Ghana has emerged victorious in an international tax arbitration case against Tullow Ghana Limited. The Ministry of Finance announced that an arbitral tribunal, constituted under the Rules of Arbitration of the International Chamber of Commerce, delivered its award on September 29, 2026. The tribunal ruled in favour of the Republic, dismissing all claims brought by Tullow and upholding the Ghana Revenue Authority's tax assessment of $393,091,993.70.
The tribunal's decision was comprehensive, finding that the tax assessment did not breach Ghana's Petroleum Agreements. Additionally, the penalty imposed was deemed properly applied, and the assessment was not time-barred. The tribunal also ruled that the enforcement action taken by the Ghana Revenue Authority was lawful. This outcome supports the government's position that all companies operating in Ghana, regardless of their size, are subject to the country's laws.
Finance Minister Dr. Cassiel Ato Forson acknowledged 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 ensures the government can secure revenues due to the Ghanaian people while preserving Tullow's ability to continue operating and investing in the country.
The government had been in discussions with Tullow before the tribunal's decision to find an amicable solution to outstanding tax matters. These discussions will continue to cover both the matter decided by the tribunal and a separate case involving the disallowance of loan interest. The government described Tullow as a vital partner and Ghana's largest petroleum producer, noting that its operations contribute significantly to the country's energy security, domestic gas supply, and thousands of jobs.
The Ministry of Finance stated that the government will work closely with Tullow to implement the tribunal's decision in accordance with Ghanaian law. The government aims to balance securing revenues due to the Ghanaian people with preserving Tullow's ability to continue operating and investing in the country as a going concern.
Dr. Forson emphasized the importance of maintaining operations in the Jubilee and TEN fields while ensuring Tullow can continue making necessary investments to operate in Ghana. The government will consider these factors when implementing the tribunal's decision.
The arbitration case outcome demonstrates Ghana's commitment to upholding its laws and regulations. The government remains committed to working with Tullow and other stakeholders to ensure the continued growth and development of Ghana's energy sector.
Key points
- The tribunal's decision upheld the Ghana Revenue Authority's tax assessment of $393,091,993.70 against Tullow Ghana Limited.
- The government will continue discussions with Tullow to resolve outstanding tax matters.
- The outcome supports the government's position that all companies operating in Ghana are subject to the country's laws.
