The Ghana Revenue Authority (GRA) has secured a US$393.09 million tax ruling against Tullow Ghana Limited after an international arbitral tribunal dismissed the company’s claims and upheld the tax assessment in full.
The Ministry of Finance in a press statement said the tribunal, constituted under the Rules of Arbitration of the International Chamber of Commerce (ICC), delivered its award on September 29, 2026, in favour of Ghana.
The case concerned the taxation of proceeds Tullow received under its corporate Business Interruption Insurance policy.
The dispute began after the GRA issued Tullow a corporate income tax assessment in December 2022 in relation to the insurance proceeds.
Tullow subsequently challenged the assessment and referred the dispute to ICC arbitration in London in February 2023.
The company also referred a separate tax dispute to arbitration over a revised assessment relating to the disallowance of loan-interest deductions. Tullow had said the two disputed assessments totalled US$387 million, plus penalties.
In a statement issued on September 30, 2026, the Ministry of Finance said the tribunal dismissed all the claims brought by Tullow and upheld the GRA’s assessment of US$393,091,993.70.
It said the tribunal also found that the assessment did not breach the Petroleum Agreements, the penalty was properly applied, the assessment was not time-barred and the GRA’s enforcement action was lawful.
Finance Minister Dr Cassiel Ato Forson commended the Office of the Attorney-General, the GRA and Ghana’s external legal counsel, Foley Hoag LLP, for their work in defending Ghana’s position.
He said the ruling came as Ghana and its Jubilee partners worked to maximise the potential of the Jubilee and TEN fields.
Dr Forson said the government had engaged Tullow before the tribunal delivered its award in an effort to reach an amicable resolution to outstanding tax matters.
He said those discussions would continue and would cover both the matter determined by the tribunal and a separate proceeding concerning the disallowance of loan interest.
The government, according to the statement, would work with Tullow to implement the award in accordance with Ghanaian law.
It said the implementation would take into account the continuity of operations in the Jubilee and TEN fields and Tullow’s capacity to sustain the investments required in the fields.
The Ministry of Finance said Tullow remained an important partner to Ghana and the country’s largest petroleum producer.
It said the company’s operations in the Jubilee and TEN fields supported energy security, domestic gas supply and thousands of livelihoods.
It said the government’s objective was to secure revenues due to the Ghanaian people while allowing Tullow to continue operating and investing in Ghana as a going concern.
The ministry also said the government had begun discussions with Tullow before the tribunal’s award in an effort to resolve outstanding tax matters amicably and those discussions would continue.
