Ghana has won an international tax arbitration case brought by Tullow Ghana Limited over the taxation of business interruption insurance proceeds, with an arbitral tribunal upholding a tax assessment of US$393.09 million against the oil producer.
The Ministry of Finance said the tribunal, constituted under the Rules of Arbitration of the International Chamber of Commerce (ICC), delivered its award on Tuesday, September 29, 2026, ruling in favour of the Republic.
According to the Ministry, the tribunal dismissed all claims brought by Tullow and upheld in full the Ghana Revenue Authority’s (GRA) tax assessment of US$393,091,993.70.
The tribunal also found that the assessment did not breach the Petroleum Agreements, the penalty imposed was properly applied, the assessment was not time-barred and the GRA’s enforcement action was lawful.
Finance Minister Dr Cassiel Ato Forson said the decision affirmed Ghana’s position that companies operating in the country are subject to its laws.
“This outcome vindicates the position Ghana has maintained throughout: that every company operating in this country, regardless of its size, is subject to the laws of Ghana,” he said.
Dr Forson commended the Office of the Attorney-General, the GRA and Ghana’s external legal counsel, Foley Hoag LLP, for their role in defending the country’s position during the arbitration.
The Government, however, said the ruling would not affect its efforts to maintain a constructive relationship with Tullow, describing the company as a vital partner in Ghana’s petroleum sector.
“Tullow remains a vital partner to Ghana and is the country’s largest petroleum producer,” Dr Forson said.
He noted that Tullow’s operations in the Jubilee and TEN fields support Ghana’s energy security, domestic gas supply and thousands of livelihoods.
“It is in the national interest that this relationship endures,” he added.
Discussions with Tullow to continue
The Ministry said the Government had been engaged in discussions with Tullow before the tribunal delivered its award to find an amicable resolution to outstanding tax matters.
Those discussions, it said, would continue to cover both the matter determined by the tribunal and separate proceedings relating to the disallowance of loan interest.
“The discussions are ongoing and would be resolved in the mutual interest of both parties,” the Finance Minister said.
The Government said it would work closely with Tullow to give effect to the arbitration award in accordance with Ghanaian law, while taking into account the need to maintain continuity of operations in the Jubilee and TEN fields.
It also said consideration would be given to Tullow’s capacity to sustain the investments required in the fields.
According to the Ministry, Ghanaian law gives the GRA authority to determine the time and manner in which assessed tax liabilities are settled.
“The Government intends to ensure that the award is implemented in a way that secures the revenues due to the Ghanaian people while preserving Tullow’s ability to continue operating and investing in Ghana as a GOING CONCERN,” Dr Forson said.
The ruling comes as the Government and its Jubilee partners seek to maximise production and investment prospects in the Jubilee and TEN fields.
Tullow Ghana is currently the country’s largest petroleum producer, with operations in the two offshore fields playing a significant role in Ghana’s oil and gas sector.
