Total 2021 Annual Reports - Final

ANNUAL REPORT 2021
TOTAL PETROLEUM GHANA PLC

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TotalEnergies
totalenergies.com.gh
ABOUT US
Total Petroleum Ghana PLC is part of the global TotalEnergies Group which is the fourth
largest publicly-traded integrated international Oil and Gas Company in the world with
presence in over 130 countries.
The Company’s operations in Ghana started in 1951 under the name Total Oil Products
Limited. Since then the Company has undergone various transformations, taking over from
BP Ghana Limited, then Elf Oil to TotalfinaElf following a global merger between Total
and Elf and finally resulting in the incorporation of Total Petroleum Ghana Limited (now
known as Total Petroleum Ghana PLC) when Total Outre-Mer (now TotalEnergies Marketing
Afrique) acquired Mobil Oil in Ghana. This progression, coupled with great respect for
quality, standards, achievements, and safety has propelled the Company to the forefront
of the Industry.
Total Petroleum Ghana PLC, now trading with the new TotalEnergies logo, has a strong
brand image on the Ghanaian market. The Company is well represented in all 16 Regions of
the country with strategic locations in major cities and towns.
OUR VISION
Our vision includes:
• To be the number one in customer service.

• To develop talent through diversity.
• To have a sustainable shareholder value.
• To be a good corporate citizen.
OUR MISSION
The purpose of Total Petroleum Ghana PLC is to market quality petroleum products and
services to its customers responsibly, safely and profitably in an innovative way to ensure
that its customers and the motoring public continue to turn to the TotalEnergies brand.
totalenergies.com.gh
Table of Contents
CHAPTERS PAGES
1 CORPORATE INFORMATION 02
2 BOARD OF DIRECTORS 03
3 MANAGEMENT TEAM 04
4 CHAIRMAN’S STATEMENT 05
5 PROFILE OF DIRECTORS TO BE ELECTED 08
6 NOTICE OF MEETING 10
7 REPORT OF THE DIRECTORS 11
8 INDEPENDENT AUDITOR’S REPORT 17
9 FINANCIAL STATEMENTS
Consolidated and Separate Statements of Financial Position 21

Consolidated and Separate Statements of Profit or Loss
and Other Comprehensive Income
22
Consolidated and Separate Statements of Changes in Equity 23
Consolidated and Separate Statements of Cash Flows 24
10 NOTES TO THE FINANCIAL STATEMENTS 26
11 APPENDICES 76
12 EXTRACT OF CODE OF CONDUCT 78
13 BUSINESS DEVELOPMENT 80
14 CORPORATE SOCIAL RESPONSIBILITY 87
15 ACHIEVEMENTS & AWARDS 92
16 PROXY FORM 95
Annual Report & Financial Statements

For The Year Ended 31 December 2021
01
1 Corporate Information
Board of Philippe Ebanga - Chairman (Appointed, 21st September, 2021)

Directors
Olufemi Babajide - Managing Director (Appointed, 15th August, 2021)
Damien de La Fayolle - Member (Appointed, 1st July, 2021)
Olagoke Aluko - Member (Resigned, 17th January, 2022)
Elodie Luce - Member (Appointed, 8th February, 2022)
Jean-Philippe Torres - Member (Appointed, 10th November, 2021)
Rexford Adomako-Bonsu - Member
Laurette Otchere - Member
John Mawuli Ababio - Member
Samba Salfal Seye - Chairman (Resigned, 20th September, 2021)
Eric Fanchini - Managing Director (Resigned, 14th August, 2021)
Wilfried Kondé - Member (Resigned, 10th September, 2021)
Alain Vedier - Member (Resigned, 1st July, 2021)
Stanislas Mittleman - Member (Resigned, 10th November, 2021)
Secretary Mrs. Mercy Samson Registered ‘Total House’

c/o Total House Office 25 Liberia Road
25 Liberia Road P. O. Box 553
P. O. Box 553 Accra
Accra
Solicitor Peasah Boadu & Co. Registrar Universal Merchant Bank Limited
3 Floor, Gulf House
rd
44 Kwame Nkrumah Avenue
P. O. Box CT 3523 Okaishie
Cantonments - Accra Accra
Auditor PricewaterhouseCoopers Bankers Absa Bank Ghana Limited

Chartered Accountants Agricultural Development Bank Limited
PwC Tower, Ecobank Ghana PLC
A4 Rangoon Lane GCB Bank PLC
Cantonments City National Investment Bank Limited
PMB CT 42 Société Générale Ghana PLC
Accra Stanbic Bank Ghana Limited
Standard Chartered Bank Ghana PLC
United Bank for Africa Ghana Limited
Universal Merchant Bank Limited
Zenith Bank Ghana Limited

02
2 Board of Directors
Philippe Ebanga Olufemi Babajide

Chairman Managing Director
Rexford Jean-Philippe Torres

Adomako-Bonsu Member
Member
Elodie Luce Laurette Otchere

Member Member
John M. Ababio Damien de La Fayolle

Member Member

03
3 Management Team
Olufemi Babajide Marcel Ably-Bidamon

Managing Director Finance & Accounts Manager
Frank Boamah Bright Dokosi

Health, Safety, Environment Human Resource Manager
and Quality Manager
Ellen Sarfo Kantanka Laurent Gouy

Legal & External Affairs Sales & Marketing Manager
Manager
Thibault Putz Henry Adzewodah

Operations Manager Lubricants Manager

04
4 Chairman’s Statement
INTRODUCTION The Ghanaian cedi underwent 8% depreciation

against the US dollar in 2021 compared to 4% in
Distinguished Shareholders, Ladies and Gentlemen, I 2020. The Bank of Ghana prime rate ended the year
am delighted to welcome you all to the 46th Annual at 14.5% same as in 2020.
General Meeting (AGM) of your Company, Total
Petroleum Ghana PLC. It is also indeed my pleasure Ghanaian Petroleum Industry
and a privilege to address you, and to present to
you the Directors’ Annual Report and the Audited Our industry continues to be affected with unstable
Financial Statements of the Company for the year oil prices on the world market. Locally, the Price De-
ended 31st December 2021. regulation Policy continues to impact on the industry
as major stakeholders are pricing competitively.
GLOBAL ECONOMY Business Performance
The challenging effects of the COVID-19 Pandemic
The Group recorded a 34.79% growth in revenues
continued globally and nationally in the past year with
for the year 2021 which is up from GH¢2,394 million
unprecedented and unpredictable consequences for
in 2020 to GH¢3,227 million in 2021. This growth
businesses and individuals. These challenging effects
represents our resilience throughout the year in spite
which also have consequences for the future, have in
of the negative effects of the COVID-19 Pandemic.
some ways been mitigated by the global response of
the on-going vaccinations to fight the Pandemic. No The consolidated profit after tax for 2021 amounted
doubt some of you may have lost family members, to GH¢104.3 million compared to GH¢112.38 million in
friends, colleagues and loved ones as a result of the 2020, whilst the Company’s profit after tax amounted
Pandemic. If you have lost a dear one, then please to GH¢112.74 million compared to GH¢113.68 million
accept my heartfelt condolences. in 2020.
Economic recovery continued amid a resurging New Identity

Pandemic with global economic growth projected
to moderate from 5.9% in 2021 to an even lower In line with the Group’s strategy of focusing on
rate of 4.4% in 2022. The Oil and Gas industry renewable energies, the Group adopted a new
witnessed production and supply chain bottlenecks, identity as ‘‘TotalEnergies” with a new logo in 2021.
disruptions in global energy markets, shipping and The Company, as an affiliate of the Group, has
transportation constraints amongst others which adopted this new logo and at this meeting, we will be
culminated in inflationary pressures. seeking your approval for a change of name for the
Company to “TotalEnergies Marketing Ghana PLC”
DOMESTIC ENVIRONMENT in line with the new identity.
At the beginning of 2021, Ghana, like many other

countries in the world, began a path of economic
recovery to restore the macro-economy to pre-
covid levels. However, the country experienced a
third wave of the pandemic which again disrupted
economic activities leading to a projected outturn
of 4.4% macroeconomic growth against a target of
5.1% for 2021 as communicated by the Minister of
Finance during his presentation of the 2022 Budget
Statement to the Parliament of Ghana in November
2021. Growth is expected to rebound in 2022 from
the shocks of COVID-19 to 6.2%, according to the IMF,
as a result of improved port activity, construction,
imports, manufacturing, and credit to the private
sector.
05
DOMESTIC ENVIRONMENT - CONT’D CORPORATE GOVERNANCE

Dividend Ladies and Gentlemen, Dear Shareholders, Corporate
Governance remains a key part of our focus as we
Despite the uncertain and challenging times we find continue to grow and strengthen the business. In our
ourselves operating in, in October 2021, the Board quest to ensure we maintain our focus, we continue
of Directors approved the payment of an interim to drive a zero tolerance approach to non-compliance
dividend of GH¢7.764 million, which represented in all our business activities. The Company continues
GH¢0.0694 per share, which was paid to Shareholders to demand high and exemplary standards from its
in December, 2021. Directors & Senior Management whose primary
At this meeting, the Board will be recommending tasks is to ensure that robust Corporate Governance
for your approval, payment to Shareholders of a systems are in place and are constantly reviewed
final dividend of GH¢75.589 million which represents and adhered to by all including Staff and Business
GH¢0.6757 per share in respect of the year ended Partners. To this end also, the Company is regularly
31st December, 2021. This culminates into a total re-enforcing awareness amongst its Staff and
dividend of GH¢83.353 million for the year 2021 Business Partners through regular training sessions
and represents GH¢0.7451 per share. This payment and forums on the Company’s Code of Ethics and
represents a 206.86% increase in total dividend to be Business Principles to guide them in the performance
paid compared to 2020. The increment resulted in a of their duties and services. Safety, Respect for
dividend yield of 14.84% compared to 8.58% in 2020. Each Other, a Pioneering Spirit, the need to Stand
Together and a Performance-Minded attitude remain
The final dividend if approved by Shareholders, will the beacons that guide our actions on a day to day
be paid to Shareholders on 15th July, 2022 subject to basis.
withholding tax where applicable.
HEALTH AND SAFETY
BOARD MATTERS We acknowledge the risks associated with operations
Changes at the Board within our industry and therefore continue to
prioritise Health and Safety as part of our core values.
Last year, a number of our Directors were re-assigned Each year, we set ourselves a target of zero fatal
within the Group. Our previous Chairman in the accidents in our operations. Ladies and Gentlemen,
person of Mr. Samba Salfal Seye was reassigned and I am happy to report that the Company has worked
I was appointed by the Board to replace him. We also for the past 1,781 days without any fatalities. We
bid farewell to the previous Managing Director, Mr. continue to critically monitor all our sites to ensure
Eric Fanchini who completed his four (4) year tenure that we manage any risks effectively, efficiently and
in Ghana. Mr. Fanchini was replaced by Mr. Olufemi with great speed. Our staff and Business Partners
Babajide as the Managing Director of the Company. are constantly being trained to ensure that Safety
Additionally, Messrs. Alain Vedier and Wilfred remains a priority in the discharge of their duties and
Konde were also reassigned and were replaced by the provision of their services to our Company.
Messrs. Damien de La Fayolle and Olugoke Aluko
respectively. Finally, Mr. Jean-Philippe Torres joined In our Transport sector, we have made huge
the Board last November to replace Mr. Stanislas investments over the last few years to monitor
Mittelman who resigned from the Group to pursue Driver behaviour by installing Dash Board Cameras
another career. on our Trucks. We have also installed on the Trucks,
On Board Computers (OBC’s) to help us track the
Directors retiring by rotation movements of the Trucks whilst they are in transit
At this Meeting, we will also be recommending to and this has contributed significantly in reducing
you for re-election, two (2) of our Directors namely, road traffic accidents.
Mr. Rexford Adomako-Bonsu and Mr. John Mawuli
Our monthly training of our Contractors and our
Ababio. The two (2) Directors are due to retire by
continuous audit of their Health Safety & Environment
rotation at this meeting and have each expressed
(HSE) management system have also improved their
their willingness to continue in office.
HSE competencies and significantly improved work
site safety.

06
CORPORATE SOCIAL ACKNOWLEDGEMENT

RESPONSIBILITY On behalf of the Board of Directors, I express my deep
Ladies and Gentlemen, Dear Shareholders, the gratitude to the Management, Staff, Customers and
Company remains sensitive to the needs of the all our other Business Partners for their continued
communities in which it operates and strives to meet support which has enabled us to build and maintain
some of those needs through various donations, a strong brand for the Company nationwide. To
partnerships, sponsorships and innovative programs you our Shareholders, I also say thank you for your
such as the Young Graduate Program and Startupper support. I implore you as Shareholders, to continue
of the Year Challenge. May I humbly invite you to to have confidence and faith in our high performing
read the details of our work on Corporate Social Team which continues to deliver exceptional results
Responsibility in the Annual Report. even in these challenging times.
I take this opportunity to thank my colleagues on the

AWARDS
Board for their continuous and unflinching support
The Company was recognised for quality and and commitment in providing strategic leadership
excellence of its Product & Services and was which has ensured the Company remains a major key
rewarded with the following awards: player in the Petroleum Industry in Ghana.
CIMG: Thank you all for taking time to participate in this

meeting today.
• 3rd Consecutive time as Winner of the CIMG
Petroleum Company of the Year 2020; Until we meet again, I wish you all the very best. I urge
you to continue to adhere strictly to all COVID-19
Ghana Oil & Gas Awards 2021: protocols issued by the Health Authorities wherever
• Oil Marketing Company of the Year; you find yourselves so that together, we can defeat
this Pandemic.
• Marketing Campaign of the Year for Total
Troxi Club;
Hall of Fame: Phillipe Ebanga

Chairman
• Lubricant Product of the Year (Quartz);
• Brand of the Year.
CONCLUSION AND OUTLOOK

Despite the uncertain times we find ourselves
operating in, the Directors and Management of the
Company continue to maintain a positive outlook
for the business in the coming years. The Company
will thus, continue to improve upon its Products and
Services through innovative ways to ensure that we
continue to deliver to you excellent results and good
returns on your investment.

07
5 Profile of New Directors to be Elected
Mr. Philippe Ebanga

Prior to joining TotalEnergies, Philippe Ebanga served in the French Navy from
1989-2016. As an officer, up to the rank of Navy Captain, he served more than
20 years at sea and commanded several warships, in particular the Assault
Helicopter Carrier and Flagship “Tonnerre” during combat operations. He also
held various positions including, HR-Director of Recruitment, Chief Information
Officer and Spokesperson for the French Navy Chief of Staff, Manager-lead
for multinational cooperation programs in the United States Navy, and Lead
planner at NATO Headquarters.
In September 2016, he joined the Total Group now known as TotalEnergies SE in

its newly created HSE Division overseeing industrial safety of maritime, riverine
and air operations.
In June 2018, he was appointed as the Company’s Country Chair for the
Democratic Republic of Congo and Managing Director of the downstream
affiliate TotalEnergies Marketing RDC SA.
He became Senior Manager in the Strategy and New Business (M&A) Division
of TotalEnergies Marketing and Services in October 2020.
He was appointed, in September 2021, as Executive Vice President, TotalEnergies

Marketing and Services, West Africa.
Philippe Ebanga, is Franco-Cameroonian and was born and raised in Cameroon.

He holds a Bachelor’s Degree in Chemical Engineering from École Navale (Brest,
France) and the U.S. Naval War College (Newport, Rhode Island, United States).
He is an alumnus of the Centre des Hautes Études de la Défense Nationale
(IHEDN) and the Centre des Hautes Études Militaires (CHEM) (Paris, France).
He holds the rank of Officer in the National Order of the French Légion
d’Honneur.
Mr. Olufemi Babajide

Mr. Olufemi Babajide joined the Total Group now known as TotalEnergies SE in
1997 as a Process and Product Development Engineer in the United Kingdom
and later became the Production Support Engineer for the same affiliate. In
2000, he was appointed as Lubricant Sales Manager for TotalEnergies Nigeria
and later assumed various roles within the affiliate including Bitumen & Coastal
State Manager, Construction Business Manager and Sales Manager for Ibadan
amongst others. In 2009 he was appointed as the International Network Trainer,
TotalEnergies Marketing African Holdings Limited, Middle East Division. He was
the General Manager in the Sales and Marketing Division, Nigeria where he
served for five years from 2011 – 2016.
In 2016, Mr. Olufemi Babajide was appointed Managing Director for TotalEnergies
Zambia LTD, where he served until August, 2021 when he was appointed as
Managing Director of Total Petroleum Ghana PLC.
Mr. Olufemi Babajide is a Nigerian National who holds a Bachelor’s Degree

in Chemical Engineering with Management from the University of Bradford,
United Kingdom. He is a member of the Institute of Chemical Engineers, United
Kingdom.

08
5 Profile of New Directors to be Elected
Mr. Damien de La Fayolle

Mr. Damien de La Fayolle started his career as a Financial Analyst at WORMS & Cie,
Paris. In 2001 he joined the Total Group now known as TotalEnergies SE in Paris, as the
Financial Controller in the Refining Division in Paris. In 2005 he was appointed Financial
Controller for TotalEnergies Fluides, Paris where he worked for three years until 2008
when he was appointed as Financial Controller for TotalEnergies Marketing South Africa
(PTY) Ltd. Between 2012 – 2020 he occupied various positions in TotalEnergies Marketing
and Services, Paris including Financial Controller within the Finance Department, and
Mergers & Acquisitions Project Manager within the Strategy Division.
Before assuming his current position as Head of Financial Control in 2021, he was an
Integration Project Manager within the Power and Gas Division in TotalEnergies SA,
Paris.
Mr. Damien de La Fayolle is a French National who speaks fluent English and holds a
Bachelor’s Degree in Economics and Business from the ESSEC Business School.
Ms. Elodie Luce

Ms. Elodie Luce began her career in 2002 as a Mergers & Acquisitions Attorney with
the Paris office of the international law firm Freshfields Bruckhaus Deringer. She
subsequently served as a Director of Amber Capital, an investment fund.
She joined the Total Group now known as TotalEnergies SE in 2010 as Head of Equity
and Financial Governance within the Financing and Treasury Department in Paris. After
assuming a senior strategy role within the Africa Division of the TotalEnergies Marketing
& Services segment, she was named Managing Director of TotalEnergies Marketing
Congo in Brazzaville. In 2019, she became head of Market Intelligence and Prospective
in the Strategy Division of TotalEnergies Marketing Services.
She was appointed as Vice-President Finance and Corporate Affairs within the Africa
Division of the TotalEnergies Marketing & Services in January, 2022.
Ms. Elodie Luce is a French national and holds a Master’s Degree in Business Law from
Paris-Sud University.
Mr. Jean-Philippe Torres

Mr. Jean-Philippe Torres began his career as an Analyst in the French Ministry of
Economy and Finance, Paris after which he joined the then Elf Group in 1992. In Elf he
held various roles including Financial Controller, Combustible Fuels Division of Elf Antar,
France, Treasurer in charge of African affiliates in Elf Raffinage Distribution - African
and Overseas, Sales and Marketing Manager of Elf Oil Zaire in Kinsasha and Sales &
Marketing Manager, Elf Oil Senegal. After the merger with Total, he became the General
Manager of TotalFinaElf Gambia in October, 1999, a position he held until he became the
Managing Director of TotalEnergies Marketing Togo in 2001. Subsequently he assumed
the role of General Manager Retail and Fuel Cards in TotalEnergies Deutschland GmbH,
Berlin, and later became the Strategy and M&A Senior Project Manager, and Managing
Director at Fina Congo, Kinsasha. In 2014, he was appointed as Executive Vice President
North & Central America in TotalEnergies Marketing and Services, Americas Division.
Prior to his current role as Senior Vice President TotalEnergies Marketing and Services
Africa, he was the Managing Director of TotalEnergies Marketing Nigeria PLC.
Mr. Jean-Philippe Torres is a French national and holds a Diploma in Economics from
the University of Lille (France), a Masters in Finance from the ESCEM School of Business
and Management (France) and a Master of Science in Management from the IESEG
School of Management (France).

09
6 Notice of Meeting
NOTICE IS HEREBY GIVEN that the 46th Annual General Meeting of the Shareholders of Total
Petroleum Ghana PLC will be held VIRTUALLY and streamed live by video link from Accra City
Hotel on Tuesday, 31st May, 2022 at 11 O’clock in the forenoon to transact the following business:
AGENDA iii. The appointment of a proxy will not prevent

a member from subsequently attending and
Ordinary Business voting at the meeting (via online participation).
Where a member attends the meeting in person
1. To receive and adopt the Reports of the
(i.e. participates on line), the proxy appointment
Directors, Auditors and the Financial Statements
shall be deemed to be revoked.
of the Company for the year ended 31st
December, 2021. iv. A copy of the Form of Proxy can be downloaded
from: https://totalghana-agm.com/ and may
2. To declare a Final Dividend in respect of the
be filled and sent via email to REGISTRARS@
year ended 31st December, 2021.
MYUMBBANK.COM or deposited at the
3. To ratify the appointment of Directors. registered office of the Registrar of the Company,
UMB, 44 Kwame Nkrumah Avenue, Okaishie,
4. To re-elect Directors retiring by rotation.
Accra, or posted to the Registrar at P. O. Box
5. To approve the remuneration of non-executive GP401, Accra to arrive no later than 48 hours
Directors. before the appointed time for the meeting.
6. To authorize the Directors to fix the remuneration v. The 2021 Audited Financial Statements of the
of the Auditors. Company can be viewed by visiting: https://
totalghana-agm.com/
Special Business
1. To change the name of the Company from Accessing and Voting at the Virtual AGM
Total Petroleum Ghana PLC to TotalEnergies vi. A unique token number will be sent to
Marketing Ghana PLC. shareholders by email and/or SMS from 10th
May, 2022 to give them access to the meeting.
Dated this 29th day of March 2022 Shareholders who do not receive this token
can contact EMMANUEL AMOAH ODUM on
REGISTRARS@MYUMBBANK.COM or call 0302
By Order of the Board 220952/0302226112 any time after 10th May,
(SGD) 2022 but before the date of the AGM to be sent
the unique token.
Mercy Samson (Mrs.)
Secretary vii. To gain access to the Virtual AGM, shareholders
must visit https://totalghana-agm.com/ and
input their unique token number on 31st May,
Note: 2022. Access to the meeting will start from
8.00am. Shareholders who do not submit proxy
i. In compliance with the imposition of Restrictions forms to the Registrar of the Company prior to
Act, 2020 (Act 1012) and consequent Regulatory the meeting may vote electronically during the
Directives, attendance and participation by Virtual AGM using their unique token number.
all members and/or their proxies in this year’s Further assistance on accessing the meeting and
Annual General Meeting of the Company will be voting electronically can be found on https://
strictly virtual (ie. by online participation). totalghana-agm.com/
ii. A member entitled to attend and vote at the For further information, please contact the
Annual General Meeting may appoint a proxy Registrar:
to attend (via online participation) and vote Universal Merchant Bank Limited,
on his/her behalf. Such a proxy need not be a
44 Kwame Nkrumah Avenue,
member of the Company.
Okaishie, Accra.

10
7 Report of the Directors
To the Members of Total Petroleum Ghana PLC
The Directors submit their report together with Principal activities

the audited financial statements of Total Petroleum
Ghana PLC for the year ended 31 December 2021. The principal activity of the Group is the marketing
and sale of petroleum and allied products. There was
Directors’ responsibility statement no change in the nature of business of the Group
during the year.
The Directors are responsible for the preparation of
consolidated ("Group") and separate ("Company") Objectives of the Company
financial statements that give a true and fair view
of Total Petroleum Ghana PLC, comprising the The purpose of the Company is to market quality
statements of financial position as at 31 December petroleum products and services to its customers
2021, and the statements of profit or loss and other responsibly, and profitably and in an innovative way.
comprehensive income, changes in equity and cash
flows for the year then ended, and the notes to the Holding company
financial statements which include a summary of The Company is a subsidiary of TotalEnergies
significant accounting policies and other explanatory Marketing Afrique, a company incorporated in France.
notes, in accordance with International Financial The ultimate parent company is TotalEnergies SE, a
Reporting Standards and in the manner required by company incorporated in France.
the Companies Act, 2019 (Act 992). In addition, the
Directors are responsible for the preparation of the Subsidiary Company
Report of the Directors.
The Company has 55% shareholding in Ghanstock
The Directors are also responsible for such internal Limited Company, a company incorporated in Ghana
controls as the Directors determine is necessary and registered to build, own, operate and maintain
to enable the preparation of financial statements petroleum storage facilities.
that are free from material misstatement, whether
due to fraud or error, and for maintaining adequate Associate Companies
accounting records and an effective system of risk
management. Ghana Bunkering Services Limited
The Company has 48.5% shareholding in Ghana
The Directors have made an assessment of the Bunkering Services Limited, a company incorporated
ability of the Group and Company to continue as in Ghana to provide bunkering services to petroleum
going concerns. Refer to note 29 for going concern marketers in Ghana.
consideration.
Road Safety Limited Company
The Auditor is responsible for reporting on whether
The Company has 50% shareholding in Road Safety
the consolidated and separate financial statements
Limited Company, a company incorporated in Ghana
give a true and fair view in accordance with the
to provide driver education and maintenance services
applicable financial reporting framework and
for vehicles used in haulage of petroleum products.
relevant laws.

11
Five year financial highlights

Group 2021 2020 2019 2018 2017
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Revenue 3,226,984 2,394,002 2,628,610 2,381,106 1,858,478
Profit before tax 148,673 151,897 93,595 60,869 45,547
Profit after tax 104,343 112,385 68,782 43,265 32,632
Basic and diluted earnings per 0.9651 1.0211 0.6230 0.4211 0.3117
share (GH¢ per share)
Company 2021 2020 2019 2018 2017

GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Revenue 3,218,179 2,384,158 2,618,817 2,370,975 1,848,493
Profit before tax 152,223 153,196 94,152 67,968 49,110
Profit after tax 112,744 113,684 69,339 50,364 36,195
Basic and diluted earnings per 1.0078 1.0162 0.6198 0.4502 0.3235
share (GH¢ per share)
Financial statements and dividend Related party transactions

The state of affairs of the Group and Company for Information regarding Directors’ interests in the
the year ended 31 December 2021 are set out below: ordinary shares of the Group and Company and
remuneration is disclosed in note 24 to the financial
Group Company statements. No Director has any other interest in
GH¢’000 GH¢’000 any shares or loan stock of any Group company.
Profit before tax 148,673 152,223 Other than service contracts, no Director had a
material interest in any contract to which any Group
Profit after tax 104,343 112,744
company was a party during the year. Related party
Total assets 1,134,032 1,062,695 transactions and balances are also disclosed in note
Total liabilities 715,471 625,907 24 to the financial statements.
Total equity 418,561 436,788
Audit Committee
The Directors recommend the payment of a final
dividend of GH¢0.6757 per share, amounting to The Board Audit Committee comprises at least three
GH¢75,589,510 for the 2021 financial year. This brings (3) Directors and is headed by an independent, Non-
the total dividend for the financial year to GH¢0.7451 Executive Director. In selecting the members of the
per share, amounting to GH¢83,353,570 (2020: Committee, the Board pays particular attention to
GH¢0.2424 per share, amounting to GH¢27,163,025). their financial and accounting qualifications and
experience. The principal responsibilities of the
The Directors consider the state of the Group and Committee include reviewing financial reports,
Company’s affairs to be satisfactory. internal audit reports, management letters and
other information it requests to be tabled. The
Particulars of entries in the Interests Committee holds at least three (3) formal meetings
each year, which are also attended by the external
Register during the financial year
auditors. The Committee at its request may meet
No Director had any interest in contracts and with the Managing Director, perform inspections and
proposed contracts with the Group and Company interview managers of the Company at any time it
during the year under review, hence there were deems appropriate.
no entries recorded in the Interests Register as
required by Sections 194(6), 195(1)(a) and 196 of the
Companies Act 2019, (Act 992).

12
Auditor Audit fees

The Audit Committee has responsibility The audit fees for the year ended 31 December 2021
delegated from the Board of Directors for for the Group was GH¢405,460 (2020:GH¢428,000)
making recommendations on the appointment, and GH¢310,000 (2020:GH¢324,000) for the
reappointment, removal and remuneration of the Company.
external auditor. PricewaterhouseCoopers (PwC)
was appointed in 2021 as the Company’s auditor
and has expressed willingness to continue in office
in accordance with section 139(5) of the Companies
Act, 2019 (Act 992).
Board of Directors
Profile
Non-executive Qualification Outside board and management position
Mr. Philippe Ebanga Bachelor’s Degree in Chemical Executive Vice President, TotalEnergies
Engineering (Ecole Navale, Brest- Marketing & Services, West Africa
France)
Mr. Damien de La Fayolle Bachelor’s Degree in Economics and Head of Financial Control Department,
Business (ESSEC Business School) TotalEnergies Marketing & Services
Mr. Rexford Adomako-Bonsu Bsc. Econs, M.A. Econs, MBA (Finance Executive Chairman, Worldwide
and International business) Investments Co. Limited, Ghana
Chairman of the Board, General Business
- Alliance Insurance Company Ghana
Limited.
Mr. John M.Ababio Master’s Degree in International Vice Chairman/Senior Partner - PCM
Business & Economic Development Capital Advisors, Ghana
Mrs. Laurette Otchere B.A, Juris Doctorate Degree Deputy Director-General(Ops & Benefits),
SSNIT, Ghana
Mr. Jean-Philippe Torres Master’s Degree in Finance (ESCEM Senior Vice President, TotalEnergies
School of Business and Management) Marketing & Services Africa
Ms. Elodie Luce Master’s Degree in Business Law (Paris- Vice President (Finance & Corporate
Sud University) Affairs), TotalEnergies Marketing &
Services Africa.
Executive
Mr. Olufemi Babajide Bachelor’s Degree in Chemical Director of Ghanstock Limited Company,
Engineering, Member, Institute of Tema Lube Oil Company Limited,
Chemical Engineers (UK) Road Safety Limited Company, Ghana
Bunkering Services Limited.
Biographical information of Directors

Age category Number of Directors
Up to – 40 years -
41 – 60 years 6
Above 60 years 2

13
Role of the Board Risk management objectives,

The Directors are responsible for the long-term systems and activities
success of the Group and Company. They determine Risk mapping or assessment is conducted internally,
the strategic direction of the Group and Company and action plans documented for implementation to
and review operating, financial and risk performance. mitigate identified risks. Also, as part of Group’s audit
There is a formal schedule of matters reserved reviews, the internal audit team reviews progress on
for the Board of Directors, including approval of action plans on monthly basis. Contingency plans for
the Group and Company’s annual business plan, business continuity are also in place and reviewed
the Group and Company’s strategy, acquisitions, by the Board as part of the Managing Director’s
disposals and capital expenditure projects above operational report during Board Meetings.
certain thresholds, all guarantees, treasury policies,
the financial statements, the Group and Company’s
Determination and composition
dividend policy, transactions involving the issue or
purchase of Group and Company shares, borrowing of Directors’ remuneration
powers, appointments to the Board, alterations to The Managing Director, the Chairman of the Board
the Company’s constitution, legal actions brought by and the Board Secretary form the Committee that
or against the Group and Company, and the scope of reviews and proposes the Directors’ fees on an
delegations to Board Committees, subsidiary boards annual basis to the Board, guided by inflationary
and the Management Committee. trends. Proposed remuneration for Directors is then
presented for approval by shareholders at the Annual
The responsibility for the development of policy and
General Meeting.
strategy and operational management is delegated
to the Executive Directors and a Management
Committee, which as at the date of this report
Directors’ performance evaluation
includes one Executive Director and seven Senior In line with the Group and Company’s policy, a
Managers. performance evaluation review is undertaken of the
Board, its Committees and the Directors individually
Internal control systems on an annual basis. The evaluation is conducted by
the Board Chairman. The results of the evaluation
The Directors are responsible for the Group and
is shared with all members of the Board. Overall,
Company’s system of internal control, and for the
it was noted that the Board of Directors and its
ongoing review of its effectiveness. Such a system
Committees were operating in an effective manner
is designed to manage, rather than eliminate, the
and performing satisfactorily, with no major issues
risk of failure to achieve business objectives. It can
identified.
only provide reasonable, and not absolute, assurance
against material misstatement or loss. The Audit
Committee assists the Board in discharging its
Professional development and training
review responsibilities. The Directors have reviewed A comprehensive induction programme is in place
the effectiveness of the internal control systems, for all new Directors which takes into account their
including controls related to financial and operational previous experience, background and role on the
risks identified by the Group and Company as at board and is designed to further their knowledge
the reporting date and no significant failings or and understanding of the Group and Company and
weaknesses were identified during this review. their associated role and responsibilities. All new
Directors are provided with key Board, operational
Implementation of the Board’s directives is delegated and financial information; attend meetings with other
through a Management Committee, which comprises members of the Board and senior management;
the Managing Director and all Heads of Departments. receive briefings and, where necessary, meet the
The Management structure has a clear framework and Company’s shareholders. Where a new Director is
is governed by precise organisational procedures, in to serve on a Board Committee, induction material
which all staff are specifically trained and which have relevant to the Committee is also provided. The
built-in checks and controls. Company Secretary assists the Chairman in the
co‑ordination of induction and ongoing training.

14
Conflicts of interest Approval of the report

The Group and Company have established appropriate of the Directors
conflicts authorisation procedures, whereby actual or The report of the Directors was approved by the
potential conflicts are regularly reviewed and Board of Directors on 24 March 2022 and signed on
authorisations sought as appropriate. During the year, their behalf by;
no such conflicts arose and no such authorisations
were sought.
Board balance and independence

The composition of the Board of Directors and Olufemi Babajide Rexford Adomako-Bonsu
its Committees are regularly reviewed to ensure
Director Director
that the balance and mix of skills, independence,
knowledge and experience is maintained. The
continuing independent and objective judgement of
the non-Executive Directors has been confirmed by
the Board of Directors.
Corporate Social Responsibility

and Code of Conduct
A total of GH¢252,456 (2020:GH¢670,977) was
spent on Corporate Social Responsibility, with key
focus on safety, education, health, entrepreneurship
amongst others. Corporate Social Responsibility
activities and extract of the Code of Conduct can be
found in Appendix 2.
The Group and Company reject fraud and corruption

in all its forms and has a robust compliance policy.
The Group and Company have an Ethics Officer as
well as a Compliance Officer with specific mandates
to spearhead efforts towards mitigating compliance
risk both internally and with third parties with direct
dealings with the Group and Company. There are
specific guidelines in relation to non-compliance
incidents reporting, creating awareness and
enforcing compliance. The Group and Company also
conduct both e-learning training as well as awareness
seminars and workshops targeting all employees.

15
8 Independent Auditor’s Report
To the Members of Total Petroleum Ghana PLC
REPORT ON THE AUDIT OF THE Basis for opinion

FINANCIAL STATEMENTS We conducted our audit in accordance with
International Standards on Auditing (ISAs). Our
Our Opinion responsibilities under those standards are further
In our opinion, the accompanying financial statements described in the Auditor’s responsibilities for the
give a true and fair view of the financial position of audit of the financial statements section of our
Total Petroleum Ghana PLC (the "Company") and its report.
subsidiary (together the "Group") as at 31 December
We believe that the audit evidence we have obtained
2021, and of the financial performance and the
is sufficient and appropriate to provide a basis for
cash flows of the Company standing alone and the
our opinion.
Group for the year then ended in accordance with
International Financial Reporting Standards and in
Independence
the manner required by the Companies Act, 2019
(Act 992). We are independent of the Group in accordance
with the International Code of Ethics for Professional
What we have audited Accountants (including International Independence
Standards) (the Code) issued by the International
We have audited the financial statements of Total
Ethics Standards Board for Accountants and the
Petroleum Ghana PLC and its subsidiary for the year
independence requirements of section 143 of the
ended 31 December 2021.
Companies Act, 2019 (Act 992) that are relevant to
The financial statements comprise: our audit of the consolidated and separate financial
statements. We have fulfilled our other ethical
• the consolidated and separate statements of responsibilities in accordance with the Code.
financial position as at 31 December 2021;
Key Audit Matters
• the consolidated and separate statements
of profit or loss and other comprehensive Key audit matters are those matters that, in our
professional judgement, were of most significance in
income for the year then ended;
our audit of the Company and the Group’s financial
• the consolidated and separate statements of statements of the current period. These matters
changes in equity for the year then ended; were addressed in the context of our audit of the
Company’s financial statements as a whole, and in
• the consolidated and separate statements of
forming our opinion thereon, and we do not provide
cash flows for the year then ended; and a separate opinion on these matters.
• the notes to the consolidated and separate
financial statements, which include a summary
of significant accounting policies.
Key audit matter How our audit addressed the key audit matter
Impairment of trade receivables – GH¢40 million We evaluated the design and tested the operating
effectiveness of management’s controls over the trade
Gross trade receivable as at 31 December 2021 amounts
receivables process including recording of sales, approval
to GH¢301 million of which an impairment loss allowance
of credit limits and collection.
of GH¢40 million has been recognised.
We agreed the historical write-offs and the trade
Management applied a simplified approach (provision
receivable time buckets used in the ECL calculation to
matrix) to determine the impairment loss allowance
historical data. The forward-looking information, inflation,
which is based on expected credit loss (ECL).
used in the ECL calculation was agreed to external
macroeconomic data.

17
To the Members of Total Petroleum Ghana PLC - cont’d
Key audit matter How our audit addressed the key audit matter
In applying the provision matrix, management estimates We assessed the appropriateness of assumptions used
the ultimate write offs for a defined population of trade and judgements made by management around the
receivables. Collection of these receivables are then definition of default, the nature of forward-looking
analysed by time buckets. A loss ratio is calculated information, the weights assumed in adjusting loss ratio
by dividing the ultimate write off by the amounts with forward-looking information and the period used in
outstanding in each time bucket. The ratio is adjusted assessing the historical loss rate.
with forward-looking information such as inflation.
We recomputed the impairment loss allowance based
Management exercises significant judgements in the on the verified inputs and assumptions used by
definition of default, period selected in assessing management.
historical loss rates and the selection of forward-looking
We tested the subsequent receipts from selected debtors
information. The determination of the expected credit
to assess the recoverability of debtors at the end of the
loss is therefore considered as a key audit matter for the
year.
Group based on the level of complexity and significant
management judgement involved. We checked the appropriateness of disclosures made in
the financial statements for impairment loss allowances.
The basis of the provisions and critical judgements
relating to the calculation of the impairment provisions
are summarised in notes 3(c) and 23(ii) in the notes to
the financial statements.
The gross trade receivables and related impairment

provisions are disclosed in note 23(ii) to the consolidated
and separate financial statements.
This is considered a key audit matter in the consolidated

and separate financial statements.
Other Information we obtained prior to the date of this auditor’s report,

we conclude that there is a material misstatement of
The Directors are responsible for the other information. this other information, we are required to report that
The other information comprises the Corporate fact. We have nothing to report in this regard.
Information, Report of the Directors, Shareholding
Information, Corporate Social Responsibilities and When we read the Chairman’s Statement, Business
Extract of Code of Conduct but does not include Development, and Achievements and Awards, if
the consolidated and separate financial statements we conclude that there is a material misstatement
and our auditor’s report thereon, which we obtained therein, we are required to communicate the matter
prior to the date of this auditor’s report, and the to those charged with governance.
Chairman’s Statement, Business Development, and
Achievements and Awards, which are expected to be Responsibilities of the Directors
made available to us after that date. for the financial statements
Our opinion on the consolidated and separate The Directors are responsible for the preparation of
financial statements does not cover the other financial statements that give a true and fair view in
information and we do not and will not express any accordance with International Financial Reporting
form of assurance conclusion thereon. Standards and in the manner required by the
Companies Act, 2019 (Act 992), and for such internal
In connection with our audit of the consolidated and control as the Directors determine is necessary to
separate financial statements, our responsibility is to enable the preparation of financial statements that
read the other information identified above and, in are free from material misstatement, whether due to
doing so, consider whether the other information is fraud or error.
materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the
work we have performed on the other information that

18
In preparing the consolidated and separate • Evaluate the appropriateness of accounting

financial statements, the Directors are responsible policies used and the reasonableness of
for assessing the Company and the Group’s ability accounting estimates and related disclosures
to continue as a going concern, disclosing, as made by the Directors;
applicable, matters related to going concern and
using the going concern basis of accounting unless • Conclude on the appropriateness of the
the Directors either intend to liquidate the Company Directors’ use of the going concern basis of
and/or the Group or to cease operations, or have no accounting and, based on the audit evidence
realistic alternative but to do so. obtained, whether a material uncertainty
exists related to events or conditions that
The Directors are responsible for overseeing the
may cast significant doubt on the Group’s
Group’s financial reporting process.
ability to continue as a going concern. If we
Auditor’s Responsibilities for the conclude that a material uncertainty exists,
we are required to draw attention in our
audit of the financial statements auditor’s report to the related disclosures
Our objectives are to obtain reasonable assurance in the consolidated and separate financial
about whether the consolidated and separate statements or, if such disclosures are
financial statements as a whole are free from material inadequate, to modify our opinion. Our
misstatement, whether due to fraud or error, and to conclusions are based on the audit evidence
issue an auditor’s report that includes our opinion.
obtained up to the date of our auditor’s
Reasonable assurance is a high level of assurance,
report. However, future events or conditions
but is not a guarantee that an audit conducted in
may cause the Group to cease to continue as
accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise a going concern;
from fraud or error and are considered material if, • Evaluate the overall presentation, structure
individually or in the aggregate, they could reasonably and content of the financial statements,
be expected to influence the economic decisions of
including the disclosures, and whether the
users taken on the basis of these consolidated and
financial statements represent the underlying
separate financial statements.
transactions and events in a manner that
As part of an audit in accordance with ISAs, we achieves fair presentation; and
exercise professional judgment and maintain
• Obtain sufficient appropriate audit evidence
professional skepticism throughout the audit. We
regarding the financial information of the
also:
entities or business activities within the Group
• Identify and assess the risks of material to express an opinion on the consolidated
misstatement of the financial statements, and separate financial statements. We are
whether due to fraud or error, design and responsible for the direction, supervision and
perform audit procedures responsive to performance of the Group audit. We remain
those risks, and obtain audit evidence that is solely responsible for our audit opinion;
sufficient and appropriate to provide a basis We communicate with the Directors regarding,
for our opinion. The risk of not detecting a among other matters, the planned scope and timing
material misstatement resulting from fraud of the audit and significant audit findings, including
is higher than for one resulting from error, any significant deficiencies in internal control that we
as fraud may involve collusion, forgery, identify during our audit.
intentional omissions, misrepresentations, or
We also provide the Directors with a statement that
the override of internal control;
we have complied with relevant ethical requirements
• Obtain an understanding of internal control regarding independence, and have communicated
relevant to the audit in order to design with them all relationships and other matters that may
audit procedures that are appropriate in the reasonably be thought to bear on our independence,
circumstances, but not for the purpose of and where applicable, actions taken to eliminate
expressing an opinion on the effectiveness of threats or safeguards applied.
the Group’s internal control;

19
From the matters communicated with the Directors, The engagement partner on the audit resulting in
we determine those matters that were of most this independent auditor’s report is Richard Ansong
significance in the audit of the financial statements (ICAG/P/1539).
of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s
report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should
not be communicated in our report because the
adverse consequences of doing so would reasonably PricewaterhouseCoopers (ICAG/F/2022/028)
be expected to outweigh the public interest benefits Chartered Accountants
of such communication. Accra, Ghana
REPORT ON OTHER LEGAL AND 30 March 2022
REGULATORY REQUIREMENTS
The Companies Act, 2019 (Act 992) requires that in
carrying out our audit we consider and report on the
followng matters. We confirm that:
i) we have obtained all the information and

explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit;
ii) in our opinion proper books of account have

been kept by the Group so far as appears
from our examination of those books; and
iii) the Group’s statement of financial position

and the Group’s statement of profit or loss
and other comprehensive income are in
agreement with the books of account.

20
Consolidated and Separate
9
1 Statements of Financial Position
As at 31 December, 2021
Group Group Company Company

Note 2021 2020 2021 2020
Assets GH¢’000 GH¢’000 GH¢’000 GH¢’000
Property, plant and equipment 12(a) 382,900 361,855 306,310 286,613
Right-of-use-assets 33(a) 88,518 74,217 88,518 74,217
Intangible assets and goodwill 13 12,915 13,439 12,852 13,374
Investment in associates 14(a) 2,910 3,262 12 12
Deferred tax assets 11 4,098 4,791 4,098 4,791
Long term prepayments 34 671 671 671 671
Investment in subsidiary 14(b) - - 274 274
Related party loan 24 - - 1,774 1,639
Total non‑current assets 492,012 458,235 414,509 381,591
Inventories 15 183,121 108,836 182,581 108,337

Current tax asset 10(iii) 18,091 15,335 18,091 15,335
Trade and other receivables 16 295,079 233,186 293,672 231,543
Amounts due from related companies 24 1,060 3,985 11,205 13,328
Cash and cash equivalents (excluding bank 17 144,141 91,666 142,109 89,833
overdraft)
641,492 453,008 647,658 458,376
Assets held for sale 12(b) 528 528 528 528
Total current assets 642,020 453,536 648,186 458,904
Total assets 1,134,032 911,771 1,062,695 840,495
Equity
Stated capital 18(a) 51,222 51,222 51,222 51,222
Retained earnings 372,219 293,023 385,566 301,591
Foreign currency translation reserve 18(b) 4,503 5,152 - -
Non‑controlling interest 31 (9,383) (5,232) - -
Total equity 418,561 344,165 436,788 352,813
Liabilities
Lease liabilities 33(b) 10,765 8,486 10,765 8,486
Bank overdraft 17 3,108 2,406 3,108 2,406
Loans and borrowings 21 6,961 10,833 - -
Trade and other payables 20 472,604 331,917 471,042 329,773
Amounts due to related companies 24 126,464 140,376 112,938 129,571
Total current liabilities 619,902 494,018 597,853 470,236
Lease liabilities 33(b) 15,376 8,022 15,376 8,022

Loans and borrowings 21 62,664 56,142 - -
Deferred tax liability 11 4,851 - - -
Provisions 22 1,547 1,547 1,547 1,547
Employee benefits 26(b) 11,131 7,877 11,131 7,877
Total non‑current liabilities 95,569 73,588 28,054 17,446
Total liabilities 715,471 567,606 625,907 487,682
Total liabilities and equity 1,134,032 911,771 1,062,695 840,495
The notes on page 26 to 75 form an integral part of these financial statements.
These financial statements on pages 21 to 75 were approved by the Board of Directors on 24 March 2022 and
signed on their behalf by:
OLUFEMI BABAJIDE REXFORD ADOMAKO-BONSU

Director Director

21
9
1
Statements of Profit or Loss and
Other Comprehensive Income
For the year ended 31 December 2021

2021 2020 2021 2020
Note GH¢’000 GH¢’000 GH¢’000 GH¢’000
Revenue 6 3,226,984 2,394,002 3,218,179 2,384,158
Cost of sales 8 (2,901,460) (2,045,084) (2,896,838) (2,039,837)
Gross profit 325,524 348,918 321,341 344,321
Other income 7 27,355 22,072 27,275 22,009
Impairment release/(charge) on trade
23(ii) 5,274 (20,615) 5,274 (20,615)
receivables
General, administrative and selling
8 (206,978) (188,994) (202,765) (187,631)
expense
Operating profit before financing (costs)/ income 151,175 161,381 151,125 158,084
Finance income 30 5,601 1,895 5,601 1,895
Finance costs 30 (7,751) (11,190) (4,503) (6,783)
Share of loss from associate, net of tax 14(a) (352) (189) - -
Profit before taxation 148,673 151,897 152,223 153,196
Income tax expense 10(i) (44,330) (39,512) (39,479) (39,512)
Profit for the year 104,343 112,385 112,744 113,684
Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Foreign operations- Foreign currency translation
(1,178) (405) - -
differences
Income tax on other comprehensive income - - - -
(1,178) (405) - -
Items that will not be reclassified to profit or loss:
Remeasurement loss on employee benefit 26(b) ii (2,141) (3,508) (2,141) (3,508)
Related income tax 10 (ii) 535 877 535 877
(1,606) (2,631) (1,606) (2,631)
Other comprehensive income for the year (2,784) (3,036) (1,606) (2,631)
Total comprehensive income 101,559 109,349 111,138 111,053
Profit/(loss) attributable to:

Owners of the company 107,965 114,235 - -
Non‑controlling interest 31 (3,622) (1,850) - -
Total comprehensive income attributed to:

Owners of the company 105,710 111,381 - -
Non‑controlling interest (4,151) (2,032) - -
Earnings per share

Basic earnings per share (Ghana cedi per
19 0.9651 1.0211 1.0078 1.0162
share)
Diluted earnings per share (Ghana cedi
19 0.9651 1.0211 1.0078 1.0162
per share)

22
9
1 Statements of Changes In Equity
Stated Retained Foreign Currency Non‑ Total

Capital Earnings Translation Controlling Equity
Reserve Interest
Group GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Balance at 1 January 2021 51,222 293,023 5,152 (5,232) 344,165
Total comprehensive income for the year

Profit/(loss) for the year - 107,965 - (3,622) 104,343
Other comprehensive income-loss - (1,606) (649) (529) (2,784)
Total comprehensive income for the year - 106,359 (649) (4,151) 101,559
Transaction with equity holders

Dividends (Note 18(c)) - (27,163) - - (27,163)
Total transactions with equity holders - (27,163) - - (27,163)
Balance at 31 December 2021 51,222 372,219 4,503 (9,383) 418,561
Balance at 1 January 2020 51,222 198,636 5,375 (3,200) 252,033

Profit/(loss) for the year - 114,235 - (1,850) 112,385
Other comprehensive income - (2,631) (223) (182) (3,036)
Total comprehensive income for the year - 111,604 (223) (2,032) 109,349
Dividends (Note 18(c)) - (17,217) - - (17,217)
Total transactions with equity holders - (17,217) - - (17,217)
Balance at 31 December 2020 51,222 293,023 5,152 (5,232) 344,165
Stated Retained Total

Capital Earnings Equity
Company GH¢'000 GH¢'000 GH¢'000
Balance at 1 January 2021 51,222 301,591 352,813
Profit for the year - 112,744 112,744
Other comprehensive income- loss - (1,606) (1,606)
Total comprehensive income for the year - 111,138 111,138
Dividends (Note 18(c)) - (27,163) (27,163)
Total transactions with equity holders - (27,163) (27,163)
Balance at 31 December 2021 51,222 385,566 436,788

Profit for the year - 113,684 113,684
Other comprehensive income - loss (2,631) (2,631)
Total comprehensive income for the year - 111,053 111,053
Dividends (Note 18(c)) - (17,217) (17,217)
Total transactions with equity holders - (17,217) (17,217)

23
9
1 Statements of Cash Flows

2021 2020 2021 2020
Note GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cash flows from operating activities
Adjustments for:
Foreign exchange loss/(gains) 1,586 (1,674) 1,586 (976)
Depreciation of property, plant and equipment 12(a) 42,751 41,859 38,158 36,147
Depreciation of right-of-use-assets 33(a) 11,732 11,244 11,732 11,244
Write-off of property, plant and equipment 12(a) 4,370 - 4,370 -
Amortisation of intangible assets 13(a) 627 515 558 499
Impairment (gain)/ loss on trade receivables 23(ii) (5,274) 20,615 (5,274) 20,615
Inventory provision 15 14 202 14 202
Interest income 30 (5,601) (1,895) (5,601) (1,895)
Interest expense 30 7,751 11,190 4,503 6,783
(Profit)/loss on disposal of plant and equipment 12(a) i (212) 177 (212) 177
Impairment of subsidiary 14(b) - - - 3,000
Share of loss from associate 14(a) 352 189 - -
206,769 234,319 202,057 228,992
Change in inventories (74,259) (35,785) (74,258) (35,785)
Change in trade and other receivables (55,473) 34,495 (56,594) 35,159
Change in trade and other payables 139,415 (70,197) 140,099 (69,593)
Change in related party balances (14,675) 73,978 (15,621) 69,693
Change in employee benefits 1,113 (176) 1,113 (176)
Cash generated from operations 202,890 236,634 196,796 228,290
Interest received 30 5,601 1,895 5,601 1,895
Interest paid (4,289) (7,933) (2,352) (5,311)
Income taxes paid 10(iii) (41,007) (43,703) (41,007) (43,703)
Net cash flow from operating activities 163,195 186,893 159,038 181,171
Cash flows from investing activities
Purchase of property, plant and equipment 12(a) (62,540) (40,242) (62,470) (40,022)
Purchase of software 13(a) (98) (837) (36) (837)
Proceeds from sale of plant and equipment 12(a) i 457 153 457 153
Long term refunds 34 - 700 - 700
Net cash flow used in investing activities (62,181) (40,226) (62,049) (40,006)
Cash flows from financing activities
Dividend paid 18(c) (27,163) (17,217) (27,163) (17,217)
Payments for loans 21(b) (3,980) (10,608) - (6,250)
Principal elements of lease payments 33(b) (18,551) (10,259) (18,551) (10,259)
Net cash flow used in financing activities (49,694) (38,084) (45,714) (33,726)
Net increase in cash and cash equivalents 51,320 108,583 51,275 107,439
Analysis of changes in cash and cash
equivalents during the year
Cash and Cash equivalent at 1 January 89,260 (19,767) 87,427 (20,162)
Net increase in cash and cash equivalents 51,320 108,583 51,275 107,439
Effect of foreign exchange fluctuation on cash held 453 444 299 150
Cash and cash equivalents at 31 December 141,033 89,260 139,001 87,427

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10 Notes to the Financial Statements
1. Reporting entity Judgements
Total Petroleum Ghana PLC (the “Company”) is a Information about judgements made in applying the
company registered and domiciled in Ghana. The accounting policies that have the most significant
address of the Company’s registered office is Total effects on the amounts recognised in these financial
House, 25 Liberia Road, Accra. The Company is statements is included in the following notes:
authorised to carry on the business of marketing
• Notes 33 – lease term: whether the Group and
petroleum and allied products. The financial
statements of the Company as at and for the year Company are reasonably certain to exercise
ended 31 December 2021 comprise the separate extension options.
financial statements of the Company standing alone Assumptions and estimation uncertainties
and the consolidated financial statements of the
Company and its subsidiary, (together referred to as Information about assumptions and estimation
the ‘Group’) and the Group’s interest in associates. uncertainties at 31 December 2021 that have a
significant risk of resulting in a material adjustment
Total Petroleum Ghana PLC is listed on the Ghana to the carrying amounts of assets and liabilities in the
Stock Exchange. next financial year is included in the following notes:
2. Basis of accounting • Note 11 – recognition of deferred tax assets:

availability of future taxable profit against
a. Statement of compliance
which deductible temporary differences and
The consolidated and separate financial statements tax losses carried forward can be utilized
(“financial statements”) have been prepared in
• Note 13(b) – impairment test of goodwill:
accordance with International Financial Reporting
Standards (IFRSs) and in the manner required by the key assumptions underlying the recoverable
Companies Act, 2019 (Act 992). amount
• Note 14(b) – impairment test of investment

b. Basis of measurement
in subsidiary: key assumptions underlying
These financial statements have been prepared recoverable amount
under the historical cost convention except for other
long term employee benefits obligations and defined • Note 22 – recognition and measurement
benefit obligations, recognised at the present value of provisions; key assumptions about the
of the future obligations. likelihood and magnitude of an outflow of
resources
c. Functional and presentational currency
• Note 23(ii) – measurement of Expected Credit
These financial statements are presented in Ghana Loss (ECL) allowance for trade receivables:
cedis (GH¢) which is the Company’s functional key assumptions in determining the weighted-
currency. All financial information presented in Ghana
average loss rate
cedi has been rounded to the nearest thousand,
unless otherwise indicated. • Note 26 - measurement of defined benefit
obligation: key actuarial assumptions
d. Use of estimates and judgement
In preparing these financial statements, management

has made judgments, estimates and assumptions that
affect the application of the Group and Company’s
accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed

on an ongoing basis. Revisions to estimates are
recognised prospectively.

26
For the year ended 31 December 2021 - cont’d
3.1. Significant accounting policies are measured at cost less any impairments in the
separate financial statements of the Company.
The accounting policies set out below have been
applied consistently to all periods presented in these (iv) Loss of control
financial statements, except if mentioned otherwise.
When the Group loses control over a subsidiary,
All accounting policies relate to both Group and
it derecognises the assets and liabilities of the
Company.
subsidiary, and any related non-controlling interest
a. Basis of consolidation and other components of equity. Any resulting gain
or loss is recognised in profit or loss. Any interest
(i) Business combinations retained in the former subsidiary is measured at fair
Business combinations are accounted for using the value when control is lost.
acquisition method at the acquisition date - i.e. when
(v) Interests in equity accounted investees
control is transferred to the Group. The consideration
transferred in the acquisition is measured at fair The Group’s interests in equity accounted investees
value, as are the identifiable net assets acquired. Any comprise interests in associates. Associates are those
goodwill that arises is tested annually for impairment. entities in which the Group has significant influence,
Any gain on a bargain purchase is recognised in profit but not control, over the financial and operating
or loss immediately. Transaction costs are expensed policies.
as incurred, except if they relate to the issue of debt
Interests in associates are accounted for using the
or equity securities.
equity method.
The consideration transferred does not include
They are recognised initially at cost, which
amounts that relate to the settlement of pre-existing
includes transaction costs. Subsequent to initial
relationships, such amounts are generally recognised
recognition, the consolidated financial statements
in profit or loss.
include the Group’s share of the profit or loss and
Any contingent consideration payable is measured other comprehensive income of equity accounted
at fair value at the acquisition date. If the contingent investees, until the date on which significant influence
consideration is classified as equity, then it is not re- ceases.
measured and settlement is accounted for within
In the separate financial statements, investment
equity. Otherwise, subsequent changes in the fair
in associates are measured initially at cost.
value of the contingent consideration are recognised
Subsequently, they are measured at cost less any
in profit or loss.
impairment. Cost also includes direct attributable
The financial statements of the subsidiary used to costs of investment.
prepare the consolidated financial statements were
(vi) Transactions eliminated on consolidation
prepared as of the Company’s reporting date.
Intra group balances and transactions, and any
(ii) Non controlling interests unrealised income and expenses arising from intra
Non-controlling interests are measured at their group transactions, are eliminated. Unrealised gains
proportionate share of the acquiree’s identifiable net arising from transactions with equity accounted
assets at the acquisition date. Changes in the Group’s investees are eliminated against the investment to
interest in a subsidiary that do not result in a loss of the extent of the Group’s interest in the investee.
control are accounted for as equity transactions. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is
(iii) Subsidiaries no evidence of impairment.
Subsidiaries are entities controlled by the Group. The
b. Financial instruments
Group controls an entity when it is exposed to, or
has rights to, variable returns from its involvement All financial assets and liabilities are recognised in
with the entity and has the ability to affect those the statements of financial position and measured in
returns through its power over the entity. The accordance with their assigned category.
financial statements of subsidiaries are included
in the consolidated financial statements from the
date on which control commences until the date
on which control ceases. Investment in subsidiaries

27
10
3.1. Significant accounting All financial assets not classified as measured at

amortised cost or FVOCI are measured at FVTPL.
policies (cont’d) On initial recognition, the Group and Company may
b. Financial instruments (cont’d) irrevocably designate a financial asset that otherwise
meets the requirement to be measured at amortised
Trade receivables and debt securities issued are cost or at FVOCI or at FVTPL if doing so eliminates
initially recognised when they are originated. All or significantly reduces an accounting mismatch that
other financial assets and financial liabilities are would otherwise arise.
initially recognised when the Group and Company
become a party to the contractual provisions of the (ii) Financial assets - Business model assessmet
instrument.
The Group and Company make an assessment of
A financial asset (unless it is a trade receivable without the objective of the business model in which a
a significant financing component) or financial financial asset is held at a portfolio level because
liability is initially measured at fair values plus, for an this best reflects the way the business is managed,
item not at fair value through profit or loss (FVTPL), and information is provided to management. The
transaction costs that are directly attributable to its information considered includes:
acquisition or issue. A trade receivable without a
significant financing component is initially measured • the stated policies and objectives for
at the transaction price. the portfolio and the operation of those
policies in practice. These include whether
Classification and subsequent measurement management’s strategy focuses on earning
(i) Financial assets contractual interest income, maintaining a
particular interest rate profile, matching the
On initial recognition, a financial asset is classified
duration of the financial assets to the duration
as measured at: (a) amortized cost; (b) fair value
of any related liabilities or expected cash
through other comprehensive income (FVOCI) –
debt investment where the contractual cash flows are outflows or realising cash flows through the
solely principal and interest and the objective of the sale of the assets;
Group’s business model is to achieve both collecting • how the performance of the portfolio is
contractual cash flows and selling financial assets; evaluated and reported to the Group and
FVOCI – equity investment not held for trading; or
Company’s management;
(c) fair value through profit or loss (FVTPL). The
classification depends on the Group’s business model • the risks that affect the performance of
for managing the financial assets and the contractual the business model (and the financial
terms of the cashflows. assets held within that business
model) and how those risks are managed;
Financial assets are not reclassified subsequent
to their initial recognition unless the Group and • how managers of the business are
Company changes its business model for managing compensated - e.g. whether compensation is
financial assets, in which case all affected financial based on the fair value of the assets managed
assets are reclassified on the first day of the first or the contractual cash flows collected; and
reporting period following the change in the business
model. • the frequency, volume and timing of sales of
financial assets in prior periods, the reasons
A financial asset is measured at amortised cost if it for such sales and expectations about future
meets both of the following conditions and is not
sales activity.
designated as at FVTPL:
Transfers of financial assets to third parties in
• It is held within a business model whose transactions that do not qualify for derecognition are
objective is to hold assets to collect not considered sales for this purpose, consistent with
contractual cash flows; and the Group and Company’s continuing recognition of
the assets.
• Its contractual terms give rise on specified
dates to cash flows that are solely payments
of principal and interest on the principal
amount outstanding.

28
3.1. Significant accounting additional compensation for early termination) is

treated as consistent with this criterion if the fair
policies (cont’d) value of the prepayment feature is insignificant at
b. Financial instruments (cont’d) initial recognition.
Financial assets that are held for trading or are (iv) Financial assets - Subsequent measurement and
managed and whose performance is evaluated on a gains and losses
fair value basis are measured at FVTPL.
Financial assets at amortised cost
(iii) Financial assets - Assessment whether contractual These assets are subsequently measured at
cash flows are solely payments of principal and amortised cost using the effective interest method.
interest The amortised cost is reduced by impairment losses.
For the purposes of this assessment, ‘principal’ is Interest income, foreign exchange gains and losses
defined as the fair value of the financial asset on initial and impairment are recognised in profit or loss. Any
recognition. ‘Interest’ is defined as consideration gain or loss on derecognition is recognised in profit
for the time value of money and for the credit risk or loss.
associated with the principal amount outstanding
(v) Financial liabilities - Classification, subsequent
during a particular period of time and for other
measurement and gains and losses
basic lending risks and costs {e.g. liquidity risk and
administrative costs), as well as a profit margin. Financial liabilities are classified as measured at
amortised cost. These financial liabilities comprise
In assessing whether the contractual cash flows are trade and other payables, loans and borrowings, bank
solely payments of principal and interest, the Group overdrafts and amounts due to related companies.
and Company consider the contractual terms of These liabilities are recognized initially on the date
the instrument. This includes assessing whether the at which the Group and Company becomes a party
financial asset contains a contractual term that could to the contractual provision of the instrument. All
change the timing or amount of contractual cash financial liabilities are subsequently measured at
flows such that it would not meet this condition. In amortised cost using the effective interest method.
making this assessment, the Group and Company Interest expense and foreign exchange gains and
consider: losses are recognised in profit or loss. Any gain or
loss on derecognition is also recognised in profit or
• contingent events that would change the
loss.
amount or timing of cash flows;
• terms that may adjust the contractual coupon Derecognition

rate, including variable-rate features; (vi) Financial assets
• prepayment and extension features; and The Group and Company derecognise a financial
asset when the contractual rights to the cash flows
• terms that limit the Group and Company’s
from the financial asset expire, or it transfers the
claim to cash flows from specified assets (e.g.
rights to receive the contractual cash flows in a
non-recourse features). transaction in which substantially all of the risks
A prepayment feature is consistent with the sole and rewards of ownership of the financial asset are
payments of principal and interest criterion if the transferred or in which the Group neither transfers
prepayment amount substantially represents unpaid nor retains substantially all of the risks and rewards
amounts of principal and interest on the principal of ownership and it does not retain control of the
amount outstanding, which may include reasonable financial asset.
additional compensation for early termination of the
(vii) Financial liabilities
contract.
The Group and Company derecognise a financial
Additionally, for a financial asset acquired at a liability when its contractual obligations are
discount or premium to its contractual par amount, discharged or cancelled or expire. The Group and
a feature that permits or requires prepayment at an Company also derecognise a financial liability when
amount that substantially represents the contractual its terms are modified and the cash flows of the
par amount plus accrued (but unpaid) contractual modified liability are substantially different, in which
interest (which may also include reasonable

29
10
case a new financial liability based on the modified past due. However, in certain cases, the Company
terms is recognised at fair value. may also consider a financial asset to be in default
when internal or external information indicates that
3.1. Significant accounting the Company is unlikely to receive the outstanding
contractual amounts in full before taking into account
policies (cont’d)
any credit enhancements held by the Company.
b. Financial instruments (cont’d) Lifetime ECLs are the ECLs that result from all
possible default events over the expected life of a
(vii) Financial liabilities (cont’d)
financial instrument.
On derecognition of a financial liability, the difference
between the carrying amount extinguished and the 12-month ECLs are the portion of ECLs that result from
consideration paid (including any non cash assets default events that are possible within the 12 months
transferred or liabilities assumed) is recognised in after the reporting date (or a shorter period if the
profit or loss. expected life of the instrument is less than 12 months).
The maximum period considered when estimating
(viii) Offsetting ECLs is the maximum contractual period over which
the Group and Company are exposed to credit risk.
Financial assets and financial liabilities are offset
and the net amount presented in the statement of
Measurement of ECLs
financial position when, and only when, the Group
and Company currently have a legally enforceable ECLs are a probability-weighted estimate of credit
right to set off the amounts and it intends either to losses. Credit losses are measured as the present
settle them on a net basis or to realise the asset and value of all cash shortfalls (i.e. the difference
settle the liability simultaneously. between the cash flows due to the entity in
accordance with the contract and the cash flows
Income and expenses are presented on a net basis that the Group and Company expect to receive).
only when permitted under applicable accounting ECLs are discounted at the effective interest rate of
standards, or for gains and losses arising from a the financial asset.
Group or Company of similar transactions such as in
the Group and Company’s trading activity. Credit-impaired financial assets
At each reporting date, the Group and Company
c. Impairment
assess whether financial assets carried at amortised
Financial instruments cost are credit-impaired. A financial asset is ‘credit-
impaired’ when one or more events that have
The Group and the Company assess on a forward-
a detrimental impact on the estimated future
looking basis the expected credit loss associated
cash flows of the financial asset have occurred.
with its financial assets carried at amortised cost.
Evidence that a financial asset is credit-impaired
For trade receivables, the Group and the Company
includes the following observable data:
applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected • significant financial difficulty of the borrower
loss allowance for all trade receivables.
or issuer;
When determining whether the credit risk of a • a breach of contract such as a default; or
financial asset has increased significantly since initial
recognition and when estimating ECLs, the Group • it is probable that the borrower will enter
and Company consider reasonable and supportable bankruptcy or other financial reorganisation
information that is relevant and available without
Presentation of allowance for ECL in the statement of
undue cost or effort. This includes both quantitative
financial position
and qualitative information and analysis, based on
the Group and Company’s historical experience and Loss allowances for financial assets measured at
informed credit assessment and including forward- amortised cost are deducted from the gross carrying
looking information. amount of the assets.
The Group and Company consider a financial asset

to have a significant increase in credit risk when the
contractual payments are 30 days past due and to be
in default when contractual payments are 180 days

30
10
3.1. Significant accounting An impairment loss in respect of goodwill is not

reversed. For other assets, an impairment loss is
policies (cont’d) reversed only to the extent that the asset’s carrying
c. Impairment (cont’d) amount does not exceed the carrying amount that
would have been determined, net of depreciation
Write-off or amortisation, if no impairment loss had been
The gross carrying amount of a financial asset is recognised.
written off when the Group and Company have no
reasonable expectations of recovering a financial d. Leases
asset in its entirety or a portion thereof. The Group The Group and Company assess at contract inception
and Company individually make an assessment whether a contract is, or contains, a lease. That is, if
with respect to the timing and amount of write-off the contract conveys the right to control the use of
based on whether there is a reasonable expectation an identified asset for a period of time in exchange
of recovery. The Group and Company expect no for consideration.
significant recovery from the amount written off.
However, financial assets that are written off could Group and Company acting as a lessee
still be subject to enforcement activities in order to
The Group and Company apply a single recognition
comply with the Group and Company’s procedures
and measurement approach for all leases, except
for recovery of amounts due.
for short term leases and leases of low-value assets.
Non-financial assets The Group and Company recognise lease liabilities
to make lease payments and right-of-use assets
At each reporting date, the Group and Company representing the right to use the underlying assets.
review the carrying amounts of its non-financial
assets (other than inventories and deferred tax i) Right-of-use assets
assets) to determine whether there is any indication
The Group and Company recognise right-of-use
of impairment. If any such indication exists, then the
assets at the commencement date of the lease (i.e.,
asset’s recoverable amount is estimated. Goodwill is
the date the underlying asset is available for use).
tested annually for impairment.
Right-of-use assets are measured at cost, less any
For impairment testing, assets are grouped into the accumulated depreciation and impairment losses,
smallest group of assets that generates cash inflows and adjusted for any remeasurement of lease
from continuing use that are largely independent of liabilities. The cost of right-of-use assets includes the
cash flows of other assets or cash generating units amount of lease liabilities recognised, initial direct
(CGUs). Goodwill arising on business combination costs incurred, and lease payments made at or before
is allocated to CGUs or groups of CGUs that are the commencement date less any lease incentives
expected to benefit from the synergies of the received. Right-of-use assets are depreciated on
combination. a straight-line basis over the shorter of the lease
term and the estimated useful lives of the assets, as
The recoverable amount of an asset or CGU is the follows:
greater of its value in use and its fair value less costs
to sell. Value in use is based on the estimated future Land and leasehold properties 2 to 50 years
cash flows, discounted to their present value using Motor vehicles and other 2 to 6 years
a pre-tax discount rate that reflects current market equipment
assessments of the time value of money and the risks
specific to the asset or CGU. If ownership of the leased asset transfers to the
Group and Company at the end of the lease term or
Impairment losses are recognised if the carrying the cost reflects the exercise of a purchase option,
amount of an asset or CGU exceeds its recoverable depreciation is calculated using the estimated useful
amount. life of the asset.
Impairment losses are recognised in profit or loss.
They are first allocated to reduce the carrying amount
of any goodwill allocated to the CGU, and then to
reduce the carrying amount of the other assets in the
CGU on a pro rata basis.

31
10
3.1. Significant accounting iii) Short-term leases and leases of low-value assets
policies (cont’d) The Group and Company have elected not to

recognise right of use assets and lease liabilities for
d. Leases (cont’d) leases of low value assets and short term leases (i.e.,
The right-of-use assets are also subject to impairment those leases that have a lease term of 12 months
if any, and adjusted for certain remeasurements of or less from the commencement date and do not
the lease liability. Refer to the accounting policies in contain a purchase option). The Group and Company
section 3.1.(c) Impairment of non-financial assets. recognises the lease payments associated with these
leases as an expense on a straight line basis over the
ii) Lease liabilities lease term.
At the commencement date of the lease, the Group and Group and Company acting as a lessor
Company recognise lease liabilities measured at the
present value of lease payments to be made over the At inception or on modification of a contract that
lease term. The lease payments include fixed payments contains a lease component, the Group and Company
(including insubstance fixed payments) less any allocate the consideration in the contract to each lease
lease incentives receivable, variable lease payments component on the basis of their standalone prices.
that depend on an index or a rate, and amounts When the Group and Company act as a lessor, it
expected to be paid under residual value guarantees. determines at lease inception whether each lease is
The lease payments also include the exercise price a finance lease or an operating lease.
of a purchase option reasonably certain to be
To classify each lease, the Group and Company make
exercised by the Group and Company payments of
an overall assessment of whether the lease transfer
penalties for terminating the lease, if the lease term
substantially all of the risks and rewards incidental
reflects the Group and Company exercising the
to ownership of the underlying asset. If this is the
option to terminate. Variable lease payments that
case, then the lease is a finance lease; if not, then
do not depend on an index or a rate are recognised
it is an operating lease. As part of this assessment,
as expenses (unless they are incurred to produce
the Group and Company consider certain indicators
inventories) in the period in which the event or
such as whether the leases are for the major part of
condition that triggers the payment occurs.
the economic life of the asset.
In calculating the present value of lease payments,
When the Group and Company is an intermediate
the Group and Company use its incremental
lessor, it accounts for its interests in the head lease
borrowing rate at the lease commencement date
and the sub-lease separately. It assesses the lease
because the interest rate implicit in the lease is not
classification of a sub-lease with reference to the
readily determinable. After the commencement
right-of-use asset arising from the head lease, not
date, the amount of lease liabilities is increased to
with reference to the underlying asset. If a head lease
reflect the accretion of interest and reduced for
is a short-term lease to which the Group applies the
the lease payments made. In addition, the carrying
exemption described above, then it classifies the
amount of lease liabilities is remeasured if there is a
sub-lease as an operating lease.
modification, a change in the lease term, a change in
the lease payments or a change in the assessment of If an arrangement contains a lease and non-lease
an option to purchase the underlying asset. components, then the Group and Company apply
IFRS 15 to allocate the consideration in the contract.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying The Group and Company recognize lease payments
amount of the right-of-use asset or is recorded in received under operating leases as income on a
profit or loss if the carrying amount of the right-of- straight-line basis over the lease term as part of
use asset has been reduced to zero. other income.
The Group and Company present right-of-use assets Initial direct costs incurred in negotiating and
and lease liabilities separately in the statement of arranging an operating lease are added to the
financial position. carrying amount of the leased asset and recognised
over the lease term on the same basis as rental
income. Contingent rents are recognised as revenue
in the period in which they are earned.

32
10
3.1. Significant accounting Distribution and Service Station Plants 10 -20 years
policies (cont’d) Furniture, Equipment and Motor Vehicles 5 -20 years
Leasehold properties 20 years
d. Leases (cont’d)
The Group and Company apply the derecognition Depreciation methods, useful lives and residual
and impairment requirements in IFRS 9 to the net values are reassessed at each reporting date and
investment in the lease. The Group and Company adjusted if appropriate.
further regularly review estimated unguaranteed
(iv) Capital work in progress
residual values used in calculating the gross
investment in the lease. Property, plant, and equipment under construction is
stated at initial cost and depreciated from the date
e. Property, plant and equipment the asset is made available for use over its estimated
useful life. Assets are transferred from capital work
(i) Recognition and measurement
in progress to an appropriate category of property,
Items of property, plant and equipment are initially plant and equipment when commissioned and ready
recognised at cost and subsequently measured for its intended use.
at cost less accumulated depreciation and any
impairment losses. (v) Derecognition
Property, plant and equipment are derecognised
Cost includes expenditures that are directly
upon disposal or when no future economic benefits
attributable to the acquisition of the asset. The
are expected to flow to the Group and Company
cost of self-constructed assets includes the cost
from either their use or disposal. The gain or loss on
of materials and direct labour, and any other costs
disposal of an item of property, plant, and equipment
directly attributable to bringing the asset to a
is determined by comparing the proceeds from
working condition for its intended use. Purchased
disposal with the carrying amount of the item of
software that is integral to the functionality of the
property, plant, and equipment, and is recognised in
related equipment is capitalised as part of that
other income/other expenses in profit or loss.
equipment.
When parts of an item of property, plant and f. Intangible assets and goodwill
equipment have different useful lives, they are (i) Recognition and measurement
accounted for as separate items (major components)
of property, plant and equipment. Software acquired by the Group and Company
is initially recognised at cost and subsequently
(ii) Subsequent costs stated at cost less accumulated amortisation and
accumulated impairment losses.
The cost of replacing part of an item of property, plant
or equipment is recognised in the carrying amount of Goodwill arising on acquisition of subsidiaries
the item if it is probable that future economic benefits represents the excess of acquisition costs over the
embodied within the part will flow to the Group and Group’s interest in the fair value of net identifiable
Company and its cost can be measured reliably. The assets acquired. Goodwill is measured at cost less
carrying amount of any component accounted for any accumulated impairment loss.
as a separate asset is derecognised when replaced.
The costs of the day to day servicing of property, (ii) Subsequent expenditure
plant and equipment are recognised in profit or loss
Subsequent expenditure is capitalised only when it
as incurred.
increases the future economic benefits embodied
(iii) Depreciation in the specific asset to which it relates. All other
expenditure is expensed as incurred.
Depreciation is recognised in profit or loss on a
straight line basis over the estimated useful lives of
each part of an item of property, plant and equipment.
The estimated useful lives for the current and

comparative periods are as follows:

33
10
3.1 Significant accounting in terms of historical cost in a foreign currency are

translated using the exchange rate at the date of the
policies (cont’d) transaction. The Company’s functional currency is
f. Intangible assets and goodwill (cont’d) the Ghana Cedi. The subsidiary’s functional currency
is the United States Dollar.
(iii) Amortization
The Group reports in Ghana Cedi hence takes
Amortisation is calculated to write off the cost of
into consideration the translation of subsidiary’s
intangible assets less their estimated residual values
functional currency. The translation differences that
using the straight line method over their estimated
arise are recognised in other comprehensive income
useful lives, from the date that it is available for use.
and the foreign currency translation reserve.
Amortisation is generally recognised in profit or loss.
Goodwill is not amortised, rather it is reviewed for (ii) Foreign operations
impairment annually. Any impairment loss is charged
to profit or loss. The assets and liabilities of foreign operations are
translated into Ghana Cedis at the spot exchange
The estimated useful life of software is four years. rates at the reporting date. The income and expenses
of foreign operations are translated into Ghana
Amortisation methods, useful lives and residual Cedis at the average exchange rates for the period.
values are reviewed at each reporting date and Foreign currency differences arising on the
adjusted if appropriate. translation are recognised in other comprehensive
(iv) Derecognition income and accumulated in the foreign currency
translation reserve, except to the extent that
Intangible assets are derecognised upon disposal the translation difference is allocated to NCI.
or when no future economic benefits are expected When a foreign operation is disposed of, the
to flow to the Group and Company from either their cumulative amount in the translation reserve relating
use or disposal. Gains or losses on derecognition of to that foreign operation is reclassified to profit or
an intangible asset are determined by comparing loss as part of the gain or loss on disposal.
the proceeds from disposal, if applicable, with the
carrying amount of the intangible asset and are i. Employee benefits
recognised directly in profit or loss.
Short term benefits
g. Inventories Short-term employee benefit obligations are
Inventories are measured at the lower of cost and measured on an undiscounted basis and are
net realisable value. The cost of inventories is based expensed as the related service is provided. A
on the weighted average principle, and includes provision is recognized for the amount expected to
expenditure incurred in acquiring the inventories be paid under short-term cash bonus or profit sharing
and bringing them to their existing location and plans, if the Group and Company have a present legal
condition. Net realisable value is the estimated or constructive obligation to pay this amount as a
selling price in the ordinary course of business, less result of past service provided by the employee and
estimated selling expenses. the obligation can be estimated reliably.
Defined contribution plans

h. Foreign currency
A defined contribution plan is a post employment
(i) Foreign currency transactions
benefit plan under which an entity pays fixed
Transactions in foreign currencies are translated to contributions to a separate entity and will have
the respective functional currencies of Group entities no legal or constructive obligation to pay future
at the foreign exchange rate ruling at the dates of amounts. Obligations for contributions to defined
the transaction. Monetary assets and liabilities contribution schemes are recognised as an expense
denominated in foreign currencies at the reporting in profit or loss when they are due.
date are translated to the functional currency at the
foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are
recognised in profit or loss depending on whether
the net exchange differences results in a gain or loss.
Non-monetary assets and liabilities that are measured

34
10
3.1 Significant accounting high-quality corporate bonds that are denominated

in the currency in which the benefits will be paid,
policies (cont’d) and that have terms approximating to the terms of
i. Employee benefits (cont’d) the related obligation. These costs are included in
general, administrative and selling expenses in the
The Group and Company have the following defined statement of profit or loss.
contribution schemes:
Remeasurement gains and losses arising from
Social Security and National Insurance Trust experience adjustments and changes in actuarial
Under a national pension scheme, the Group and assumptions are charged or credited to equity in
Company contribute 13% of employees’ basic salary other comprehensive income in the period in which
to the Social Security and National Insurance Trust they arise.
(SSNIT) for employee pensions under the terms
These obligations are valued annually by independent
of the National Pensions Act 2008 (Act 766). The
qualified actuaries using the projected unit credit
Group and Company’s obligation is limited to the
method.
relevant contributions, which have been recognised
in the financial statements. The pension liabilities and
j. Provisions
obligations, however, rest with SSNIT.
A provision is recognised when the Group and
Provident fund (Defipro) Company have a present legal or constructive
The Group and Company have a provident fund obligation as a result of a past event, that can be
scheme for staff under which the Group and reliably measured and it is probable that an outflow
Company contribute 10% of staff basic salary. The of economic benefits will be required to settle the
obligation under the plan is limited to the relevant obligation. Provisions are determined by discounting
contributions which have been recognised in the the expected future cash flows at pre tax rates that
financial statements and are settled on due dates to reflect risks specific to the liability.
the fund manager.
k. Revenue
Termination benefits
Revenue from contracts with customers is recognised
Termination benefits are expensed at the earlier when control of the goods or services are transferred
of when the Group and Company can no longer to the customer at an amount that reflects the
withdraw the offer of those benefits and when consideration to which the Group and Company
the Group and Company recognise costs for a expect to be entitled in exchange for those goods
restructuring. If benefits are not expected to be or services. The Group and Company have generally
settled wholly within 12 months of the reporting concluded that it is the principal in its revenue
date, then they are discounted. arrangements because it typically controls the goods
or services before transferring them to the customer.
Other long-term employee benefits Revenue from sale of petroleum products is
The Group and Company’s obligation in respect to recognised at the point in time when control of the
long-term employee benefits is the amount of future asset is transferred to the customer, generally when
benefit that employees have earned in return for customers lift petroleum products from designated
their services in the current and prior periods. That depots and/or when products are delivered.
benefit is discounted to determine its present value.
Customers have up to seven (7) days from the date
Remeasurements are recognised in profit or loss in
of delivery to report in writing any defects in product
the period in which they arise.
or short delivery.
Other post-employment obligations
The Group and Company provide post-retirement
healthcare benefits to their retirees. The entitlement
to these benefits is usually conditional on the
employee remaining in service up to retirement age.
The expected costs of these benefits are accrued
over the period of employment by discounting the
estimated future cash outflows using interest rates of

35
10
3.1 Significant accounting reporting date, and any adjustment to tax payable in
respect of previous years. The amount of current tax
policies (cont’d) payable or receivable is the best estimate of the tax
k. Revenue - cont’d amount expected to be paid or received that reflects
uncertainty related to income taxes, if any.
The Group and Company consider whether there
are other promises in the contract that are separate (ii) Deferred tax
performance obligations to which a portion of
Deferred tax is recognised in respect of temporary
the transaction price needs to be allocated (e.g.,
differences between the carrying amounts of assets
warranties, customer loyalty points). In determining
and liabilities for financial reporting purposes and
the transaction price for the sale of petroleum
the corresponding amounts used for taxation
products, the Group and Company consider the
purposes. Deferred tax is measured at tax rates that
effects of variable consideration, the existence
are expected to be applied to temporary differences
of significant financing components, non-cash
when they reverse, based on laws that have been
consideration, and consideration payable to the
enacted or substantively enacted by the reporting
customer (if any).
date.
If the consideration in a contract includes a variable
A deferred tax asset is recognised for unused tax
amount, the Group and Company estimate the
losses, unused tax credits and deductible temporary
amount of consideration to which it will be entitled in
differences only to the extent that it is probable
exchange for transferring the goods to the customer.
that future taxable profits will be available against
The variable consideration is estimated at contract
which the asset can be utilised. Deferred tax assets
inception and constrained until it is highly probable
are reviewed at each reporting date and are reduced
that a significant revenue reversal in the amount
to the extent that it is no longer probable that the
of cumulative revenue recognised will not occur
related tax benefit will be realised; such reductions
when the associated uncertainty with the variable
are reversed when the probability of future taxable
consideration is subsequently resolved.
profits improves. Unrecognized deferred tax assets
The Group and Company have an average of thirty are reassessed at each reporting date and recognized
(30) days credit policy to the extent that it has become probable that future
taxable profits will be available against which they
l. Finance income and costs can be used.
Finance income comprises interest income on Deferred income tax assets and liabilities are offset
funds invested. Interest income is recognised in when there is a legally enforceable right to offset
profit or loss using the effective interest method. current tax assets against current tax liabilities and
Finance costs comprise interest expense on when the deferred income tax assets and liabilities
borrowings. All borrowing costs are recognised in relate to income taxes levied by the same taxation
profit or loss using the effective interest method. authority on either the same taxable entity or
different taxable entities where there is an intention
m. Income tax
to settle the balances on a net basis.
Income tax expense comprises current and deferred
tax. The Group and Company provide for income n. Dividend
taxes at the current tax rates on the taxable profits Dividend to the Group’s shareholders:
of the Group and Company.
Dividends on ordinary shares are recognized in
Income tax is recognised in the profit or loss except the period in which they are approved by the
to the extent that it relates to items recognised shareholders. Dividend proposed which is yet to be
directly in equity or other comprehensive income, in approved by shareholders, is disclosed by way of
which case it is recognised directly in equity or other notes.
comprehensive income respectively.
Dividend received from the Company’s subsidiaries
(i) Current tax and associates:
Current tax is the expected tax payable or receivable Dividend income is recognized in the profit or loss
on taxable income or losses for the year, using on the date the Company’s right to receive payment
tax rates enacted or substantially enacted at the is established.

36
10
3.1 Significant accounting All other borrowing costs are recognised in profit or
loss in the period in which they are incurred.
policies (cont’d)
o. Segment reporting s. Non-current assets held for sale
A segment is a distinguishable component of the The Group and Company classify non-current assets
Group and Company that is engaged either in and disposal groups as held for sale if their carrying
providing products or services (business segment), amounts will be recovered principally through a sale
or in providing products or services within a transaction rather than through continuing use. Non-
particular economic environment (geographical current assets and disposal groups classified as held
segment), which is subject to risks and rewards that for sale are measured at the lower of their carrying
are different from those of other segments. Segment amount and fair value less costs to sell. Costs to sell
results that are reported to the Managing Director, are the incremental costs directly attributable to
who is the chief operating decision-maker (CODM), the disposal of an asset (disposal group), excluding
include items directly attributed to a segment as well finance costs and income tax expense.
as those that can be allocated on a reasonable basis.
The criteria for held for sale classification is regarded
as met only when the sale is highly probable and the
p. Earnings per share
asset or disposal group is available for immediate sale
The Group and Company presents basic and diluted in its present condition. Actions required to complete
earnings per share (EPS) data for its ordinary shares. the sale should indicate that it is unlikely that
Basic EPS is calculated by dividing the profit or loss significant changes to the sale will be made or that
attributable to ordinary shareholders by the weighted the decision to sell will be withdrawn. Management
average number of ordinary shares outstanding must be committed to the plan to sell the asset and
during the period. Diluted EPS is determined by the sale expected to be completed within one year
adjusting profit or loss attributable to ordinary from the date of the classification.
shareholders and the weighted average number of
ordinary shares outstanding for the effects of all Property, plant and equipment and intangible assets
dilutive potential ordinary shares. are not depreciated or amortised once classified as
held for sale.
q. Stated capital
Assets and liabilities classified as held for sale
The Group and Company’s stated capital is not are presented separately as current items in the
redeemable by holders in the normal course of statement of financial position.
business and bears an entitlement to distributions
that is non-cumulative and at the discretion of t. Cash and cash equivalents
the Directors. Accordingly, they are presented
Cash and cash equivalents per the statement of cash
as a component of issued capital within equity.
flows comprise cash on hand, bank balances and
Incremental costs directly attributable to the issue of
bank overdraft.
ordinary shares, net of any tax effects, are recognised
as deduction from stated capital. u. Operating profit
r. Borrowing costs Operating profit is the result generated from the

continuing principal revenue-producing activities of
General and specific borrowing costs directly
the Group and Company as well as other income and
attributable to the acquisition or construction of
expenses related to operating activities. Operating
qualifying assets, which are assets that necessarily
profit excludes net finance costs and income taxes.
take a substantial period of time to get ready for their
intended use or sale, are added to the costs of those v. Joint Operations
assets, until such time as the assets are substantially
ready for their intended use. A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangement
Investment income earned on the temporary have rights to the assets, and obligations for the
investment of specific borrowings pending their liabilities, relating to the arrangement.
expenditure on qualifying assets is deducted from
borrowing costs eligible for capitalisation.

37
10
3.1 Significant accounting manages those risks, and the entity’s progress in
completing the transition to alternative benchmark
policies (cont’d) rates and how it is managing that transition. Given
v. Joint Operations - cont’d the pervasive nature of IBOR-based contracts, the
reliefs could affect companies in all industries.
The Group and Company account for its interest in a
joint operation by recognizing its assets, including its The Directors have assessed the impact of LIBOR
share of any assets held jointly, its liabilities, including reform amendments and the potential impact on
its share of any liabilities incurred jointly, its revenue the Group and Company. In its assessment, the
from the sale of its share of the output arising from Directors identified LIBOR exposure in relation to
the joint operation, its share of the revenue from the the loan contract between Total Petroleum Ghana
sale of output by the joint operation, and its expenses, PLC (lender) and Ghanstock Limited Company
including its share of any expenses incurred jointly. (borrower), a related company. The facility has a
tenure of 24 months at an interest rate of 3 months
3.2. Changes in accounting libor plus 2% per annum. There is moratorium on
policies and disclosures principal and interest payments until the secured
loan is paid off by Ghanstock Limited Company. First
New and amended standards and interpretations payment is due in June 2028.
The Group and Company applied for the first-time The Directors also made an analysis of contractual
certain standards and amendments, which are fallback provisions and analysis of alternative
effective for annual periods beginning on or after reference rate (ARR). Although no fall-back provisions
1 January 2021. The Group and Company have not were available, the Directors can renegotiate with the
early adopted any other standard, interpretation counterparty. The Group and Company will apply the
or amendment that has been issued but is not yet practical expedient that require contractual changes,
effective. or changes to cashflows that are directly required by
the reform, to be treated as changes to a floating
Interest Rate Benchmark Reform Phase 2 –
interest rate, equivalent to movement in a market
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
rate of interest.
IFRS 16
In August 2020, the IASB made amendments to IFRS This amendment had no impact on the consolidated
9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 to address the and separate financial statements. The Group and
issues that arise during the reform of an interest Company intend to use the practical expedients in
rate benchmark rate, including the replacement of future periods if they become applicable.
one benchmark with an alternative one. The Phase 2
The new and amended standards and interpretations
amendments provide the following reliefs:
that are issued, but not yet effective, up to the date
• When changing the basis for determining of issuance of the Group and Company’s financial
contractual cash flows for financial assets statements are disclosed below. The Group and
Company intends to adopt these new and amended
and liabilities (including lease liabilities),
standards and interpretations, if applicable, when
the reliefs have the effect that the changes,
they become effective. Those that are relevant to
that are necessary as a direct consequence
the Group and Company’s financial statements are
of IBOR reform and which are considered outlined below:
economically equivalent, will not result in
an immediate gain or loss in the income
statement.
• The hedge accounting reliefs will allow most

IAS 39 or IFRS 9 hedge relationships that are
directly affected by IBOR reform to continue.
However, additional ineffectiveness might
need to be recorded.
Affected entities need to disclose information about
the nature and extent of risks arising from IBOR
reform to which the entity is exposed, how the entity

38
10
3.2. Changes in accounting policies and disclosures (cont’d)

New standards and interpretations issued not yet effective - cont’d
Interest Rate Benchmark Reform Phase 2 – Amendments to IFRS

9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (cont’d)
Standard/Interpretation Effective date

Periods beginning on or
after
COVID-19-Related Rent Concessions (Amendment to IFRS 16) 1 April 2021
Property, Plant and Equipment: Proceeds before intended use – Amendments to IAS 16 1 January 2022
Reference to the Conceptual Framework – Amendments to IFRS 3 1 January 2022
Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) 1 January 2022
Annual Improvements to IFRS Standards 2018–2020 1 January 2022
Classification of Liabilities as Current or Non-current (Amendments to IAS 1) 1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 1 January 2023
2)
Definition of Accounting Estimates– Amendments to IAS 8 1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023
(Amendments to IAS 12)
4. Determination of fair values the fair value is evidenced neither by a quoted price
in an active market for an identical asset or liability
‘Fair value’ is the price that would be received to sell nor based on a valuation technique for which any
an asset or paid to transfer a liability in an orderly unobservable inputs are judged to be insignificant
transaction between market participants at the in relation to the measurement, then the financial
measurement date in the principal or, in its absence, instrument is initially measured at fair value, adjusted
the most advantageous market to which the Group to defer the difference between the fair value on initial
and Company have access at that date. The fair value recognition and the transaction price. Subsequently,
of a liability reflects its non-performance risk. that difference is recognised in profit or loss on an
appropriate basis over the life of the instrument but
When one is available, the Group and Company
no later than when the valuation is wholly supported
measure the fair value of an instrument using the
by observable market data or the transaction is
quoted price in an active market for that instrument.
closed out. If transaction is with the Shareholder,
A market is regarded as ‘active’ if transactions for the
then the difference between the transaction price
asset or liability take place with sufficient frequency
and the fair value is recognised directly in equity.
and volume to provide pricing information on an
ongoing basis. The fair value of a financial liability with a demand
feature (e.g. a demand deposit) is not less than the
If there is no quoted price in an active market, then
amount payable on demand, discounted from the
the Group and Company use valuation techniques
first date on which the amount could be required to
that maximise the use of relevant observable inputs
be paid.
and minimise the use of unobservable inputs. The
chosen valuation technique incorporates all of the The Group and Company measure fair values using
factors that market participants would take into the following fair value hierarchy, which reflects
account in pricing a transaction. the significance of inputs used in making the
measurements.
The best evidence of the fair value of a financial
instrument on initial recognition is normally • Level 1: inputs that are quoted market prices
the transaction price – i.e. the fair value of the (unadjusted) in active markets for identical
consideration given or received. If the Group and
instruments.
Company determine that the fair value on initial
recognition differs from the transaction price and

39
10
4. Determination of fair 5. Segment reporting

values (cont’d) Management has determined the operating segments
based on the reports reviewed by the chief operating
• Level 2: inputs other than quoted prices
decision-maker (CODM). These reports are used to
included within Level 1 that are observable
make strategic decisions. The Group and Company
either directly (i.e. as prices) or indirectly
consider the business from a product perspective
(i.e. derived from prices). This category which are similar in nature and are structured
includes instruments valued using: quoted and distributed in a fairly uniform manner across
market prices in active markets for similar customers.
instruments; quoted prices for identical
or similar instruments in markets that are The reportable operating segments derive their
considered less than active; or other valuation revenue mainly from the sales of petroleum and
allied products. Revenue from sales to service
techniques in which all significant inputs are
stations (Network) and sales to consumer customers
directly or indirectly observable from market
(Commercial) accounts for Ninety percent (90%)
data.
of the Company and Group’s revenue. Management
• Level 3: inputs that are unobservable. This considers the products to have similar economic
category includes all instruments for which characteristics and they have therefore been
the valuation technique includes inputs aggregated into a single operating segment.
not based on observable data and the
unobservable inputs have a significant effect
on the instrument’s valuation. This category
includes instruments that are valued based
on quoted prices for similar instruments for
which significant unobservable adjustments
or assumptions are required to reflect
differences between the instruments.
If inputs used to measure the fair value of an asset or a
liability might be categorised in different levels of the
fair value hierarchy, then the fair value measurement
is categorised in its entirety in the same level of the
fair value hierarchy as the lowest level input that is
significant to the entire measurement.
The Group and Company recognize transfers

between levels of the fair value hierarchy at the end
of the reporting period during which the change has
occurred.
Further information about the assumptions made

in determining fair values is included in note 23(iv)
financial risk management.

40
10
6. Revenue
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Network 2,290,206 1,755,265 2,290,206 1,755,265
Commercial 599,792 443,208 599,792 443,208
Others* 336,986 195,529 328,181 185,685
Gross sales value 3,226,984 2,394,002 3,218,179 2,384,158
* This relates to products sales to all other customers apart from Network and Commercial customers.
All revenue is recognized at point in time.
7. Other income
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Rent income 4,848 3,838 4,848 3,838
Profit on disposal of plant and equipment (Note 12(a)(i)) 212 - 212 -
Sundry income 22,295 18,234 22,215 18,171
27,355 22,072 27,275 22,009
Rent income represents income from rental of floor space and office spaces of the Company.
Sundry income represents income from services provided at the network stations and fees charged for managing
depots of customers.
Lease arangements
The investment properties are leased to tenants under operating leases with rentals payable monthly/annually.
Lease income from operating leases where the Group and Company is a lessor is recognised in income on a
stratight-line basis over the lease term.
Minimum lease payments receivable are as follows: Group Group Company Company
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Within 1 year 4,848 3,838 4,848 3,838
Between 1 and 2 years 718 601 718 601
Between 4 and 5 years - 168 - 168
Later than 5 years - - - -

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10
8. Profit before taxation is stated after charging

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost of sales
Inventory movement 1,625,476 1,058,536 1,625,476 1,058,536
Transportation 144,988 117,640 144,988 117,640
Import duties 880,493 748,835 880,493 748,835
Other costs** 250,503 120,073 245,881 114,826
2,901,460 2,045,084 2,896,838 2,039,837
General, administrative and selling expense

Personnel costs (note 9) 45,708 44,554 44,154 42,928
Auditor’s remuneration 405 428 310 324
Depreciation of PPE and ROU assets 50,969 48,445 49,889 47,391
Write-off of Property, plant & equipment 4,370 - 4,370 -
Amortisation of software and leasehold prepayment 627 515 558 499
Directors’ emoluments 1,941 1,994 1,941 1,994
Donations and public relations 1,622 1,306 1,622 1,306
Technical assistance 22,299 22,970 22,299 22,970
Maintenance cost 19,440 17,016 19,268 16,889
Rental cost 8,803 5,465 8,724 5,375
Loss on disposal of plant and equipment - 177 - 177
Other cost 50,794 46,124 49,629 47,778
206,978 188,994 202,764 187,631
** Other costs in cost of sales for the Group include depreciation of GH¢ 3,512,767 (2020: GH¢ 4,657,000) on
plant and machinery for the subsidiary.
9. Personnel costs
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Wages and salaries 30,865 27,792 29,608 26,430
Social security contributions 1,940 1,825 1,908 1,793
Provident fund (Defipro) 1,459 1,376 1,459 1,376
Long service awards 649 705 649 705
Post-employment benefits 1,324 654 1,324 654
Other staff expenses 9,471 12,202 9,206 11,970
45,708 44,554 44,154 42,928
Other staff expenses include training and medical expenses.

The number of persons employed by the Group and Company as at the end of the year was 216 (2020: 207)
and 194 (2020:186) respectively.

42
10
10. Taxation 2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000

(i) Income tax expense
Current tax expense (note 10(iii)) 38,251 44,145 38,251 44,145
Deferred tax charge/(credit) (note 11) 6,079 (4,633) 1,228 (4,633)
44,330 39,512 39,479 39,512
(ii) Related income tax on other comprehensive income

Items that will not be reclassified to P&L
Deferred tax credit (note 11) (535) (877) (535) (877)
Deferred tax credit relates to the origination and reversals of temporary differences.
Group and Company

(iii) Taxation payable/(receivable)
Year ended 31 December 2021
Balance at Payments Charged Balance at
1 Jan during the to P/L 31 Dec
year account
Up to 2020 (14,584) - - (14,584)
2021 - (40,436) 38,251 (2,185)
Withholding tax (751) (571) - (1,322)
(15,335) (41,007) 38,251 (18,091)

Up to 2019 (15,046) - - (15,046)
2020 - (43,654) 44,116 462
Withholding tax (702) (49) - (751)
National reconstruction levy (29) - 29 -
(15,777) (43,703) 44,145 (15,335)
The above tax positions are subject to agreement with the tax authorities.
National Reconstruction Levy: This relates to a levy imposed on companies by the Government on profits
before tax between 2001 and 2005. This levy has been abolished.
(iv) Reconciliation of effective tax rate

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Income tax using the domestic tax rate (25%) 37,168 37,974 38,056 38,299
Non‑deductible expenses 7,162 1,538 1,423 1,213
Total tax charge 44,330 39,512 39,479 39,512
Effective tax rate 30% 26% 26% 26%

43
10
11. Deferred Taxation

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Balance at 1 January (4,791) 719 (4,791) 719
Charge to profit or loss for the year 6,079 (4,633) 1,228 (4,633)
Credit to other comprehensive income for the year (535) (877) (535) (877)
Balance at 31 December 753 (4,791) (4,098) (4,791)
Reflected in the statement of financial position as follows:
Deferred tax assets (4,098) (4,791) (4,098) (4,791)
Deferred tax liabilities 4,851 - - -
Deferred tax liabilities/(assets) 753 (4,791) (4,098) (4,791)
Recognised deferred tax (assets) are attributable to the following:

Group and Company
Year ended 31 December 2021 Net Balance Recognised Recognised Net Balance Deferred Deferred
at 1 January in profit or in OCI at 31 tax assets tax
loss December liabilities
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Property, plant and equipment 12,616 (864) - 11,752 - 11,752
Provisions (16,145) 2,039 - (14,106) (14,106) -
Leases (385) 53 - (332) (332) -
Employee benefits (877) - (535) (1,412) (1,412)
Net tax (assets)/liabilities (4,791) 1,228 (535) (4,098) (15,850) 11,752
Group and Company

Year ended 31 December 2020 Net Balance Recognised Recognised Net Balance Deferred Deferred tax
at 1 January in profit or in OCI at 31 tax assets liabilities
loss December
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Property, plant and equipment 11,179 1,437 - 12,616 - 12,616
Provisions (10,198) (5,947) - (16,145) (16,145) -
Leases (262) (123) - (385) (385) -
Employee benefits - - (877) (877) (877) -
Net tax (assets)/liabilities 719 (4,633) (877) (4,791) (17,407) 12,616
Recognised deferred tax liabilities are attributable to the following:

Group
Year ended 31 December 2021 Net Balance Recognised Recognised Net Balance Deferred Deferred
at 1 January in profit or in OCI at 31 tax assets tax
loss December liabilities
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Property, plant and equipment - 13,125 - 13,125 - 13,125
Tax Losses - (8,274) - (8,274) (8,274) -
Net tax (assets)/ liabilities - 4,851 - 4,851 (8,274) 13,125

44
10
12(a). Property, plant and equipment

Reconciliation of carrying amount
Group Leasehold Distribution Motor Furniture & Capital work Total
2021 properties Service vehicles Equipment ‑in‑progress
station plants
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost
At 1 January 136,326 392,793 12,146 18,260 34,319 593,844
Additions 1,322 8,439 - 470 52,309 62,540
Transfers 2,421 30,288 - 100 (32,809) -
Disposals - (256) (669) (36) - (961)
Asset write-off (834) (6,131) - - - (6,965)
Foreign Exchange difference - 8,994 29 33 (2) 9,054
At 31 December 139,235 434,127 11,506 18,827 53,817 657,512
Accumulated depreciation
At 1 January 40,826 167,194 10,056 13,913 - 231,989
Charge for the year 7,512 32,961 861 1,417 - 42,751
Released on disposals - (251) (435) (30) - (716)
Asset Write-off (309) (2,286) - - - (2,595)
Foreign exchange difference - 3,125 29 29 - 3,183
At 31 December 48,029 200,743 10,511 15,329 - 274,612
Carrying amount at 31 December 91,206 233,384 995 3,498 53,817 382,900
Group Leasehold Distribution Motor Furniture & Capital work Total

2020 properties Service vehicles Equipment ‑in‑progress
station plants
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost
At 1 January 108,441 363,162 12,082 16,805 49,729 550,219
Additions 89 5,748 437 814 33,154 40,242
Transfers 28,069 19,865 23 636 (48,593) -
Disposals (273) (361) (532) (10) - (1,176)
Exchange difference - 4,379 136 15 29 4,559
At 31 December 136,326 392,793 12,146 18,260 34,319 593,844
At 1 January 33,938 134,763 8,748 12,083 - 189,532
Charge for the year 7,032 31,399 1,601 1,827 - 41,859
Released on disposals (144) (263) (429) (10) - (846)
Exchange difference - 1,295 136 13 - 1,444
At 31 December 40,826 167,194 10,056 13,913 - 231,989
Carrying amount at 31 December 95,500 225,599 2,090 4,347 34,319 361,855

45
10
12(a). Property, plant and equipment (cont’d)

Reconciliation of carrying amount (cont’d)
Company Leasehold Distribution Motor Furniture & Capital Total
2021 properties Service vehicles Equipment work
station ‑in‑progress
plants
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost
At 1 January 136,326 283,037 11,788 17,885 33,779 482,815
Additions 1,322 7,676 - 434 53,038 62,470
Transfers 2,421 30,288 - 100 (32,809) -
Disposals - (256) (669) (36) - (961)
Asset write-off (834) (6,131) - - - (6,965)
At 31 December 139,235 314,614 11,119 18,383 54,008 537,359
At 1 January 40,826 132,118 9,697 13,561 - 196,202
Charge for the year 7,512 28,382 861 1,403 - 38,158
Asset write-off (309) (2,286) - - - (2,595)
Released on disposals - (251) (435) (30) - (716)
At 31 December 48,029 157,963 10,123 14,934 - 231,049
Carrying amount at 31 December 91,206 156,651 996 3,449 54,008 306,310
Company Leasehold Distribution Motor Furniture & Capital Total

2020 properties Service vehicles Equipment work
station ‑in‑progress
plants
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost
At 1 January 108,441 257,785 11,860 16,445 49,438 443,969
Additions 89 5,748 437 814 32,934 40,022
Transfers 28,069 19,865 23 636 (48,593) -
Disposals (273) (361) (532) (10) - (1,176)
At 31 December 136,326 283,037 11,788 17,885 33,779 482,815
At 1 January 33,938 106,667 8,525 11,771 - 160,901
Charge for the year 7,032 25,714 1,601 1,800 - 36,147
Released on disposals (144) (263) (429) (10) - (846)
At 31 December 40,826 132,118 9,697 13,561 - 196,202
Carrying amount at 31 December 95,500 150,919 2,091 4,324 33,779 286,613

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12(a). Property, plant and equipment (cont’d)

12(a) i. Profit/(loss) on disposal of property, plant and equipment
Group and Company
2021 2020
GH¢’000 GH¢’000
Cost 961 1,176
Accumulated depreciation (716) (846)
Net book value 245 330
Sale proceeds (457) (153)
(Profit)/Loss on disposal (212) 177
12(a) ii. Write off of property, plant and equipment

Group and Company
Cost 6,965 -
Accumulated depreciation (2,595) -
Net book value 4,370 -
The write-off relates to rebranding of PPE as a result • The Board of Directors of the Group approved
of change of the Company’s logo. The written off the plan to sell on 29 May 2018.
assets had no market value or scrap value. The write-
off of GH¢4,370,000 was recorded within general, • The properties are available for immediate
administrative and selling expenses in the statement sale and can be sold to the buyer in their
of profit or loss. current condition.
• Management is still committed to a plan to sell

12(a) iii. Assets under construction
(capital work-in-progress) the assets as these assets are being actively
marketed.
The balance of GH¢53,817,000 (2020:GH¢34,319,000)
and GH¢54,008,000 (2020:GH¢33,779,000) • The asset is being actively marketed for sale
for Group and Company respectively relates to at a sale price reasonable in relation to its fair
the construction of new service stations, major value.
renovations to existing service stations and other
The properties classified as held for sale as at 31
constructions.
December and reported under current assets are, as
12(a) iv. Security follows:
Ghanstock Limited Company’s Tank Farm, amounting Group and Company

to GH¢59,862,000 has been pledged as a security 2021 2020
for the bank loan (see note 21).
GH¢’000 GH¢’000
12(b). Assets held for sale Cost 721 721
Accumulated depreciation (193) (193)
Assets held for sale represent some leasehold
properties owned by the Group and Company. The Net book value 528 528
Group and Company considered these assets to
meet the criteria to be classified as held for sale at
the reporting date for the following reasons:

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13. Intangible assets and goodwill

Group Company
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Software (Note 13[a]) 832 1,356 769 1,291
Goodwill (Note 13[b]) 12,083 12,083 12,083 12,083
12,915 13,439 12,852 13,374
(a) Software
Group
Cost
Balance at 1 January 4,237 3,391
Additions 98 837
Foreign Exchange difference 20 9
Balance at 31 December 4,355 4,237
Amortisation
Amortisation for the year 627 515
Exchange difference 15 6
Carrying amount at 31 December 832 1,356
Company
Cost
Additions 36 837
Amortisation
Amortisation for the year 558 499
Carrying amount at 31 December 769 1,291

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13. Intangible assets and goodwill (cont’d)

(b) Goodwill Group and Company
2021 2020
Cost GH¢’000 GH¢’000
Impairment
Balance at 1 January (3,009) (3,009)
Balance at 31 December (3,009) (3,009)
Carrying amount at 31 December 12,083 12,083
This relates to goodwill arising on the acquisition of The recoverable amount of the global operations as a
Mobil Oil Ghana Limited in 2006. cash-generating unit is determined on a value-in-use
calculation which uses cash flow projections based
Allocation of goodwill to cash-generating units: on financial budgets approved by the management
For the purposes of the impairment assessment, covering a five-year period and discount rate of
management allocates the goodwill on a global basis 16.84% (2020: 16.74%).
(CGU). Management believes that a 0.1% per annum growth
The CGU continue to generate positive cash flows. rate is reasonable based on our historical volumes.
The recoverable amount of the CGU is based on value Management also believes that any reasonably
in use calculation which uses cash flow projections possible change in the key assumptions on which
based on annual financial budgets and business plan recoverable amount is based would not cause the
approved by management. aggregate carrying amount to exceed the aggregate
The Company has used a five-year period in line with recoverable amount of the cash-generating unit.
its five-year strategic plan. The calculation of value in As at 31 December 2021, no impairment loss was
use is based on these key assumptions: throughput assessed (2020: nil).
volumes, unit margins, gross margins on variable
expenses and direct fixed costs. Furthermore, the
value in use is most sensitive to the discount rate
and growth rate. The projected cash flows have been
reassessed to compare the assumptions at initial
recognition to the current performance of the CGU.
14. Investment in associates and subsidiaries

(a) Associates
Group Company
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Investments in associated companies
Ghana Bunkering Services Limited (GBS) 3,262 3,451 12 12
Road Safety Limited Company (RSL) * ‑ ‑ ‑ ‑
Share of loss from GBS (352) (189) ‑ ‑
2,910 3,262 12 12
* The investment in RSL is less than GH¢1,000 and therefore rounded to nil.

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14. Investment in associates Road Safety Limited Company (RSL)
and subsidiaries (cont’d) The Company has a 50% interest in RSL (formerly,
Petroleum Road Transport Safety Limited), a company
Investments in associates represent investments in:
incorporated in Ghana. Its principal business is to
provide driver education and maintenance services
Ghana Bunkering Services Limited
for vehicles used in the haulage of petroleum
The investment in Ghana Bunkering Services Limited products.
represents shares, held by the Company conferring
the right to exercise 48.5% of votes exercisable at The Directors of the Group are of the view that
general meetings. Ghana Bunkering Services Limited the results of Road Safety Limited Company
is a company incorporated in Ghana to provide are very immaterial to the Group and as such its
bunkering services to petroleum marketers in the results have not been included in the consolidated
country. financial statements. However, the results of Ghana
Bunkering Services Limited have been included in
the consolidated financial statements.
The following table summarises the financial

information of Ghana Bunkering Services Limited as
included in its own financial statements. The table
also reconciles the summarised financial information
to the carrying amount of the Group’s interest in
Ghana Bunkering Services.
2021 2020
GH¢’000 GH¢’000
Percentage ownership interest 48.5% 48.5%
Non- current assets 3,694 4,137
Current assets 3,991 3,909
Non-current liabilities (262) (267)
Current liabilities (1,423) (1,054)
Net assets 6,000 6,725
Carrying amount of interest in associate (48.5%) 2,910 3,262
Revenue 980 1,292

Loss from operations (725) (390)
Group’s share of total loss from operations (48.5%) (352) (189)
The following table summarises the reconciliation of the opening investment to the closing investment in
Ghana Bunkering Services Limited.
2021 2020
GH¢’000 GH¢’000
Net assets as at 1 January 6,725 7,115
Loss for the period (725) (390)
Net assets as at 31 December 6,000 6,725
Group’s share in % 48.5% 48.5%

Group’s share in associate 2,910 3,262

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14. Investment in associates Key assumptions used in value in use calculations

and sensitivity to changes in assumptions
and subsidiaries (cont’d)
The calculation of value in use is most sensitive to
14(b). Subsidiary the following assumptions:
The Group has a 55% interest in Ghanstock Limited
• EBITDA: This is based on average values
Company, a company incorporated in Ghana and
achieved in the three years preceding the
authorised to build, own, operate and maintain
petroleum storage facilities. beginning of the budget period. In 2021, the
EBITDA for the subsidiary was 13.97%. This
Company was increased over the budget period for
2021 2020 anticipated efficiency improvements. An
GH¢’000 GH¢’000 average in the EBITDA over the five year
period of 56.6% per annum was applied.
Gross investment in subsidiary 274 3,274
Impairment - (3,000) • Discount rates: Discount rates represent
Carrying Amount 274 274 the current market assessment of the
risks specific to the subsidiary, taking into
As at the end of the current year, the subsidiary, consideration the time value of money and
Ghanstock Limited Company’s, net liability position individual risks of the underlying assets that
was GH¢16,003,000 which exceeded the Company’s have not been incorporated in the cash flow
investment in the subsidiary of GH¢274,000. The
estimates. The discount rate calculation is
recoverable amount of the subsidiary of GH¢274,000
based on the specific circumstances of the
as at 31 December 2021, has been determined
subsidiary and is derived from its weighted
based on a value in use calculation using cash
flow projections from financial budgets approved average cost of capital (WACC). The WACC
by management covering a five-year period. The takes into account both debt and equity. The
projected cash flows was updated to reflect the cost of equity is derived from the expected
current economic conditions of the subsidiary. The return on investment by the subsidiary’s
pre-tax discount rate applied to cash flow projections investors. The cost of debt is based on the
is 20.9% and cash flows beyond the five-year period interest-bearing borrowings the subsidiary is
were extrapolated using an average rate of 10.8% obliged to service.
growth rate (and 6% after the forecast period) that
is the same as the long-term average growth rate • General price inflation: Estimates are obtained
for entities in the same industry as the subsidiary. from published indices from official sources.
The result of the analysis shows that the recoverable Management has considered the possibility
amount exceeded the carrying amount of the of greater-than-forecast increases in general
investment at the reporting date. In the previous price inflation. Forecast price inflation lies
year an impairment charge of GH¢3,000,000 was within a range of 6% to 13%.
recognised.
• Growth rates used to extrapolate cash flows
beyond the forecast period: Rates are based on
the projected increase in utilisation capacity.
Management recognises that the possibility
of new entrants can have a significant impact
on growth rate assumptions.
Any adverse movement in any of the key assumptions
would lead to further impairment.

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10
15. Inventories
2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Trading
Lubricants 94,245 38,023 94,245 38,023
Bitumen 5,753 7,982 5,753 7,982
Fuel 1,999 11,651 1,999 11,651
Additives 54,571 31,409 54,471 31,409
Stock in transit 14,710 10,737 14,710 10,737
Special fluid 2,653 2,240 2,653 2,240
173,831 102,042 173,831 102,042
Non‑Trading
Consumables 2,578 2,534 2,038 2,035
Packing materials 6,712 4,260 6,712 4,260
183,121 108,836 182,581 108,337
Inventories of GH¢ 1,625,475,826 (2020: GH¢ 1,058,536,000) were recognized as an expense in cost of sales
during the year for the Company.
An amount of GH¢14,000 was charged to cost of sales during the year ended 31 December 2021 to write-
down inventory to their net realisable value (2020: GH¢202,000).
16. Trade & other receivables

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Trade receivables 260,807 199,594 260,751 198,527
Other receivables 30,548 29,148 29,241 28,663
Prepayments 3,724 4,444 3,680 4,353
295,079 233,186 293,672 231,543
The maximum amount due from staff during the year for the Group was approximately GH¢ 3,661,839 (2020:
GH¢ 3,127,572) and for the Company GH¢ 3,627,297 (2020: GH¢3,098,510). These amounts are included in
other receivables. Information about the Group’s and Company’s exposure to credit and market risk and
impairment loss for trade and other receivable is included in note 23(ii).
17. Cash and cash equivalent

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cash at hand** - 4 - -
Cash at bank 144,141 91,662 142,109 89,833
Cash and bank balances 144,141 91,666 142,109 89,833
**Cash in hand balances less than GH¢ 1,000 are shown as nil for both Group and Company as a result of
rounding.

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10
17. Cash and cash equivalent (cont’d)

i. Reconciliation to the cashflow statement
The above figures reconcile to the amount of cash shown in the statement of cash flows at the end of the
financial year as follows:

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cash at bank and in hand 144,141 91,666 142,109 89,833
Bank overdrafts (3,108) (2,406) (3,108) (2,406)
Balance per statement of cash flows 141,033 89,260 139,001 87,427
18 (a). Stated capital

Group and Company Group and Company
2021 2020 2021 2020
GH¢’000 GH¢’000
No. of shares Proceeds No. of shares Proceeds
Authorised:
Ordinary Shares of no par value 250,000,000 250,000,000
Issued and fully paid

For cash 610,000 22 610,000 22
For consideration other than cash 10,069,259 49,694 10,069,259 49,694
Capitalisation issue 101,194,813 1,506 101,194,813 1,506
111,874,072 51,222 111,874,072 51,222
The holders of ordinary shares are entitled to receive dividend as declared from time to time and are entitled
to one vote per share at meetings of the Company. There is no call or instalment unpaid on any share and
there are no shares in treasury
18 (b). Foreign Currency Translation

This relates to exchange differences arising on translation of the operations of Ghanstock Limited Company,
the Company’s subsidiary. These are recognised in other comprehensive income and accumulated in a
separate reserve within equity.
18 (c). Dividend
The following dividends were declared and paid during the year.
Group and Company

2021 2020
GH¢’000 GH¢’000
Final dividend for 2020: GH¢ 0.1734 per share (2019: GH¢0.0845 per share) 19,399 9,453
Interim dividend for 2021: GH¢ 0.0694 per share (2020: GH¢ 0.0694 per share) 7,764 7,764
27,163 17,217
Dividend proposed 75,590 19,399
Proposed dividends are subject to approval at the annual general meeting and are not recognised as a
liability as at 31 December. There are also no tax consequences associated with these proposed dividends.

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19. Earnings per share

Basic
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company
by the weighted average number of shares in issue during the year.

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Profit attributable to equity holders of the
Company 107,965 114,235 112,744 113,684
Weighted average number of ordinary shares in issue 111,874,072 111,874,072 111,874,072 111,874,072
Basic earnings per share 0.9651 1.0211 1.0078 1.0162
Diluted earnings per share 0.9651 1.0211 1.0078 1.0162
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares, to
assume all dilutive potential ordinary shares. At 31 December 2021 and 2020, the Group and Company had no
dilutive potential ordinary shares.
20. Trade and other payables

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Trade payables 347,620 198,341 346,816 197,355
Non‑trade payables 108,987 121,636 108,316 120,966
Accrued expenses 15,997 11,940 15,910 11,452
472,604 331,917 471,042 329,773
Information about the Group and Company’s exposure to currency and liquidity risks is included in note
23(iii) and (iv).
21. Loans and Borrowings

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Current
Secured bank loans 6,961 10,833 ‑ ‑
6,961 10,833 - -
Non‑current
Secured bank loans 62,664 56,142 ‑ ‑
62,664 56,142 - -

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21. Loans and Borrowings (cont’d)

a. Terms and debt repayment schedule
The terms and conditions of the outstanding loans are as follows:
Group 31-Dec-21
Carrying Fair value
value
Nominal Currency Year of GH¢’000 GH¢’000
interest maturity
Secured bank loan (FABL) 5.87% US$ 2031 69,614 80,526
31 December 2020
Secured bank loan (Absa) 7.21% US$ 2027 66,975 79,989
Absa Bank Ghana Limited (ABSA) First Atlantic Bank (Ghana) Limited (FABL)
The secured loan facility was obtained for the This is a secured loan facility of US$ 10,623,477
construction of a Tank Farm at Takoradi, Ghana. The obtained during the year to take over the outstanding
tenure of the loan was 9 years with interest pegged exposure with Absa Bank Ghana Limited. The facility
at 5.75% plus 3 months libor. The loan was paid off has a tenure of 10 years and attracts interest of 6%
during the year. per annum. Repayment of the loan is on a quarterly
basis for principal. There is a 24-month moratorium
The facility had the following as security: on interest.
• Corporate guarantee of GH¢32,694,999 from The facility has the following as security:
Total Petroleum Ghana PLC.
• Legal mortgage over tank farm situated at
• Corporate guarantee of GH¢26,750,454 from
Takoradi belonging to the Obligor.
Fueltrade Limited.
• All assets debenture over fixed and floating
• Fixed and floating charge debenture in Absa
assets of the Obligor.
Bank Ghana Limited’s standard form covering
the Tank Farm with a carrying amount of • Corporate guarantee from Total Petroleum
GH¢20,330,499. Ghana Plc supported with a Board Resolution.
• Charge of GH¢8,800,000 over Total • Corporate guarantee from Fueltrade Limited

Petroleum Ghana PLC’s land with property supported with a Board Resolution.
title WR.412/13 situated at Takoradi, Ghana.
Company
The Company’s unsecured borrowings at the end of

the period was GH¢ Nil (2020: GH¢Nil).

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b. Reconciliation of movements of liabilities to cash flows arising from financing activities
Year ended 31 December 2021 Lease liabilities Loans and Total
borrowings
Group
GH¢’000 GH¢’000 GH¢’000
Changes from financing cash flows
Repayment of loan - (3,980) (3,980)
Principal elements for lease payments (18,551) - (18,551)
Total changes from financing cash flows (18,551) (3,980) (22,531)
The effect of changes in foreign exchange rates - 5,319 5,319
Other changes
New leases 26,033 - 26,033
Interest expense 4,503 3,248 7,751
Interest paid (2,352) (1,937) (4,289)
Total liability-related other changes 28,184 1,311 29,495

Group
The effect of changes in foreign exchange rates - 2,739 2,739
Other changes
New leases 12,011 - 12,011
Interest expense 2,542 5,003 7,545
Interest paid (881) (3,407) (4,288)
Total liability-related other changes 13,672 1,596 15,268
Interest paid shown in the statement of cash flows comprise interest on loans and borrowings set out above
and interest paid on lease liabilities in note 33(b).

56
10

Year ended 31 December 2021 Lease liabilities Loans and Total
borrowings
Company
GH¢’000 GH¢’000 GH¢’000
Balance at 1 January 2021 16,508 - 16,508
Total changes from financing cash flows (18,551) - (18,551)
Other changes
New leases 26,033 - 26,033
Interest expense 4,503 - 4,503
Interest paid (2,352) (2,352)
Total liability-related other changes 28,184 - 28,184
Balance at 31 December 2021 26,141 - 26,141

Company

Other changes
New leases 12,011 - 12,011
Interest expense 2,542 597 3,139
Interest paid (881) (785) (1,666)
Total liability-related other changes 13,672 (188) 13,484
Balance at 31 December 2020 16,508 - 16,508
Information about the Group and Company’s exposure to interest rate, foreign currency and liquidity risks is
included in Note 23.

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22. Provisions
Group and Company
2021 2020
GH¢’000 GH¢’000
The outstanding provision represents legal provision The Group and Company’s Audit Committee is
of GH¢1,547,000 (2020: GH¢1,547,000). The provision assisted in its oversight role by Internal Audit. Internal
has been estimated based on historical outcome of Audit undertakes both regular and ad hoc reviews
legal cases. The Group and Company are uncertain of risk management controls and procedures, the
about the timing of any cash outflow. results of which are reported to the Audit Committee.
23. Financial Risk Management The Audit Committee gain assurance in relation to
the effectiveness of internal control and the risk
(i) Overview management framework from: summary information
in relation to the management of identified risks;
The Group and Company have exposure to the
detailed review of the effectiveness of management
following risks from its use of financial instruments:
of selected key risks; results of management’s self-
• Credit risk assessment process over internal control; and the
independent work of the internal audit department,
• Liquidity risk which ensures that the Audit Committee and
• Market risk management understand the Group and Company’s
key risks and risk management capability; sets
This note presents information about the Group standards on governance and compliance; and
and Company’s exposure to each of the above risks, provides assurance over the quality of the Group and
the Group and Company’s objectives, policies, and Company’s internal control and management of key
processes for measuring and managing risk, and the risks.
Group and Company’s management of capital.
(ii) Credit risk
Risk management framework
Credit risk is the risk of financial loss to the Group and
The Group and Company’s Board of Directors Company if a customer or counterparty to a financial
have overall responsibility for the establishment instrument fails to meet its contractual obligations,
and oversight of the Group’s and Company’s and arises principally from the Group and Company’s
risk management framework. The Board’s Audit receivable from customers. The Group and Company
Committee is responsible for monitoring compliance evaluate the concentration of risk with respect to
with the Group and Company’s risk management trade receivables as low, as its customers are located
policies and procedures, and for reviewing the across the country and in several industries or
adequacy of the risk management framework in sectors.
relation to the risks faced by the Group and Company.
Exposure to credit risk
The Group and Company’s risk management policies
are established to identify and analyse risks faced by The carrying amount of financial assets represents
the Group and Company, to set appropriate risk limits the maximum credit exposure.
and controls, and to monitor risks and adherence
to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market
conditions, products and services offered.
The Group and Company, through its training and

management standards and procedures, continues
to develop a disciplined and constructive control
environment, in which all employees understand
their roles and obligations.

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23. Financial Risk Impairment analysis of trade and other receivables
Management (cont’d) The Group and Company use an allowance matrix

to measure the ECLs of trade receivables from
(ii) Credit risk (cont’d) customers, which comprise a very large number of
Trade receivables small balances. Loss rates are calculated using a
‘historical loss rate’ method based on actual credit
The Group and Company’s exposure to credit risk is loss experience over the past three years adjusted
influenced mainly by the individual characteristics to reflect current and forward-looking information
of each customer. The credit control committee on macroeconomic factors. The Group has identified
has established a credit policy under which a inflation rates to be the most relevant factors, and
new customer is analysed individually for credit accordingly adjusts the historical loss rates based on
worthiness before the Group and Company’s expected changes in this factor.
standard payment terms and conditions are offered.
The Group and Company generally trade with pre The following table provides information about the
defined and selected customers. Credit exposure exposure to credit risk and ECLs for trade receivables
on trade receivable is covered by customers issuing as at 31 December.
post dated cheques to cover amount owed, as well
the use of customer’s security deposits.
Group 2021 Weighted Gross Loss Credit

average carrying allowance impaired
loss rate amount
% GH¢’000 GH¢’000
Neither past due nor impaired (less than 30 days) 0.00% 166,606 - No
Past due (30-90 days) 0.00% 89,667 - No
Past due more than 90 days 89.81% 44,516 39,982 Yes
300,789 39,982
Group 2020
Past due (30-90 days) 4.77% 93,118 4,439 No
247,902 48,308
Weighted Gross Loss Credit

average carrying allowance impaired
Company 2021 loss rate amount
% GH¢’000 GH¢’000
Past due (30-90 days) 0.00% 89,667 - No
300,733 39,982
Company 2020
Past due (30-90 days) 4.76696% 93,118 4,439 No
246,835 48,308

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23. Financial Risk Management (cont’d)

(ii) Credit risk (cont’d)
Movements in the allowance for impairment in respect of trade receivables
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
Group and Company

2021 2020
GH¢’000 GH¢’000
Impairment (release)/loss recognised in profit or loss (5,274) 20,615
Write-off against provision (3,052) -
The allowance account for trade receivables is Amounts due from related Companies
used to record impairment losses unless the Group
The Group and Company’s exposure to credit risk in
and Company are satisfied that no recovery of
respect of amounts due from related companies is
the amount owing is possible; at which point the
minimized. The Group and Company have transacted
amounts considered irrecoverable are written off
business with related companies over the years,
against trade receivables directly.
and there have been no defaults in payment of
outstanding debts. The Directors have assessed that
Other receivables
there are no forward-looking information that would
The Group and Company’s exposure to credit materially impact the payment profile of the counter
risk in respect of other receivables is minimal. The party.
Group and Company have transacted business
with these non-trade customers over the years. No (iii) Liquidity risk
forward-looking information have been identified
Liquidity risk is the risk that the Group and Company
by the Directors that could materially impact the
either do not have sufficient financial resources
payment profile of these non-trade customers.
available to meet all its obligations and commitments
Hence no impairment loss was recognised for
as they fall due, or can access them only at excessive
financial assets.
cost. The Group and Company’s approach to
managing liquidity is to ensure that it will maintain
Cash and cash equivalents
adequate liquidity to meet its liabilities when due.
Group In addition, the Group and Company maintain the
following lines of credit:
The Group held cash and cash equivalents of GH¢
144,141,000 (2020: GH¢ 91,666,000) at the reporting (a) Ecobank Ghana PLC
date with banks which are assessed as having a
relatively good credit rating. The Company has an unsecured overdraft facility not
exceeding GH¢13 million with Ecobank to finance the
Company Company’s receivables, additions to inventories and
other operational bills. The facility expires on 31 May
The Company held cash and cash equivalents of
2022.
GH¢ 142,109,000 (2020: GH¢ 89,833,000) at the
reporting date with banks which are assessed as (b) Standard Chartered Bank Ghana PLC
having a relatively good credit rating.
The Company had an unsecured overdraft facility of
GH¢20 million with Standard Chartered Bank Ghana
PLC to finance working capital. The facility expired
on 31 December 2021.

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10

(iii) Liquidity risk (cont’d) (e) United Bank for Africa Ghana Limited
(c) Absa Bank Ghana Limited The Company has an unsecured overdraft facility
of GH¢10 million with United Bank for Africa Ghana
The Company has an unsecured overdraft facility Limited to finance working capital. The facility
of GH¢10 million with Absa Bank Ghana Limited to expires on 31st March 2022.
finance working capital. The is a revolving facility
with no maturity. (f) First Atlantic Bank Limited
(d) Stanbic Bank Ghana Limited The Group has a secured loan facility of US$ 10.5
million with First Atlantic Bank Limited. The facility
The Company has an unsecured overdraft facility of has a tenure of 10 years and attracts interest of 6%
GH¢18 million with Stanbic Bank Ghana Limited to per annum.
finance working capital. This is a revolving facility
with no maturity.
Exposure to liquidity risk

The following are the contractual maturities of financial liabilities at the reporting date. The amounts are
gross and undiscounted, and include estimated interest payments
Group Carrying Contractual 1 year or 1 to 2 years 2 to 5 5 years and

amounts Cashflows less years over
2021 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Non‑derivative financial liabilities
Loans and borrowings 69,625 85,440 13,704 20,209 42,534 8,993
Lease liabilities 26,141 48,031 11,365 12,801 8,723 15,142
Amounts due to related companies 126,464 126,464 126,464 ‑ ‑ ‑
Bank overdrafts 3,108 3,108 3,108 ‑ ‑ ‑
Trade and other payables** 465,556 465,556 465,556 ‑ ‑ ‑
690,894 728,599 620,197 33,010 51,257 24,135
Carrying Contractual 1 year or 1 to 2 years 2 to 5 5 years and

2020 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Loans and borrowings 66,975 92,201 11,954 21,825 46,100 12,322
Bank overdrafts 2,406 2,406 2,406 ‑ ‑ ‑
553,311 591,214 487,413 26,040 54,284 23,477
**- Excluded from the Group’s trade and other payables is statutory payables of GH¢ 7,048,000 (2020: GH¢ 4,871,000).

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(iii) Liquidity risk (cont’d)
Company
2021 Carrying Contractual 1 year or 1 to 2 years 2 to 5 5 years and
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Bank overdrafts 3,108 3,108 3,108 ‑ ‑ ‑
606,210 628,100 591,434 12,801 8,723 15,142
Company
2020
Bank overdrafts 2,406 2,406 2,406 ‑ ‑ ‑
473,750 486,427 462,873 4,215 8,184 11,155
**- Excluded from the Company’s trade and other payables is statutory payables of GH¢7,019,000.00 (2020:
GH¢4,508,000).
(iv) Market risks Foreign currency risk
Market risk is the risk that changes in market The Group and Company are exposed to currency risk
prices, such as foreign exchange rates, interest on purchases and borrowings that are denominated
rates and equity prices will affect the Group and in currencies other than the functional currency. The
Company’s income or the value of its holdings of currencies in which these transactions primarily are
financial instruments. The objective of market risk denominated are Euro and US Dollars. The Group
management is to manage and control market risk and Company do not hedge their foreign currency
exposures within acceptable parameters, while risk.
optimising returns.
Exposure to currency risk
The Group and Company’s exposure to foreign

currency risk were as follows based on notional
amounts:

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Market risks (cont’d)
Foreign currency risk (cont’d)
Group
31 December 2021 EURO USD CFA CHF GBP
Trade and other payables (453) (10,236) (1,565) - (11)
Amounts due to related companies (241) (10,007) (13,360) (58) -
Loans and borrowings - (10,623) - - -
Bank overdraft - (953) - - (3)
Cash and cash equivalents 403 6,000 - - -
Amount due from related companies 119 425 - - -
Trade and other receivables 120 6,982 - - -
Gross exposure (52) (18,412) (14,925) (58) (14)

Amounts due to related companies (1,162) (10,102) (13,360) (138) -
Loans and borrowings - (11,237) - - -
Bank overdraft - (350) - - -
Gross exposure (1,286) (18,381) (14,925) (138) (11)
Company
Related party loan - 275 - - -
Amounts due to related companies (241) (6,071) (13,360) (58) -
Bank overdraft (381) (953) - - (3)
Gross exposure (433) (1,767) (14,925) (58) (14)

Related party loan - 275 - - -
Amounts due to related companies (1,162) (9,899) (13,360) (138) -
Bank overdrafts - (350)
Gross exposure (1,286) (6,625) (14,925) (138) (11)

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Market risks (cont’d)
Foreign currency risk (cont’d)
The following exchange rates applied during the year:
Average Rate Reporting Rate

2021 2020 2021 2020
Ghana Cedi:
Euro 1 7.1976 6.6924 7.3988 7.3904
USD 1 6.0292 5.8103 6.4500 5.9600
CFA 1 0.0108 0.0090 0.0105 0.0106
CHF 1 6.5954 6.1807 7.0577 6.7673
GBP 1 8.3450 7.5013 8.8023 8.1795
Sensitivity analysis on currency risk rate and the average exchange rate per currency
recorded in the course of the respective financial
The following table shows the effect of a
year. The same was done for the prior year.
strengthening or weakening of the GH¢ against all
other currencies on the Group and Company’s equity A strengthening/weakening of the GH¢, by the rates
and profit or loss. This sensitivity analysis indicates shown in the table, against the following currencies
the potential effect on equity and profit or loss at 31 December have increased/decreased equity
based upon the foreign currency exposures recorded and profit or loss by the amounts shown below.
at December 31 (see “currency risk” above), and it
does not represent actual or future gains or losses. This analysis assumes that all other variables, in
The sensitivity analysis is based on the percentage particular interest rates, remain constant.
difference between the highest daily exchange
Group
At 31 December 2021 2020
% Change Strengthening: Weakening: % Change Strengthening: Weakening:
Impact on Impact on Impact on Impact on
equity and equity and equity and equity and
profit or loss profit or loss profit or loss profit or loss
‑ increase/ ‑ increase/ ‑ increase/ ‑ increase/
(decrease) (decrease) (decrease) (decrease)
Euro 3% 2 (2) 10% 129 (129)
US$ 7% 1,290 (1,290) 3% 552 (552)
CFA 3% 448 (448) 12% 1,791 (1,791)
CHF 7% 4 (4) 9% 12 (12)
GBP 5% 1 (1) 9% 1 (1)
Company
At 31 December
Euro 3% 13 (13) 10% 129 (129)
US$ 7% 124 (124) 3% 199 (199)
CFA 3% 448 (448) 12% 1,791 (1,791)
CHF 7% 4 (4) 9% 12 (12)
GBP 5% 1 (1) 9% 1 (1)

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Interest rate risk The Group and Company manage interest rate risk
by having a balanced portfolio of fixed and variable
Interest rate risk is the risk that the fair value or future
rate loans and borrowings.
cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Standard scenario that are considered on a monthly
Group and Company’s exposure to the risk of changes basis include a 100 basis point (bp) parallel fall or
in market interest rates relates primarily to the Group rise in the market interest rate. A change of a 100
and Company’s long-term debt obligations with basis point in the interest rate at the reporting rate
floating interest rates. would have impacted equity and profit or loss by the
amounts shown below:
Group
2021 2021 2020 2020
Increase Decrease Increase Decrease
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Interest income impact - - 174 (174)
Interest expense impact (727) 727 (694) 694
(727) 727 (520) 520
Company
Interest income impact - - 174 (174)
Interest expense impact (31) 31 (24) 24
(31) 31 150 (150)
Accounting classifications and fair values Amounts due to related companies

(Other financial liabilities)
A number of the Group and Company’s accounting
policies and disclosures require the determination of The fair value of amount due to related companies is
fair value, for both financial and non-financial assets estimated as the present value of future cash flows,
and liabilities. Fair values have been determined for discounted at the market rates of interest at the
disclosure purposes based on the following methods reporting date.
described below.
Cash and cash equivalents (Financial
Trade and other receivables (Financial asset at amortised cost)
asset at amortised cost)
The fair value of cash and cash equivalents is
The fair value of trade and other receivables is estimated as its carrying amount where the cash
estimated as the present value of future cash flows, is repayable on demand. Where it is not repayable
discounted at the market rates of interest at the on demand then the fair value is estimated as the
reporting date. present value of future cash flows, discounted at the
market rate of interest at the reporting date.
Trade and other payables (Other financial liabilities)
Loans and borrowings (Other financial liabilities)
The fair value of trade and other payables is estimated
as the present value of future cash flows, discounted Fair value is calculated based on the present value of
at the market rates of interest at the reporting date. future principal and interest cash flows, discounted
at the market rates of interest at the reporting date.
Amounts due from related companies
(Financial asset at amortised cost) Lease liabilities (Other financial liabilities)
The fair value of amount due from related companies Fair value is calculated based on the present value
is estimated as the present value of future cash of future payments, discounted at the incremental
flows, discounted at the market rates of interest at borrowing rates at the reporting date.
the reporting date.

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Fair values versus carrying amounts
The following table shows the carrying amounts and fair values of financial assets and financial liabilities.
Apart from loans and borrowings and the non-current amount due from related parties, the carrying amounts
of financial assets and financial liabilities are a reasonable approximation of their fair values due to their short
term nature. The fair values of the Group and Company’s loans and borrowings and the non-current amount
due from related parties are at level 3 of the fair value hierarchy.

2021 2020 2021 2020
Carrying Fair Carrying Fair Carrying Fair Carrying Fair value
amount value amount value amount value amount
GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000 GH¢’000
(i) Financial assets (Amortized cost)
Related party loan - - - - 1,774 1,019 1,639 941
Trade and other 291,355 291,355 228,742 228,742 289,993 289,993 227,190 227,190
receivables
Amounts due from related 1,060 1,060 3,985 3,985 11,205 11,205 13,328 13,328
companies - current
Cash and cash equivalents 144,141 144,141 91,666 91,666 142,109 142,109 89,833 89,833
Total financial assets 436,556 436,556 324,393 324,393 445,081 444,326 331,990 331,292
(ii) Financial liabilities (Other financial liabiliies)

Loans and borrowings 69,625 86,566 66,975 79,989 - - - -
Trade and other payables 465,556 465,556 327,046 327,046 464,023 464,023 325,265 325,265
Amounts due to related 126,464 126,464 140,376 140,376 112,938 112,938 129,571 129,571
companies
Bank overdraft 3,108 3,108 2,406 2,406 3,108 3,108 2,406 2,406
Total financial liabilities 664,753 681,694 536,803 549,817 580,069 580,069 457,242 457,242
not measured at fair value
*Excluded from the Group and Company’s trade and other receivables is prepayment of GH¢ 3,724,000
(2020: GH¢4,444,000) and GH¢ 3,680,000 (2020:GH¢ 4,353,000) respectively.
24. Related party transactions iii. Included in general and administrative

expenses is an amount of GH¢17,124,793
i. The Company is a subsidiary of TotalEnergies (2020:GH¢19,161,657) in respect of technical
Marketing Afrique, a company incorporated assistance fee payable to TotalEnergies
in France. The ultimate parent company is Marketing Afrique and GH¢4,174,954 (2020:
TotalEnergies SE., a company incorporated in GH¢2,749,256) in respect of research and
France. development fees to TotalEnergies Marketing
ii. Chemical additives, bitumen and Services.
consumables costing GH¢236,447,103
(2020:GH¢167,860,168) were procured from
TotalEnergies Marketing Afrique during the
year.

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24. Related party transactions (cont’d)

iv. Total compensation due to key management Key management personnel are defined as those
personnel of the Group and Company persons having authority and responsibility for
was GH¢8,345,227 (2020:GH¢7,440,621) planning, directing and controlling the activities of
and GH¢8,057,288 (2020:GH¢6,529,609) the Group and Company (directly or indirectly) and
comprise the Directors and Senior Management of
respectively. The compensation of the Group
the Group and Company.
and Company’s Directors includes salaries,
allowances and contribution to defined Outstanding balances in respect of transactions with
contribution scheme. Amounts due from related companies at the year-end were as follows:
key management personnel was GH¢159,447
(2020:GH¢192,000).
Amount due from related companies

2021 2020 2021 2020
Ghanstock Limited Company (subsidiary) ‑ ‑ 10,147 10,134
Other related companies* 1,060 3,985 1,058 3,194
Current 1,060 3,985 11,205 13,328
Ghanstock Limited Company (subsidiary) - - 1,774 1,639
Non-current** - - 1,774 1,639
Amount due to related companies

TotalEnergies Marketing Afrique 100,461 87,228 100,461 87,228
Other related companies* 26,003 53,148 12,477 42,343
126,464 140,376 112,938 129,571
*These are companies related by common shareholding and directorship.
None of the balances is secured. No expense has All outstanding balances with related companies are
been recognised in the current and prior year for bad to be settled in cash within twelve months from the
and doubtful debts in respect of amounts owed by reporting period.
related parties. Settlement of balances will be made
in cash. 25. Capital commitment
**The non-current amount due from related Commitments for capital expenditure at the
companies represents a loan facility of US$ 275,000 reporting date were:
granted to Ghanstock Limited Company in 2019 to
Group and Company
enable it meet one of the conditions for restructuring
2021 2020
the secured loan (refer to Note 21). The facility has
the following terms and conditions. GH¢’000 GH¢’000
Capital commitment 2,963 3,840
• The facility is unsecured and has a tenure of
24 months
This is in respect of the construction and
• Suspension of interest and principal payments refurbishment of fuel stations.
until secured loan is paid by Ghanstock
Limited Company
• Interest rate of 3 months libor plus 2% per annum

First payment due in January 2028

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26. Employee benefits

(a) Defined Contribution Plans The valuation of the Group and Company’s obligation
involves the following:
(i) Social Security
Under a national defined benefit pension scheme, the • The projection of each future milestone cost
Group and Company contribute 13% of employees’ cash flows, taking into account probabilities
basic salary to the Social Security and National of survival, withdrawal, early retirement and
Insurance Trust (SSNIT) for employee pensions. death in service.
The Group and Company’s obligation are limited to
• Increasing the projected cash flows in line
the relevant contributions, which were settled on
due dates. The pension liabilities and obligations, with expected rate of salary increase.
however, rest with SSNIT. The expense charged to • Discounting these cash flows in order to
the profit or loss during year is: express liabilities in current Cedi terms.
2021 2020 The Group and Company do not have any assets as
GH¢’000 GH¢’000 the long service awards liability is unfunded.
Group 1,940 1,825 The amounts recognised in the statement of financial

Company 1,908 1,793 position and the movements in the obligation over
the year are as follows:
(ii) Provident Fund (Defipro)
Group and Company
The Group and Company have a provident fund
scheme for staff under which the Group and Company 2021 2020
contribute 10% of staff basic salary. The Group and GH¢’000 GH¢’000
Company’s obligation under the plan is limited to the
relevant contribution and these are settled on due Balance at 1 January 1,553 1,176
the dates to the fund manager. The expense charged
to profit or loss during the year is: Included in profit or loss
2021 2020 Current service cost 174 112
GH¢’000 GH¢’000
Interest expense 316 250
Group and Company 1,459 1,376
Remeasurement loss
(b) Defined Benefit Plans
Group and Company Actuarial loss arising from:
2021 2020
- demographic assumptions - 160
GH¢’000 GH¢’000
Long service awards 1,904 1,553
- financial assumptions 132 168
(Note 26[b(i)])
Post-employment medical 9,227 6,324 - experience adjustment 27 15
benefits (Note 26[b(ii)])
11,131 7,877 649 705
(i) Long service awards Other
The Group and Company provide employees with a

Benefits paid (298) (328)
multiple of monthly salary as a long service award
after specified years of service. The Group and
(298) (328)
Company’s net obligation in this regard is the amount
of future benefits that employees have earned in
return for their services in current and prior periods.

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26. Employee benefits (cont’d)

(i) Long service awards (cont’d)
Actuarial assumptions
The following were the principal actuarial assumptions. Group and Company
2021 2020
Discount rate 18.70% 20.00%
Consumer Price Inflation (CPI) 10% 10%
Salary inflation 11% 11%
Retirement age 60 years 60 years
Withdrawals factor 1% 1%
Mortality adjustment for females 20% 10%
Mortality adjustment for males 10% 20%
Assumptions regarding pre-retirement mortality used is S/A Mortality Table Unisex 85-90. This table has been
adjusted based on the Ghanaian life expectancy using the mortality adjustment factor.
Sensitivity Analysis
Reasonably possible changes at the reporting date to the principal assumptions, holding other assumptions
constant, would have affected the long service award obligation by the amounts shown below. The impact of
this would be recognised in profit and loss.

2021 2021 2020 2020
Discount rate (1% movement) (100) 110 (81) 88
Retirement age (1 year movement) 55 (57) 107 (108)
Salary increase (1%) 103 (95) 83 (77)
Mortality adjustment (10%) movement 5 (6) - (1)
Withdrawal rate (1%) (120) 132 (98) 107
(ii) Post-employment medical benefits The valuation of the Group and Company’s post-
employment medical benefit obligation involves the
The Group and Company provide post-retirement
following:
medical assistance to their employees upon
retirement. The employees receive medical assistance
• The projection of future post-retirement
as long as they remain pensioners and do not re-enter
medical cash flows, taking into account
the job market. In the case of deceased employees,
probabilities of survival, withdrawal, early
the subsidy ceases and their members’ spouse(s) are
taken off the scheme at the end of the year of death. retirement and death-in-service of active
In respect of the case of deceased pensioners, the members; and probabilities of survival for
subsidy continues in respect of their spouse. retired members and beneficiaries.
• Increasing the projected subsidy cash flows in

line with expected long term medical inflation.
• Discounting these cash flows in order to

express liabilities in current Cedi terms.
The Group and Company do not have any assets as
the post-employment medical benefit liability is a
self-insured plan.

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(ii) Post-employment medical benefits (cont’d)
The amounts recognised in the statement of financial position and the movements in the obligation over the
year are as follows:
Group and Company

2021 2020
GH¢’000 GH¢’000
Included in profit or loss
Current service cost 96 126
Interest expense 1,228 528
1,324 654
Included in OCI
Remeasurement loss
Actuarial loss arising from:
- demographic assumptions - 216
- financial assumptions 1,239 147
- experience adjustment 902 3,145
2,141 3,508
Other
Benefits paid (562) (1,207)
Actuarial assumptions
The following were the principal actuarial assumptions
2021 2020
Discount rate 18.70% 20.00%
Medical inflation 12.5% 12%
Active employees with spouse at retirement 70% 70%
Retirement age 60 years 60 years
Withdrawals factor 1% 1%
Mortality adjustment for females 20% 10%
Mortality adjustment for males 10% 20%
Assumptions regarding mortality used are based on • Life Expectancy: The plans’ obligations are to
S/A Mortality Table Unisex 85-90 for pre-retirement provide benefits for the life of the member,
mortality and SSNIT 96-00 Mortality Study for so increases in life expectancy will result in an
post-retirement mortality. These tables have been increase in the plan’s liabilities.
adjusted based on the Ghanaian life expectancy
using the mortality adjustment factor. • Inflation risks: An increase in medical inflation
rates will ultimately result in an increase in the
The Group and Company’s post-employment plan’s liabilities.
medical plans are exposed to a number of risks, the
most significant of which are detailed below:

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10

(ii) Post-employment medical benefits (cont’d)
Sensitivity Analysis
Reasonably possible changes at the reporting date to the principal assumptions, holding other assumptions
constant, would have affected the post-employment medical benefits liability by the amounts shown below.
The impact of this would be recognized in other comprehensive income.

2021 2021 2020 2020
Discount rate (1% movement) (778) 853 (467) 543
Medical inflation (1% movement) 849 (731) 547 (474)
Mortality adjustment (10%) movement 13 (14) 10 -
Withdrawal rate (1%) (155) 183 (112) 130
Retirement age (181) 214 (157) 187
(iii) Maturity Analysis
The expected maturity analysis of undiscounted long service award and post employment medical benefit is as follows:
Group and Company 2021 Less than 1 1 to 2 2 to 5 5years Total
year years years and over
Long service award 345 798 1,385 5,340 7,867
Post-employment medical benefits 650 1,505 2,611 10,071 14,837
995 2,303 3,996 15,411 22,704
27. Capital management

The Group and Company’s objectives when managing capital are to safeguard the Group and Company’s
ability to continue as a going concern. The Group and Company monitor capital using the ratio of adjusted
net debt to equity. For this purpose, adjusted net debt is defined as total liabilities, comprising interest
bearing loans and borrowings less cash and cash equivalents. Equity comprises of all components of equity.
The Group and Company’s adjusted net debt to equity at the reporting date was as follows:

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Total liabilities 710,621 567,606 625,908 487,682
Less: Cash and cash equivalents 144,141 91,666 142,109 89,833
Net debt 566,480 475,940 483,799 397,849
Total equity 423,412 344,165 436,788 352,813
Net debt to equity ratio 1.34 1.38 1.11 1.13
28. Subsequent events

There have been no material events after the reporting date which would require disclosure or adjustment to
the financial statements for the year ended 31 December 2021 (2020: nil).

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29. Going concern bankers. Both the Group and Company have a history
of profitability and continue to remain profitable. The
The Group’s current assets exceeded its current Directors believe that the Group and Company will
liabilities by GH¢ 22,118,000 at year ended 31 be able to realise its assets and settle its liabilities in
December 2021 (2020: current liabilities exceeded the ordinary course of business.
current assets by GH¢ 40,482,000).
Accordingly, the financial statements are prepared
The Company’s current assets also exceeded on the basis of accounting policies applicable to a
its current liabilities by GH¢50,333,000 as at 31 going concern. This basis presumes that cash flows
December 2021 (2020: current liabilities exceeded arising from the normal course of business will be
current assets by GH¢ 11,322,000). available to finance future operations of both the
Group and Company and that the realisation of
The Group and Company have revolving credit lines
assets and settlement of liabilities will occur in the
with its banks. The Directors have negotiated and
ordinary course of business.
successfully renewed the overdraft facilities with its
30. Finance cost and income

2021 2020 2021 2020
GH¢’000 GH¢’000 GH¢’000 GH¢’000
Bank interest earned 5,601 1,895 5,601 1,895
Interest on loans and borrowings (3,248) (5,003) - (596)

Interest on finance lease (4,503) (2,542) (4,503) (2,542)
Other finance charges - (3,645) - (3,645)
(7,751) (11,190) (4,503) (6,783)
31. Non-controlling interest (NCI)

The following summarise the information relating to the Group’s subsidiary that has material NCI, before any
intra group eliminations.
2021 2020
GH¢’000 GH¢’000
Percentage ownership interest 45% 45%
Non‑current assets 76,653 75,307
Current assets 3,979 4,765
Non‑current liabilities (67,515) (56,142)
Current Liabilities (33,971) (35,556)
Net assets (20,854) (11,626)
Net assets attributable to NCI (9,383) (5,232)
Revenue 8,809 9,853

Loss (8,049) (4,110)
OCI (1,178) (405)
Loss allocated to NCI (3,622) (1,850)
OCI allocated to NCI (529) (182)
Cash flows from operating activities 4,157 5,722
Cash flows from investments activities (132) (220)
Cash flows from financing activities (3,980) (4,358)
Net increase in cash and cash equivalents 45 1,144

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32. Joint User Hydrant 33. Leases

Installation (JUHI) The Group and Company have lease contracts for
JUHI is an unincorporated equal assets ownership various items of leasehold properties, vehicles and
joint operation between 3 participants namely, Total other equipment used in its operations. Leases of
Petroleum Ghana PLC, VIVO Energy Ghana Limited leasehold properties generally have lease terms
and Ghana Oil Company PLC. It was established between 2 and 50 years, while motor vehicles and
through an Agreement for the Joint Ownership and other equipment generally have lease terms between
Operation of the Fuel Storage and Hydrant Facilities 2 and 6 years.
at the Kotoka International Airport, Accra and its
The Group and Company also had certain leases of
principal activity is the storage of aviation fuels and
leasehold properties and motor vehicles with lease
the provision of into-plane fueling services.
terms of 12 months or less. The Group applied the
‘short-term lease’ recognition exemption for these
leases.
33 (a). Right-of-use-assets
Set out below are the carrying amounts of right-of-

use assets recognised and the movements during
the period:
Group and Company Leasehold Motor Other Total

properties vehicles Equipment
2021 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost
As at 1 January 2021 80,991 14,035 556 95,582
Additions 13,342 12,043 648 26,033
Disposals (1,509) (4,702) (556) (6,767)
As at 31 December 2021 92,824 21,376 648 114,848
As at 1 January 2021 14,100 6,709 556 21,365
Charge for the year 6,275 5,133 324 11,732
Disposals (1,509) (4,702) (556) (6,767)
As at 31 December 2021 18,866 7,140 324 26,330
Carrying amount at 31 December 2021 73,958 14,236 324 88,518

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33. Leases (cont’d)

33(a). Right-of-use-assets (cont’d)
Group and Company Leasehold Motor Other Total
properties vehicles Equipment
2020 GH¢’000 GH¢’000 GH¢’000 GH¢’000
Cost
As at 1 January 2020 73,402 9,259 556 83,217
Additions 7,235 4,776 - 12,011
Reclass from long term prepayments 354 - - 354
As at 31 December 2020 80,991 14,035 556 95,582
As at 1 January 2020 6,516 3,340 265 10,121
Depreciation expense 7,584 3,369 291 11,244
As at 31 December 2020 14,100 6,709 556 21,365
As at 31 December 2020 66,891 7,326 - 74,217
33(b). Lease Liabilities
Set out below are the carrying amounts of lease liabilities and the movements during the period:
Group and Company

2021 2020
GH¢’000 GH¢’000
As at 1 January 16,508 13,095
Additions 26,033 12,011
Accretion of interest 4,503 2,542
Payments (20,903) (11,140)
As at 31 December 26,141 16,508
Current 10,765 8,486

Non-current 15,376 8,022
The Group and Company had total cash outflows for leases of GH¢20,903,000 (2020:GH¢ 11,140,000).
Payments were for principal elements of GH¢18,551,000 (2020:GH¢10,259,000), interest of GH¢2,352,000
(2020:GH¢881,000) and nil (2020: nil) for short term leases.
The following are the amounts recognised in profit or loss:
Group and Company

2021 2020
GH¢’000 GH¢’000
Depreciation expense of right-of-use assets 11,732 11,244
Interest expense on lease liabilities 4,503 2,542
Total amount recognised in profit or loss 16,235 13,786

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33. Leases (cont’d)

33(c). Amounts recognised in profit or loss
Extension options
Some leases contain extension options exercisable by the Group and Company before the end of the non-
cancellable contract period. Where practicable, the Group and Company seek to include extension options
in new leases to provide operational flexibility. The extension options held are exercisable only by the Group
and Company and not by the lessors. The Group and Company assess at lease commencement date whether
it is reasonably certain to exercise the extension options. The Group and Company reassess whether it is
reasonably certain to exercise the options if there is a significant event or significant changes in circumstances
within its control.
33(d). Maturity Analysis - Contractual undiscounted cash flows

2021 2020
GH¢’000 GH¢’000
Less than one year 11,365 5,631
Between one and five years 21,524 12,399
More than five years 15,142 11,155
Total undiscounted lease liabilities at 31 December 48,031 29,185
34. Long term prepayments

Group and Company
2021 2020
GH¢’000 GH¢’000
Balance at 1 January 671 1,725
Refunds for the year - (700)
Right-of-use asset - (354)
Balance at 31 December 671 671
Long term prepayments represent down payments made for potential lease of lands and service stations
which are currently being negotiated.

75
11 Appendix 1
Shareholding information
(i) Number of shares in issue
Earnings and dividend per share are based on 111,874,072 (2020: 111,874,072) ordinary shares in issue during
the year.
(ii) Number of shareholders

The Company had 4,799 ordinary shareholders at 31 December 2021 distributed as follows:
Holding No. of holders Total Holding %Holding

1 - 1,000 2,753 946,452 0.85
1,001 -5,000 1,583 3,863,957 3.45
5,001 - 10,000 269 1,758,787 1.57
10,001 and over 194 105,304,876 94.13
4,799 111,874,072 100
(iii) List of twenty largest shareholders at 31 December 2021

Number of Shareholding
Shares (%)
TOTALENERGIES MARKETING AFRIQUE 48,802,560 43.62
TOTALENERGIES MARKETING AFRICAN HOLDINGS LIMITED 37,047,592 33.12
SOCIAL SECURITY & NATIONAL INS.TR. 3,084,664 2.76
SCGN/ENTERPRISE LIFE ASSO.CO. 2,456,100 2.20
SCGN/CACEIS FRANCE RE HMG GLOBETRO. 1,803,000 1.61
SCGN/EPACK INVESTMENT FUND LTD 1,635,508 1.46
GHANA OIL COMPANY LTD 1,040,528 0.93
SCGN/GH. MED. ASSOC. PENSION FUND 584,700 0.52
HFCN/EDC GHANA BALANCED FUND LTD 582,943 0.52
SCBN/DATABANK BALANCED FUND LTD 503,008 0.45
SCGN/ENTERPRISE TIER 2 OCCUPATIONAL 378,410 0.34
ZBGC/CEDAR PENSION FUND 320,006 0.29
ZBGC/CEDAR PROVIDENT FUND 318,693 0.28
SCGN/ELAC SHAREHOLDERS FUND 306,400 0.27
STD NOM/METLIFE CLASSIC FUND 302,439 0.27
ZBGC/AXIS PENSION PLAN 248,804 0.22
STD NOMS TVL PTY/ENTERPRISE TIER 3 204,075 0.18
DAMSEL/OTENG-GYASI ANTHONY 203,816 0.18
HFC EQUITY TRUST 185,009 0.17
STD BANK NOMS/RENAISSANCE 180,619 0.16
REPORTED TOTALS 100,188,874 89.56
NOT REPORTED 11,685,198 10.44
GRAND TOTALS 111,874,072 100
Control rights: each share is entitled to the same voting rights
Changes in shareholding: for the financial year ended 31 December 2021, there were no material changes to
the shareholding structure of the Group.

76
11 Appendix 2
CORPORATE SOCIAL RESPONSIBILITY REPORT

Total Petroleum Ghana PLC as a responsible Paper bags instead of plastic carrier bags to serve
Company, strives to maintain a positive impact on its customers in the Bonjour Shops at the stations.
the community in which it operates by assisting to The objective is to encourage customers to use
meet the needs of the community and to contribute other environmentally friendly alternatives including
to the growth of the overall economy in the country reusable and recyclable bags which have been made
it operates in. available at all Total Service Stations. The Project
begun in August 2021.
Regarding Corporate Social Responsibility, the
Company focuses mainly on Safety and Environment, Annual fuel allocation to Ghana National Fire Service
Education, Entrepreneurship, Health and Sports. In
line with this, some key activities carried out in the As part of Total Petroleum Ghana PLC’s Corporate
year include: Social Responsibility activities, the Company
donates fuel to some of the regional offices of the
Safety and Environment Ghana National Fire Service annually. The activity
is coordinated by HSEQ Department through these
Total Petroleum Ghana PLC as part of its Corporate Regional Offices across the country. The allocation
Social Responsibility, donated to the Senior is aimed at supporting the Ghana National Fire
Correctional Centre popularly known as Borstal Service’s fire-fighting operations nationwide.
Institute located at Roman Ridge in the Greater
Accra Region on 1st April 2021. Education and Training
Several food items such as bags of rice, maize, sugar, Under the Young Graduate Program in 2021, Total
gari, gallons of oil, canned tomatoes, toiletries and Petroleum Ghana PLC successfully empowered five
detergents were presented to the Institute by the (5) Ghanaian Youth through training and capacity
Management and Staff of the Company. building. The trainees interned for six (6) months in
Ghana and were given the opportunity to intern for
The Institute was also presented with nose masks a further twelve (12) months in other TotalEnergies
and hand sanitizers to assist in the Institute’s fight affiliates.
against the COVID-19 pandemic.
Similarly, through other educational partnership
I-recycle Project programs, the Company provided internships and
National Service employment for some tertiary
Total Petroleum Ghana PLC is committed to the
institutions in Ghana.
management of waste in Ghana. Since 2018, the
Company has collaborated with Voltic Ghana on the Several other Trainings were organised for the
‘I-recycle’ Project, a partnership between the two Station Dealers, Attendants and Transporters to
companies aimed at the effective management of equip them with the needed skills to develop the
plastic waste within the Greater Accra Region. The Brand nationwide.
initiative demonstrates the Company’s commitment
towards environmental protection and the Group’s Scholarship for UMAT & KNUST Students
ambition to become a responsible energy major. As
part of the objectives of the Project, recycle bins As part of its commitment towards education, Total
have been placed at Thirty-Seven (37) Total Service Petroleum Ghana PLC has set aside a cash donation
Stations for the collection of plastic bottles for safe of GH¢72,450 in an Educational Partnership Fund to
and environmentally friendly recycling or disposal. cater for Scholarship Awards to brilliant but needy
More bins will be deployed at more stations in the students of the University of Mines and Technology
Network in phases. (UMAT) and the Kwame Nkrumah University of
Science and Technology (KNUST) for the 2021-2022
Use of Paper Bags at Total Service Stations academic year.
As part of the strategic transformation in the

TotalEnergies Group’s new identity, the Group
has integrated sustainable development in all
dimensions and projects as a way to contribute to
the well-being of people globally. As an affiliate of
the Group, the Company has introduced the use of

77
1 Extract of the Code of Conduct
12
Code of
Conduct
Our Values in Practice
The Most Stringent Standards Our Employees

We comply with all national and international The Code of Conduct defines collective and
laws and standards governing our activities. individual values for employees at TotalEnergies. We
In the event of a conflict between legal standards and are convinced that our development is intrinsically
our Code of Conduct, we apply the more stringent rooted in the confidence and respect that exists
standard. TotalEnergies maintains a dialogue with between TotalEnergies and our employees and
international, governmental and non-governmental among the employees themselves. Every employee
organizations to address their concerns in fields must ensure compliance with the Code of Conduct
related to our business. As provided by legislation in their daily activities.
governing our activities and our internal guidance,
failure to comply with these reference standards can
result in sanctions.

78
1 Extract of the Code of Conduct
12
Host Countries Suppliers

The Guiding Principles on Business and Human Rights, With regard to suppliers and contractors, we
adopted by the United Nations Human Rights Council work in the interests of each party, in accordance
in 2011, set out the obligations incumbent on member with clear, fairly negotiated contract terms. This
states to respect, protect and fulfill human rights. relationship is based on three cornerstones: dialogue,
We respect the environment and culture of our professionalism and meeting commitments. We
host countries. We respect the sovereignty of host choose suppliers that can conduct their business
countries and refrain from intervening in or funding responsibly.
the political process. We reserve the right, as
appropriate, to let governments know our positions Business Partners
on topics related to our operations, employees and
We apply the Code of Conduct in all joint ventures we
shareholders, as well as our belief in the importance
control. Otherwise, we do our utmost to ensure that
of upholding human rights.
the partner who controls the joint venture adheres to
principles that are equivalent to those set out in our
Local Communities Code of Conduct.
We respect the rights of local communities by
identifying, preventing and mitigating any impact Shareholders
on their environment and way of life and remedying
We strive to earn our shareholders’ confidence and
the situation as needed. We systematically establish
provide them with a profitable, long-term investment.
dialogue as early as possible to foster lasting
We maintain an ongoing and constructive dialogue
relationships with those communities, and we are
with our shareholders through a variety of channels,
mindful of opportunities for community development.
and regularly provide full and transparent information.
We design and implement grievance procedures We are attentive to their expectations, concerns
and corrective measures, particularly on behalf of and questions on every subject. We comply with
vulnerable groups, including indigenous peoples. applicable stock market regulations and accurately
report our operations in our financial statements.
Customers
We provide customers with quality products and
services, and strive at all times to deliver optimal
performance at a competitive price. Attentive to our
customers’ needs, we continuously monitor, assess
and improve our products, services, technology and
processes.
Our goal is to deliver quality, safety, energy

efficiency and innovation at every step in the
development, production and distribution process.
We take steps to ensure the confidentiality of the
data our customers entrust to us, in accordance with
regulations governing privacy.

79
13 Business Development
AFRICA CUSTOMER WEEK

The enhancement of Customer experience is a vital As part of the week-long celebrations, a series of
part of the Company’s business. That is the reason Presentations and Workshops were organised for
why Total Petroleum Ghana PLC dedicated a week some of the Company’s B2B Customers.
in November 2021 for some exciting activities with
In addition to the Customer Week, Management
its cherished Customers.
and Staff of the Company also celebrated Top
The 3rd edition of Africa Customer Week was Service Week by offering customers free Car
celebrated with the active participation of the Care Services such as Under Bonnet Checks, Tyre
Management and Staff of the Company. Through the Pressure Checks, Windscreen cleaning at the
various activities, the Company obtained Customer service stations.
feedback to help the Company to improve upon its
Overall, approximately Two Hundred (200) staff
product and service delivery. Company branded
members participated in the Africa Customer week
items were distributed to Customers at the Service
which was crowned with lots of fun and sporting
Stations nationwide to reward Customer loyalty.
activities.
Management and staff also seized the opportunity
to share car maintenance and safety tips with both
private and commercial motorists at the stations.

80
TOTAL PETROLEUM GHANA

PARTNERS CFAO GHANA
TO LAUNCH AUTOFAST
SERVICE CENTER
Total Petroleum Ghana PLC in partnership
with CFAO Ghana Limited launched a service
concept called ‘AUTOFAST’. This service
concept, which is offered at designated Total
stations nationwide, is to offer its customers
high-quality maintenance services for all
brands of Vehicles.
The first AUTOFAST Service Center was
inaugurated on Thursday, 15th July, 2021 at
the Liberation Road Total Service Station in
Accra.
The AUTOFAST Service Centers are equipped
with a team of Professional Auto Service
personnel to provide world-class services
such as Oil change using high performance
Total Lubricants, replacement of Brake Pads,
Vehicle Air Conditioning Maintenance and
Tyre change.
Following the launch of the first AUTOFAST
Service Center, the Company, in partnership
with CFAO Limited introduced two (2)
additional AUTOFAST Services Centers at
the Achimota and Tema Hospital Road Total
Service Stations.

81
TOTAL PETROLEUM GHANA UNVEILS NEW

LUBRICANT PACKAGING IN GHANA
Total Petroleum Ghana PLC is committed to The new packaging consists of a new side handle
satisfying its customer needs and delivering clean which makes the Bottle handy and easy to carry.
energy unto the Ghanaian market. In pursuit of this, This is an innovative and premium design which
the Company unveiled its new Lubricant packaging captures modernity and allows for easy pouring
onto the Ghanaian market in November 2021 at the with an enhanced product recovery.
Kempinski Hotel Gold Coast City, Accra.
The new design for the Lubricant Bottle also
The new Lubricant Bottle design was officially enhances user experience at first sight with a
unveiled by the Brand Ambassador of the strong product line visibility. It also displays an
Company, Stephen Appiah (Former Captain educational pictogram with the product name and
of Ghana Black Stars). Present at the unveiling a background colour which easily identifies the
ceremony were Business Partners of the Company product range.
including representatives of the National Petroleum
In addition, the Bottle has a QR code which
Authority, Association of Oil Marketing Companies,
authenticates the Product with a product benefit
Automobile Companies, Driver Unions, Mechanics,
logo.
Managers of Total Stations and Management and
Staff of the Company.

82
TOTAL PETROLEUM GHANA WELCOMES ITS NEW

EXECUTIVE VICE PRESIDENT FOR WEST AFRICA
On Tuesday 26th October 2021, Total Petroleum Mr. Philippe Ebanga visited some Service Stations
Ghana PLC welcomed its new Chairman for during which he interacted with Customer
TotalEnergies Marketing and Services, West Africa, Attendants and encouraged them to continue with
Mr. Philippe Ebanga, to Ghana. the excellent customer service delivery to enhance
the new image of the TotalEnergies brand. He also
Mr. Olufemi Babajide, the Managing Director of the
inspected some on-going projects in the Network
Company led Management and Staff to welcome
and lauded the Company’s efforts at solarization of
the Chairman at a colourful ceremony held at the
its Service Stations
forecourt of Total House.
Mr. Philippe Ebanga, accompanied by the Managing
Mr. Philippe Ebanga expressed his heartfelt
Director, also paid a courtesy call on the First Lady
gratitude for the warm reception and commended
of Ghana, Mrs. Rebecca Akufo-Addo.
the Company’s Staff for their hard work and
dedication to the Company. He further urged Staff
to continue to play their roles effectively to support
the growth the Company.

83
3RD ANNIVERSARY OF TOTAL TROXI CLUB MARKED IN KUMASI

Total Petroleum Ghana PLC rewarded its overall The winners of “TROXI HENE” for each Network
Top three (3) members of the Troxi Club at a Area also received their commensurate rewards.
colourful event held at Mbrom East Service Station
To mark the memorable milestone, the Company
in Kumasi on 20th August 2021. The event was in
further enriched its benefits for members of the
commemoration of the 3rd Anniversary of Total
Total Troxi Club by increasing the instant discount
Troxi Club.
on fuel purchases from 2 to 4 pesewas per litre
The three Top Winners were rewarded with a 55” on its Excellium range of fuels and from 3% to 5%
Sharp LED TV, a 4-burner gas cooker with an oven discount on every Total Lubricant purchased at all
and a table-top fridge respectively. Service Stations using the Troxi cards.
In addition to these prizes, each of the winners Additionally, members of the Total Troxi Club
received instant credit top-up worth GH¢300 become beneficiaries of an Insurance Package
on their Troxi card, a hamper of Total Lubricants, made up of an Accident cover worth GH¢6,000.00
Car Care products and Solar Lamps along with and a COVID-19 Insurance cover worth Gh¢3,150.00
giveaways from Star Assurance. which is offered by the Company in partnership
with Hollard Insurance Company Limited.

84
TOTAL PETROLEUM At the Total Service Stations, Customers are offered

a wide variety of Products and Services such as the
GHANA EXPANDS ITS Excellium fuels and, quality Car Care services at
RETAIL NETWORK the lube bays. The ‘Bonjour’ shops located at the
service stations also provide the Total Customers
Total Petroleum Ghana PLC has changed the with a variety of Grocery Products such as drinks,
landscape of many communities by opening state- snacks, beverages, detergents, as well as Car-Care
of-the-art service stations in various communities. products.
The opening of these state-of the art service
stations have enhanced the delivery of the The Company currently has more than Two
Company’s quality Products and Services. Hundred and Sixty (260) Service Stations spread
across the country and aims to continue to expand
Apart from rebuilding some old stations to enhance its network to meet the expectations of its valued
service delivery, the Company introduced some Customers.
new stations to the Network during the year such
as Amasaman and Adenta SSNIT service stations.
In line with the goals of the Group’s new identity,
the Company has so far solarized Sixty-One (61)
of its Service Stations with a target to achieve at
least 50% of the Network within the next five (5)
years. The Company’s objective for the Solarization
Project is to contribute to the development of
efficient and environmentally friendly energy
solutions in Ghana.

85
CAR WASH AT TOTAL SERVICE STATIONS

Total Petroleum Ghana PLC aims at enhancing Customer
Experience at its Service Stations. The Company has therefore
developed Wash Centres at various Service Stations which
offer a wide range of washing and vacuum services to ensure
the best Car Care Services and Maintenance. These Wash
Centres use Professional Staff and Equipment coupled with
quality Car Care products including detergents and shining
wax which give a long-lasting effect on the Customer’s vehicle.
A two (2) day car Wash Promo was organized by the Company
at these Wash Centres across the Country in December
2021. This nationwide Wash Promo aimed at rewarding
Customers for their loyal patronage of the Wash Centres to
give their vehicles the best care. Customers who visited the
Wash Centres during the Promo period, received beautifully
branded Wash T-shirts and Hand Towels. This was a way of
showing appreciation by the Company to its Customers for
their commitment to the brand.
The Company will continue to develop more Wash Centres
within its Network to bring this service closer to more of its
cherished customers.

86
1 Corporate Social Responsibility
14
LAUNCH OF THE 3RD EDITION OF STARTUPPER OF THE

YEAR CHALLENGE BY TOTALENERGIES GROUP
The 3rd Edition of TotalEnergies Startupper of the (GH¢210,000), one year Coaching from Industry
Year Challenge was launched on 29th October 2021 experts and would also enjoy wide publicity. The
at a ceremony at the Kempinski Hotel Gold Coast categories for the selection will be Best Business
City, Accra-Ghana. Creation, Best Start-up under 3 years and Best
Female Entrepreneur.
The objective of the Challenge is to encourage
Youth Entrepreneurship and Career Development. Additionally, the Winners will be given the
The Challenge is open to Ghanaian Entrepreneurs opportunity to compete at the regional level
aged between 18 and 35 years with Business ideas against their Peers from other countries.
and Start-up Projects which are innovative, have
Speaking at the launch, the Project Manager Mr.
societal and community impact and are feasible
Bright Dokosi stated that the aim of the project is
and have development potential.
to reaffirm the Company’s commitment to Youth
For the 3rd edition, three (3) Winners will receive Entrepreneurship in the country with a special
financial support of a combined total amount of focus on Female Entrepreneurs.
Two Hundred and Ten Thousand Ghana Cedis

87
TOTALENERGIES AFCON he said football is a passion that brings nations

together as one people.
TROPHY TOUR IN GHANA
Led by the Brand Ambassador, the Trophy made
TotalEnergies Group, the title sponsor of the its first stop at the Black Star Square also known
African Cup of Nations Tournament, Cameroon as the Independence Square for a Ceremonial kick-
2021, organized a trophy tour of countries that had off.
qualified for the competition.
The second part of the Tour was a visit to three (3)
The AFCON trophy arrived at the Kotoka Total Service Stations on Oxford Street, Liberation
International Airport on Tuesday, November 16th, Road & Darkuman Junction respectively where
2021 and was welcomed amidst jubilation by a Customers and Patrons visiting the stations were
Cultural Troupe and the Ghana Supporters Union. allowed to indulge in the football Tournament
Several dignitaries were present at the welcome excitement. Some of the Customers and Patrons
ceremony including the Brand Ambassador for were given the opportunity to engage the Brand
Total Petroleum Ghana PLC Stephen Appiah; Ambassador Stephen Appiah in a mini Penalty kick
the Deputy Minister for Youth and Sports, Evans competition and to participate in a photoshoot with
Opoku Bobie; the President of the Ghana Football the Trophy. Customers were then given branded
Association, Kurt Okraku; the former Black Stars TotalEnergies and CAF souvenirs as part of their
Players Derek Boateng, Sam Johnson; the then support in making the occasion memorable.
Assistant Coach of the Black Stars, Maxwell Konadu
and Representatives of some Media Houses. At a Cocktail Event which was held subsequently
at the Kempinski Hotel Gold Coast City, Accra,
The Sales and Marketing Manager of Total the Company’s staff and some of its Business
Petroleum Ghana PLC, Mr. Laurent Gouy, expressed Partners were also given the opportunity to create
his excitement about TotalEnergies’s Partnership memories by taking photographs with the AFCON
with CAF for the AFCON Tournament because Trophy.

88
TOTAL PETROLEUM GHANA In addition, COVID-19 protective equipment such

as Nose Masks and Hand Sanitizers were also
DONATES TO THE SENIOR presented to the Institute.
CORRECTIONAL CENTRE The Donation which was worth Ten Thousand Ghana
(BORSTAL INSTITUTE) Cedis (GHC 10,000) was to assist in improving the
welfare of the inmates.
As part of its Corporate Social Responsibility, the
Company embarked on its annual charity donation The Company has pledged to continue its support
project on 1st April 2021 by making a donation to to similar institutions on a regular basis.
the Senior Correctional Centre, also known as the
Borstal Institute, located at Roman Ridge in the
Greater Accra Region.
The Institute received several food items including
bags of rice, maize, sugar and gari; gallons of oil;
boxes of canned tomatoes; assorted beverages;
detergents; and toiletries amongst other items.

89
YOUNG GRADUATE PROGRAM

Total Petroleum Ghana seeks to develop the Ghanaian The Program gives an opportunity for such Graduates
Youth through training and capacity building through to discover and experience working life through a
The Young Graduate Program. The Program targets hands-on professional experience whilst benefiting
fresh Graduates from the Country’s Universities to from international exposure after graduating from
achieve this objective. University.
This Innovative Program consists of an Eighteen Twenty-Five (25) Ghanaian Young Graduates have so
(18) month Training opportunity granted to such far benefited from this great initiative, since it was
Graduates and comprises a Six (6)-month local introduced in 2018.
contract apprenticeship and a Twelve (12)-month
international apprenticeship in TotalEnergies
affiliates. The focus for the Graduates is within the
Company’s three main business lines - Commercial,
Finance & Technical.
I am Emmanuel Asamoah Akoto. I work in the been made possible as I have

Finance and Accounts Department of the Company gained more knowledge and
as a Finance Analyst. expertise in complex finance
and accounting systems and
I heard about the program through a colleague while
processes.
we were still in school and decided to try it out. It
was a surreal and fulfilling moment for me when I got The plan in the next few years
the call. It has been a remarkable experience so far, is to continually improve and
getting to know the Company at the local and group harness the skills and knowledge
level, what they stand for, their business, and their I have acquired through the program and apply
concern for their staff and the environment in which it anywhere I find myself, whether operational or
they operate. managerial level. And by this, hopefully, the dream of
becoming a Chief Finance Officer one day, will come
Before joining Total Petroleum Ghana, my goal was to
gain more knowledge on how these big corporations to fruition.
work and as well put my theoretical knowledge to
practice. I can say that through the program, this has
My name is Julius Seyram Amedzo and I work in I plan to obtain the “Certified
the Lubricants Department of the Company as a Lubricants Engineer” status
Lubricants Engineer Support. I discovered the Total to enhance my career path.
Young Graduate Program from an online job portal. I I also intend to work very
was extremely excited because Total is a world class efficiently in order to be
Oil Marketing Company and I wanted to be part of employed as a permanent staff
this team. of the Company. This will enable
me put all my experience to bear and help grow the
So far, the experience has been great. The training
Company.
in the Lubricants department has greatly improved
my attitude towards work and made me a better
Engineer.
My expectations have been met such that I now have
a better understanding of the lubricants business,
significant technical know-how and the practical
experience needed for a lubricants business.

90
I am Casandra Nana Akua Andrews. I work as a I can confidently say that, that my expectations have
Projects Assistant in the Operations department of been met and I am provided with the opportunity to
the Company. learn new things on a daily basis.
I got to know about the Total Young Graduate In the nearest future, I hope to
Program via LinkedIn and I was very excited about use the skills and knowledge
the fact that I was able to sail through the thousands gained to sail through the
of candidates that applied for the position. I was even various levels of leadership
more excited that the company is a multinational within the Company while
which gives an opportunity for international adhering to all Company
exposure. standards.
It has been an amazing journey so far, having gained
knowledge from other very learned colleagues.
These experiences I believe will be very helpful in my
career as a Mechanical Engineer.
I am Edinam Ama Tettey. I currently work in the At the start of the program,
Marketing Department of the Company as part of the I had some set goals
Network Team. including learning to hold
a conversation in French,
I saw a post on social media and immediately visited
developing a better
the website to read more about the program.
understanding of the
I was very excited when I was informed about my petroleum industry, and
selection. Getting positive feedback from a reputable improving upon several soft
Multinational Company was really exciting. I knew it skills. I am happy to say that I
was going to be a worthwhile experience with so have achieved all of these.
much to learn.
My plan for the near future is to explore innovative
I have learnt a lot from my team members as well as ways to employ my skills and knowledge for the
the people I work with at the various stations that I growth of the Company.
visit. My time management has improved, enabling
me to multitask and deliver results in a timely manner.
I have also had the opportunity to visit towns and
regions I had never been to.
I am Samuel Otopeh. I am a Lubricant Engineer with In the near future, I plan to

the Lubricants Department of the Company. I was develop myself further by
very excited when I found out about the Total Young learning and taking up new
Graduate Program through a WhatsApp group tasks and challenges to
discussion with friends. I couldn’t believe it because become that person whom
I had the perception that it was very difficult to be the Company can fully rely
employed by Total Petroleum Ghana. on for excellent results.
My experience so far with the Total Young Graduate
Program has been exciting and I have learnt a lot.
My dream of having a successful career path as an
Engineer has been met through the Young Graduate
Program. I am always challenged to do more and
this has helped identify new capabilities within me. I
am satisfied with the training received so far and my
expectations have been met.

91
15 Achievement & Awards
THREE TIMES
THREE TIMES PETROLEUM
PETROLEUM
COMPANY OF THE YEAR
COMPANY OF THE YEAR
2018 2019 2020
2018 2019 2020
Petroleum Ghana PLC
Total Petroleum PLC won the CIMG
won the CIMG
Petroleum
Total Company
Petroleum
Petroleum CompanyGhana of
of the
theYear
PLC2020
Year wonAward.
2020 the This
Award. CIMG
This
marks our
Petroleum
marks 3rd consecutive
our Company
3rd consecutiveof the time
time of
Year of receiving
2020 Award.
receiving this
This
this
award.
marks
award. our 3rd consecutive time of receiving this
We are thankful to all our cherished customers and
award.
stakeholders
We for the
are thankful continued
to all support.customers and
our cherished
We are thankful
stakeholders for to
theallcontinued
our cherished Customers and
support.
Stakeholders for their continued support.

92
15 Achievement & Awards
Total Petroleum Ghana PLC received Four Top Awards at the Ghana
Oil and Gas Awards 2021.
• Oil Marketing Company of the Year

• Marketing Campaign of the Year (Total Troxi Club)
HALL OF FAME
• Lubricant Product of the Year (Quartz)
• Brand of the Year
Thank you, our cherished Customers and Stakeholders.

93
Active foam washing
Active washing
Discover Wash,
Discover Wash, the
the washing
washing expertise
expertise brought
broughtto toyou
youbyby
TotalEnergies, designed to make your car just likenew.
TotalEnergies, designed to make your car just like new.
Withits
With itsactive
active foam
foam wash,
wash, the
the most
most efficient
efficient wash
washalsoalso
becomes the smoothest. Its patented active foamgets
becomes the smoothest. Its patented active foam getsrid
rid
of all dirt, with extra care for your car. It’s efficient
of all dirt, with extra care for your car. It’s efficient on theon the
wholevehicle,
whole vehicle, including
including the
the rims,
rims, and
and gets
gets offoff even
eventhe
the
persistent stains and
persistent stains and bugs. bugs.

closest to you.
closest to you.
16 Proxy Form
PROXY FORM FOR USE AT THE ANNUAL GENERAL MEETING TO BE HELD ON TUESDAY 31ST DAY OF MAY,
2022 AT 11.00 O’CLOCK IN THE FORENOON
I/We, _______________________________________________________________________________being
Member(s) of TOTAL PETROLEUM GHANA PLC, hereby appoint __________________________________
___________________ or failing him/her the Chairman as my/our Proxy to vote for me / us, and on my/our
behalf at the Annual General Meeting of the Company to be held on the 31st May, 2022 and at any and every
adjournment thereof.
This Form to be used :-
Ordinary Resolution
*in favour of The resolution to adopt the Reports of the Directors, Auditors and the Financial
1.
against Statements of the Company for the year ended 31st December, 2021.
*in favour of The resolution to declare Final Dividend for the year ended 31st December, 2021 as
2.
against recommended by the Directors.
*in favour of
3. The resolution to appoint Mr. Philippe Ebanga as a Director of the Company.
against
*in favour of
4. The resolution to appoint Mr. Olufemi Babajide as a Director of the Company.
against
*in favour of
5. The resolution to appoint Mr. Damien de La Fayolle as a Director of the Company.
against
*in favour of
6. The resolution to appoint Ms. Elodie Luce as a Director of the Company.
against
*in favour of
7. The resolution to appoint Mr. Jean-Philippe Torres as a Director of the Company.
against
*in favour of
8. The resolution to re-elect Mr. Rexford Adomako-Bonsu as a Director of the Company.
against
*in favour of
9. The resolution to re-elect Mr. John Mawuli Ababio as a Director of the Company.
against
*in favour of
10. The resolution to approve the renumeration of non-executive Directors.
against
*in favour of
11. The resolution to authorise the Directors to fix the remuneration of the Auditors.
against
Special Resolution
*in favour of The resolution to change the name of the Company from Total Petroleum Ghana
A.
against PLC to TotalEnergies Marketing Ghana PLC.
On any other business transacted at the Meeting and unless otherwise instructed in paragraphs 1 to 11 & A
above, the resolutions to which reference is made in paragraphs, the Proxy shall vote as he/she thinks fit.
*Strike out whichever is not desired.
Signed this ……… day of …………………… 2022 ..................................................
Signature of Shareholder

95
SECOND FOLD HERE
Please
affix
stamp
FIRST FOLD HERE
The Secretary
TOTAL PETROLEUM GHANA PLC
c/o Total House
25 Liberia Road,
P. O. Box 553, Accra, Ghana
THIRD FOLD HERE

16 Proxy Form
THIS PROXY FORM SHOULD NOT BE COMPLETED AND SENT TO THE REGISTERED OFFICE IF THE MEMBER
WILL BE ATTENDING THE MEETING
1. A member (Shareholder) who is unable to attend an Annual General Meeting is allowed by law to vote
by proxy. The Proxy Form has been prepared to enable you exercise your vote if you cannot personally
attend.
2. Provision has been made on the Form for MR. PHILIPPE EBANGA, the Chairman of the meeting to act
as your Proxy, but if you so wish, you may insert in the blank space provided the name of any person,
whether a member of the Company or not, who will attend the meeting and vote on your behalf
instead of MR. PHILIPPE EBANGA.
3. In case of joint holders, each joint holder must sign.
4. If executed by a Corporation, the Proxy Forms must bear its Common Seal or be signed on its behalf
by a Director.
5. Please sign the above Proxy Form and send via email to REGISTRARS@MYUMBBANK.COM or
deposited at the registered office of the Registrar of the Company, UMB, 44 Kwame Nkrumah Avenue,
Okaishie, Accra, or posted to the Registrar at P. O. Box GP 401, Accra to arrive no later than 48 hours
before the appointed time for the meeting.
6. The Proxy must produce the Admission Card with the Notice of the Meeting to obtain entrance to the
meeting.

97
Notes

98
www.lubricants.totalenergies.com
*For TotalEnergies RUBIA Range in its entirety
See you at
www.totalenergies.com.gh
Head Office
Total House
No. 25 Liberia Road,
P. O. Box 553, Accra
+233-302-611555 I 611556
Totalgh Total Ghana Total Ghana

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ANNUAL REPORT 2021

TOTAL PETROLEUM GHANA PLC

• To be the number one in customer service.

5 PROFILE OF DIRECTORS TO BE ELECTED 08

7 REPORT OF THE DIRECTORS 11

8 INDEPENDENT AUDITOR’S REPORT 17

Consolidated and Separate Statements of Financial Position 21

Consolidated and Separate Statements of Changes in Equity 23

Consolidated and Separate Statements of Cash Flows 24

10 NOTES TO THE FINANCIAL STATEMENTS 26

12 EXTRACT OF CODE OF CONDUCT 78

14 CORPORATE SOCIAL RESPONSIBILITY 87

15 ACHIEVEMENTS & AWARDS 92

Annual Report & Financial Statements

Board of Philippe Ebanga - Chairman (Appointed, 21st September, 2021)

Secretary Mrs. Mercy Samson Registered ‘Total House’

Auditor PricewaterhouseCoopers Bankers Absa Bank Ghana Limited

Annual Report & Financial Statements

Philippe Ebanga Olufemi Babajide

Rexford Jean-Philippe Torres

Elodie Luce Laurette Otchere

John M. Ababio Damien de La Fayolle

Annual Report & Financial Statements

Olufemi Babajide Marcel Ably-Bidamon

Frank Boamah Bright Dokosi

Ellen Sarfo Kantanka Laurent Gouy

Thibault Putz Henry Adzewodah

Annual Report & Financial Statements

INTRODUCTION The Ghanaian cedi underwent 8% depreciation

Economic recovery continued amid a resurging New Identity

At the beginning of 2021, Ghana, like many other

DOMESTIC ENVIRONMENT - CONT’D CORPORATE GOVERNANCE

Annual Report & Financial Statements

CORPORATE SOCIAL ACKNOWLEDGEMENT

I take this opportunity to thank my colleagues on the

CIMG: Thank you all for taking time to participate in this

Hall of Fame: Phillipe Ebanga

• Brand of the Year.

CONCLUSION AND OUTLOOK

Annual Report & Financial Statements

Mr. Philippe Ebanga

In September 2016, he joined the Total Group now known as TotalEnergies SE in

He was appointed, in September 2021, as Executive Vice President, TotalEnergies

Philippe Ebanga, is Franco-Cameroonian and was born and raised in Cameroon.

Mr. Olufemi Babajide

Mr. Olufemi Babajide is a Nigerian National who holds a Bachelor’s Degree

Annual Report & Financial Statements

Mr. Damien de La Fayolle

Ms. Elodie Luce

Mr. Jean-Philippe Torres

Annual Report & Financial Statements

AGENDA iii. The appointment of a proxy will not prevent

Annual Report & Financial Statements

The Directors submit their report together with Principal activities

Annual Report & Financial Statements

Five year financial highlights

Company 2021 2020 2019 2018 2017

Financial statements and dividend Related party transactions

Annual Report & Financial Statements