Ghana wins ICC arbitration against Tullow
Ghana has secured a major victory in its tax arbitration dispute with Tullow Ghana Limited after an International Chamber of Commerce (ICC) Tribunal dismissed the oil producer’s claims and upheld a US$393.09 million tax assessment by the Ghana Revenue Authority (GRA).
The decision was delivered on Tuesday, September 29, 2026, by a tribunal constituted under the ICC Rules of Arbitration.
According to a statement from Finance Minister Dr Cassiel Ato Forson, the dispute centred on the taxation of business interruption insurance proceeds received by Tullow.
The Tribunal upheld the GRA’s assessment in full, amounting to US$393,091,993.70, and rejected Tullow’s claims challenging the assessment.
It also ruled that the assessment did not breach the applicable Petroleum Agreements, that the penalty imposed by the GRA was properly applied, and that the assessment was not time-barred.
The Tribunal further found that the GRA’s enforcement action was lawful.
The ruling is a significant development in the long-running tax dispute between the government and one of Ghana’s major petroleum producers. The government is now preparing to implement the award in accordance with Ghanaian law.
Dr Ato Forson commended the Office of the Attorney-General, the Ghana Revenue Authority and Ghana’s external legal counsel, Foley Hoag LLP, for their roles in defending Ghana’s position throughout the arbitration.
He said the outcome reinforces the government’s position that companies operating in Ghana are subject to the country’s laws.
“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 said the ruling confirms the validity of the GRA’s assessment and its authority to enforce tax obligations arising from activities carried out in Ghana.
Despite the favourable ruling, however, the government said it remains committed to resolving outstanding tax matters with Tullow amicably.
Dr Ato Forson disclosed that discussions between the government and Tullow were already underway before the Tribunal delivered its award.
Source: Sekunde FM
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