Ghana wins $393m Tullow Tax Arbitration

Ghana has emerged victorious in an international tax arbitration case against Tullow Ghana Limited, securing a significant $393 million award. The Ministry of Finance announced on Tuesday, September 29, 2026, that an arbitral tribunal established under the Rules of Arbitration of the International Chamber of Commerce ruled in favor of the Republic.

The tribunal dismissed all claims brought by Tullow and upheld the Ghana Revenue Authority's tax assessment of $393,091,993.70 in full. The tribunal also found that the tax assessment did not violate Ghana's Petroleum Agreements, the penalty imposed was correctly applied, and the assessment was not time-barred. Furthermore, the tribunal upheld the enforcement action taken by the Ghana Revenue Authority as lawful.

Finance Minister Dr. Cassiel Ato Forson commended the efforts of the Attorney-General’s Office, the Ghana Revenue Authority, and Ghana's external legal counsel, Foley Hoag LLP, in defending Ghana's position. He emphasized that the outcome reinforces the government's stance that all companies operating in Ghana, irrespective of their size, are bound by the country's laws.

The Ministry revealed that discussions had been ongoing with Tullow prior to the tribunal's decision to attempt an amicable resolution of outstanding tax matters and a separate case involving the disallowance of loan interest. The government confirmed its commitment to working closely with Tullow to implement the tribunal's decision in line with Ghanaian law while balancing the need to maintain operations in the Jubilee and TEN fields, which are crucial for the country's energy security, domestic gas supply, and employment.