Ghana wins $393m Tullow tax arbitration as tribunal upholds GRA assessment

Ghana has achieved a significant win in an international tax arbitration case involving Tullow Ghana Limited. The arbitral tribunal, established under the International Chamber of Commerce's Rules of Arbitration, ruled in favor of Ghana and upheld the Ghana Revenue Authority's assessment of US$393,091,993.70. The tribunal dismissed all claims brought by Tullow and affirmed that the assessment did not breach the Petroleum Agreements, that the penalty was appropriately applied, and that the assessment was not time-barred.

The Ghana Revenue Authority's enforcement action was also found to be lawful. The Minister for Finance, Dr Cassiel Ato Forson, confirmed that the tribunal ruled in favor of Ghana, reinforcing the country's stance that all companies operating in Ghana, regardless of size, are subject to its laws. Dr Forson praised the Office of the Attorney-General, the Ghana Revenue Authority, and Ghana's external legal counsel, Foley Hoag LLP, for their defense of the Republic's interests.

The government pledged to implement the award in line with Ghanaian law while allowing Tullow to continue operating and investing in the Jubilee and TEN fields.