Ghana wins $393M tax dispute against Tullow – Finance Minister

Ghana's Finance Minister, Dr Cassiel Ato Forson, announced that the country has won an international arbitration case against Tullow Ghana Limited, securing US$393,091,993.70 in tax. The arbitral tribunal, under the Rules of Arbitration of the International Chamber of Commerce, ruled in Ghana's favor on September 29, 2026. The tribunal dismissed all claims brought by Tullow and upheld the Ghana Revenue Authority's tax assessment of the business interruption insurance proceeds.

The judgment found that the tax assessment complied with the Petroleum Agreements, the penalty imposed was valid, and the assessment was not time-barred. The enforcement action by the Ghana Revenue Authority was also deemed lawful. Dr Ato Forson praised the Office of the Attorney-General, the Ghana Revenue Authority, and Ghana's external legal counsel for their role in defending the country's interests.

He emphasized the importance of compliance with Ghanaian laws for all companies operating in the country. The ruling comes at a crucial time as Ghana and its partners work to optimize the potential of the Jubilee and TEN oil fields. Dr Ato Forson highlighted that Tullow, Ghana's largest petroleum producer, plays a vital role in the country's energy security and livelihoods.

The government pledged to work closely with Tullow to implement the tribunal's decision while considering the need to maintain operations in the Jubilee and TEN fields. The primary objective is to ensure Ghanaians receive their due revenues while maintaining Tullow as a viable and productive entity in the country.