An International Chamber of Commerce (ICC) arbitral tribunal has ruled in favour of Ghana, dismissing all claims brought by Tullow Ghana Limited over the taxation of business interruption insurance proceeds.
The tribunal upheld the Ghana Revenue Authority’s (GRA) tax assessment of US$393,091,993.70 against the oil producer.
In its decision, the tribunal found that the GRA’s assessment did not breach the existing Petroleum Agreements between Ghana and Tullow.
It also confirmed that the penalties imposed by the tax authorities were properly applied, the assessment was not time-barred, and the enforcement actions taken by the GRA were lawful.
In a statement issued on September 30, 2026, Finance Minister Dr Cassiel Ato Forson said the outcome affirmed Ghana’s position that companies operating in the country must comply with 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,” Dr Forson said.
The Finance Minister commended the Office of the Attorney-General, the GRA and external legal counsel Foley Hoag LLP for their efforts in securing the ruling.
He however, said the government had been engaged in amicable discussions with Tullow before the tribunal’s decision to resolve outstanding tax matters.
These include separate proceedings concerning the disallowance of loan interest.
Dr Forson stressed that Tullow remains an important partner to Ghana as the country’s largest petroleum producer, contributing to energy security, domestic gas supply and thousands of local jobs.
He said the government would work with the company to implement the tribunal’s award while ensuring that its operations in Ghana remain sustainable.
“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,” the statement added.
