In 2021, the Ghana National Petroleum Corporation (GNPC) achieved a profit of $10.681 million, marking a significant improvement of 106.5% compared to the $163.391 million loss recorded in 2020.

The 2022 Auditor General Report reveals a noteworthy 23.5% surge in total income, rising from $781.105 million in 2020 to $964.738 million in 2021.

This increase is primarily attributed to a substantial 23.6% growth in revenue, which escalated from $758.537 million in 2020 to $937.689 million in 2021.

The revenue boost was primarily propelled by a remarkable 47.5% increase, amounting to $94.286 million, in the net share of gas sales.

Total expenditure registered a modest $9.559 million rise or 1.0%, ascending from $944.497 million in 2020 to $954.057 million in 2021. The uptick can be attributed mainly to a 5.9% expansion in the cost of sales, reaching $800.853 million in 2021 from $756.239 million in 2020.

In terms of the balance sheet, Non-Current Assets witnessed a 1.4% upswing from $1.123 billion in 2020 to $1.139 billion in 2021. This growth primarily stemmed from a $165.594 million increase in investments in subsidiaries, notably Jubilee Oil Holding Company Limited.

Current Assets experienced a substantial surge of 39.4%, escalating to $1.152 billion in 2021 from $826.830 million. This surge can be attributed to a significant 152.1% increase, equivalent to $567.622 million, in prepayments.

Current Liabilities depicted a notable 43.4% reduction from the 2020 figure of $941.315 million to $533.057 million in 2021. This reduction was chiefly due to a substantial $341.449 million decrease, reflecting a 54.8% decline, in trade and other creditors.

The current ratio displayed a positive shift, increasing to 2.2:1 in 2021 from 0.9:1. This signifies that GNPC is well-positioned to fulfill its short-term obligations as they come due.