Ghana has won a US$393 million tax arbitration against Tullow Ghana Limited over the taxation of business interruption insurance proceeds.
The award was delivered by an arbitral tribunal constituted under the Rules of Arbitration of the International Chamber of Commerce.
According to a press release issued by the Ministry of Finance in Accra on Wednesday, September 30, 2026, the tribunal ruled in favour of Ghana in proceedings brought against the Republic by Tullow Ghana Limited.
“The Tribunal ruled in favour of Ghana,” the statement noted.
It said the tribunal dismissed all claims brought by Tullow and upheld in full, the Ghana Revenue Authority’s tax assessment of US$393,091,993.70.
“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,” the Ministry stated.
Finance Minister, Dr. Cassiel Ato Forson acknowledged the work of the Office of the Attorney-General and Ghana’s external legal counsel, Foley Hoag LLP, in defending the interests of the Republic.
“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,” he said.
He said the award comes at a critical time when Ghana and the Jubilee partners are working to maximize the prospects of the Jubilee and TEN Fields.
The Minister disclosed that government prior to the award was in discussions with Tullow to resolve amicably the outstanding tax matters between the parties.
He said the discussions will continue covering both the matter determined by the Tribunal and the separate proceedings concerning the disallowance of loan interest.
“The discussions are ongoing and would be resolved in the mutual interest of both parties,” the statement said.
He stressed that Tullow remains a vital partner and the country’s largest petroleum producer.
“Tullow remains a vital partner to Ghana and is the country’s largest petroleum producer. Its operations in the Jubilee and TEN fields support Ghana’s energy security, domestic gas supply and thousands of Ghanaian livelihoods. It is in the national interest that this relationship endures,” he added.
On implementation, the Ministry says government will work closely with Tullow to give effect to the award in accordance with Ghanaian law.
“In doing so, the Government will have due regard to the continuity of operations in the Jubilee and TEN fields and Tullow’s capacity to sustain the investments required in those fields,” the release said.
It added that “Ghana’s laws provide the Ghana Revenue Authority with the means to determine the time and manner in which assessed liabilities are met. The Government intends to ensure that the award is implemented in a way that secures the revenues due to the Ghanaian people while preserving Tullow’s ability to continue operating and investing in Ghana as a GOING CONCERN.”
Background
The dispute relates to the tax treatment of over US$1 billion received by Tullow as business interruption insurance following technical challenges on the Jubilee field, which the GRA assessed as taxable income under the petroleum agreements.
Tullow challenged the assessment at the International Chamber of Commerce, arguing it breached the fiscal stability provisions in its petroleum agreements and that the assessment was time-barred.
This is the second major victory for Ghana against Tullow this year, after a separate tribunal in 2024 ruled on other tax matters. The GRA has in recent years intensified audits of extractive companies as part of efforts to shore up domestic revenue.
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