Ghana wins ICC arbitration against Tullow over US$393m tax assessment
Ghana has emerged victorious in a major international tax dispute with Tullow Ghana Limited, with an arbitral tribunal dismissing the oil company’s claims and upholding a tax assessment of more than US$393 million by the Ghana Revenue Authority (GRA). The dispute centred on the taxation of proceeds Tullow received from business interruption insurance. In a […]
The Ghana Revenue Authority (GRA) recently secured a significant victory in an international tax dispute against oil company Tullow Ghana Limited. An arbitral tribunal, operating under the International Chamber of Commerce (ICC) Rules of Arbitration, dismissed Tullow's claims and upheld a tax assessment of over US$393 million. Finance Minister Dr Cassiel Ato Forson announced the decision on Wednesday, September 30, 2026.
The tribunal found that the GRA's assessment adhered to the applicable Petroleum Agreements and ruled that the assessment was not time-barred. Dr Forson emphasized that the ruling underscores Ghana's stance that all companies operating within the country must adhere to its laws. The Minister commended the Office of the Attorney-General, the GRA, and legal firm Foley Hoag LLP for their representation during the arbitration.
Despite the ruling, Dr Forson assured Tullow that the government would facilitate the implementation of the tribunal's award while ensuring the company's continued operations and investments in Ghana's Jubilee and TEN oil fields.
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