Ghana has secured a major victory in an international tax dispute with Tullow Ghana Limited after an International Chamber of Commerce (ICC) arbitral tribunal upheld a US$393.09 million tax assessment issued by the Ghana Revenue Authority (GRA).
The tribunal, sitting under the ICC Rules of Arbitration, dismissed Tullow’s claims and upheld the GRA’s assessment of US$393,091,993.70, according to a statement from the Ministry of Finance.
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The award, delivered on September 29, 2026, also found that the tax assessment did not breach the petroleum agreements governing Tullow’s operations in Ghana.
The tribunal further ruled that the penalty imposed by the GRA was properly applied, the assessment was not time-barred and the GRA’s enforcement action was lawful.
Finance Minister Dr. Cassiel Ato Forson said the ruling affirmed the government’s position in the dispute and commended the Office of the Attorney-General, the GRA and Ghana’s external legal counsel, Foley Hoag LLP, for their work on the case.
The Tribunal ruled in favour of Ghana. It dismissed all claims brought by Tullow and upheld in full the Ghana Revenue Authority’s tax assessment of US$393,091,993.70,” Dr. Forson said.
He said the tribunal’s decision also confirmed the legality of the GRA’s enforcement action.
The Tribunal found that the assessment did not breach the Petroleum Agreements, the penalty was properly applied, the assessment was not time-barred, and the Ghana Revenue Authority’s enforcement action was lawful,” he said.
Tullow Disappointed by ICC Ruling o
Tullow Oil has expressed disappointment with an International Chamber of Commerce (ICC) tribunal ruling upholding a corporate income tax assessment linked to its operations in Ghana.
The oil producer said it was reviewing the decision and would engage further with the Government of Ghana before determining its next steps.
In a notice to investors and shareholders, Tullow said: “Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana.”
The company said it would update the market on its next course of action in due course.
Background to the dispute
The tax dispute arose from assessments issued by the GRA in December 2022 concerning tax treatment of proceeds Tullow received under its corporate Business Interruption Insurance policy.
Tullow received a US$196.5 million corporate income tax assessment relating to insurance proceeds received between 2016 and 2019. The company disputed the assessment and subsequently referred the matter to ICC arbitration in London in February 2023.
Tullow argued that the assessment breached its rights under the petroleum agreements governing its operations in Ghana.
The latest tribunal award has now rejected those claims and upheld the GRA’s assessment in full.
Separate loan-interest dispute
The ruling should, however, be distinguished from another tax dispute between Tullow and the GRA involving the deductibility of interest on intercompany loans.
In December 2022, Tullow Ghana received a revised US$190.5 million corporate income tax assessment relating to the disallowance of loan-interest deductions for the 2010–2020 financial years. Tullow subsequently referred that matter to ICC arbitration, arguing that the assessment breached its petroleum agreements.
The loan-interest matter is therefore separate from the insurance-proceeds case decided on September 29.
Tullow had originally disclosed that the two disputed assessments—the loan-interest assessment and the insurance-proceeds assessment—totalled about US$387 million plus penalties.
Wider tax dispute
The latest award follows an earlier ICC arbitration involving Tullow’s US$320.3 million Branch Profits Remittance Tax (BPRT) assessment.
In January 2025, the ICC tribunal ruled in Tullow’s favour in that separate dispute, finding that BPRT was not applicable to Tullow Ghana under the relevant petroleum agreements. As a result, Tullow was not liable for that particular US$320 million assessment.
The latest ruling therefore represents a different outcome in a separate tax matter involving the oil producer and the Ghanaian tax authorities.
Government engagement with Tullow
The Ministry of Finance said the ruling comes as Ghana and its Jubilee partners continue efforts to maximise the potential of the Jubilee and TEN oil fields.
Dr. Forson also said the government had engaged Tullow before the tribunal delivered its award in an effort to reach an amicable resolution to outstanding tax matters.
He said those discussions would continue and would cover both the matter decided by the tribunal and the separate dispute over loan-interest deductions.
The latest ruling strengthens the GRA’s position on the US$393.09 million assessment, although the broader tax relationship between Ghana and Tullow remains subject to the outcome of the separate proceedings and ongoing discussions.
