GHANA WINS ICC ARBITRATION AGAINST TULLOW, UPHOLDS US$393m TAX ASSESSMENT

Ghana has secured a major victory in an international tax arbitration dispute with Tullow Ghana Limited, after an International Chamber of Commerce (ICC) Tribunal dismissed the oil producer’s claims and upheld a US$393.09 million tax assessment by the Ghana Revenue Authority. The decision was delivered on Tuesday, September 29, 2026, by a tribunal constituted under the ICC Rules of Arbitration. According to a statement issued by Finance Minister Dr Cassiel Ato Forson, the dispute centred on the taxation of business interruption insurance proceeds received by Tullow. The Tribunal upheld in full the GRA’s assessment of US$393,091,993.70, rejecting Tullow’s claims against the assessment. The ruling marks a significant development in the tax dispute between the government and one of Ghana’s major petroleum producers, with government now preparing to implement the award in accordance with Ghanaian law. Finance Minister Dr Cassiel Ato Forson commended the Office of the Attorney-General, the Ghana Revenue Authority and Ghana’s external legal counsel, Foley Hoag LLP, for their role in defending Ghana’s position throughout the arbitration. He said the outcome reinforces government’s position that companies operating in Ghana are subject to the country’s 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 Ato Forson said. It further determined that the tax assessment did not breach the applicable Petroleum Agreements, that the penalty imposed by the GRA was properly applied, and that the assessment was not time-barred. The Tribunal also found that the GRA’s enforcement action was lawful. The government says the ruling confirms the validity of the GRA’s assessment and its authority to enforce tax obligations arising from activities in Ghana. Despite the favourable ruling, government says it remains committed to resolving outstanding tax matters with Tullow amicably. Dr Ato Forson disclosed that discussions between government and Tullow were already underway before the Tribunal delivered its award.