Ghana Wins ICC Arbitration Against Tullow, $393m Tax Assessment Upheld

Ghana has secured a favourable outcome in an international 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 issued 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 issued by Finance Minister Dr Cassiel Ato Forson, the dispute centred on the tax treatment of business interruption insurance proceeds received by Tullow.

The Tribunal upheld the GRA’s assessment of US$393,091,993.70 in full and rejected Tullow’s claims challenging the assessment.

It further determined that the tax assessment did not violate the applicable Petroleum Agreements, while also confirming that the penalty imposed by the GRA was properly applied.

The Tribunal also ruled that the assessment was not time-barred and that the GRA’s enforcement action was lawful.

The decision marks a significant development in the long-running tax dispute between the government and Tullow Ghana, one of the country’s major petroleum producers.

The government is now expected to take steps to implement the award in accordance with Ghanaian law.

Finance Minister Dr Cassiel 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 proceedings.

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.

According to the government, the ruling confirms both the validity of the GRA’s assessment and its authority to enforce tax obligations arising from activities conducted in Ghana.

Despite the favourable ruling, the government says it remains open to resolving outstanding tax matters with Tullow through an amicable process.

Dr Ato Forson disclosed that discussions between the government and Tullow were already underway before the Tribunal issued its award.