Ghana has secured a decisive outcome in its protracted tax dispute with Tullow Ghana Limited after an International Chamber of Commerce (ICC) Tribunal dismissed the oil company’s claims and upheld in its entirety a US$393.09 million tax assessment issued by the Ghana Revenue Authority (GRA).
The ruling, delivered on Tuesday, September 29, 2026, by a tribunal constituted under the ICC Rules of Arbitration, represents a consequential development in the long-running dispute concerning the taxation of business interruption insurance proceeds received by Tullow.
According to Finance Minister Dr Cassiel Ato Forson, the Tribunal affirmed the GRA’s assessment of US$393,091,993.70, rejecting Tullow’s substantive challenges to the tax liability.
The Tribunal further determined that the assessment was not inconsistent with the applicable Petroleum Agreements and upheld the penalty imposed by the GRA.
It also ruled that the assessment was not statute-barred, while affirming the lawfulness of the revenue authority’s enforcement action.
The determination constitutes a substantial affirmation of Ghana’s position in the arbitration and reinforces the statutory mandate of the GRA to administer and enforce tax obligations arising from commercial activities undertaken within the country.
Dr Ato Forson commended the Office of the Attorney-General, the Ghana Revenue Authority and Ghana’s external legal advisers, Foley Hoag LLP, for their concerted efforts in advancing and defending Ghana’s position throughout the arbitration proceedings.
He said the outcome reaffirms the principle that every company operating within Ghana’s jurisdiction, irrespective of its corporate stature or economic footprint, remains subject to the country’s laws and tax obligations.
“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.
The government has indicated that it will take the requisite measures to implement the Tribunal’s determination in accordance with Ghanaian law.
The dispute emanated from the tax treatment of insurance proceeds received by Tullow following business interruption. The disagreement over the GRA’s assessment subsequently escalated into international arbitration under the ICC framework.
With the Tribunal having now upheld the assessment in its entirety, the government maintains that the determination validates both the tax liability imposed on Tullow and the GRA’s statutory authority to enforce the obligation.
Notwithstanding the favourable determination, however, the government has signalled its continued openness to resolving other outstanding tax matters involving Tullow through constructive engagement.
Dr Ato Forson disclosed that discussions between the government and Tullow had already commenced prior to the Tribunal’s decision.
The Finance Minister’s disclosure indicates that, while the arbitration has produced a definitive determination on the US$393.09 million assessment, avenues remain open for sustained dialogue over other unresolved tax matters involving the petroleum producer.
The latest determination consequently marks a noteworthy development in Ghana’s efforts to strengthen tax compliance and safeguard public revenue within the petroleum sector, while maintaining an avenue for constructive engagement with companies operating in the industry.
