douglas Boateng spoke at SML’s fifth anniversary event in Tema. He emphasized that sovereignty now includes control over data.

Boateng stated, “Sovereignty today is not just about territory; it’s about owning your data.” His comments reflect growing global interest in data sovereignty. Research shows that only 45% of countries had a data sovereignty policy in 2023. This number is expected to rise to 90% by 2026.

Countries are realizing they cannot outsource control of digital systems. Boateng noted, “Too often in Africa, we equate progress with importing technology.” He praised SML for breaking this cycle and demonstrating resilience and capacity.

The Ghana Revenue Authority (GRA) benefits from SML's platform. It has improved revenue assurance mechanisms significantly. Ghana's tax-to-GDP ratio is below 15%, compared to the sub-Saharan average of 16.5%. Improvements like these are crucial for national development.

Boateng highlighted the geopolitical importance of data control. He said, “You can’t have financial independence when your data is processed outside your control.” SML’s model offers digital independence using local talent on Ghanaian soil.

This initiative aligns with the African Union’s Digital Transformation Strategy for 2020–2030. However, only 16% of African nations have made significant progress on such frameworks. This highlights Ghana's unique position.

SML funds its technology infrastructure under a risk-based model. The government incurs no upfront costs, and compensation depends on performance outcomes. A KPMG review confirmed SML's effectiveness, though specific figures remain confidential.

However, there are concerns about the transparency of SML’s contract with the government. Boateng clarified that the issue lies with engagement terms, not technology itself. He called for public examination of these terms.

He urged constructive dialogue among stakeholders: “Let’s help institutions embrace real-time fiscal monitoring.” He stressed that misunderstandings should not dismiss this important system.

Founded in 2017, SML initially focused on revenue leakages in petroleum downstream sector operations. It has since expanded services to include upstream oil monitoring and transaction oversight at ports—all powered by locally developed digital infrastructure.

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Bank of Ghana Refutes Dollar Withdrawal Claims

The Bank of Ghana (BoG) has denied claims made by board member Isaac Adongo regarding dollar withdrawals. Adongo suggested a near-total ban on over-the-counter US dollar withdrawals during an interview on PM Express.

He claimed the BoG would limit access to dollars to strengthen the cedi's value. Adongo stated that customers could only withdraw dollars for dollar-denominated transactions and would receive cedis instead.

In response, BoG issued an official statement clarifying its position on May 15, 2025. The bank confirmed that over-the-counter cash withdrawals from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still allowed.

The statement also mentioned that foreign currency purchases for travel remain permitted up to $10,000 per person per trip with valid documentation. Additionally, cheque books can still be issued for FEA and FCA accounts.

Adongo's misleading remarks raised concerns among market watchers about potential forex restrictions. BoG aims to restore calm and reaffirm its commitment to transparent forex policies.