ICC tribunal rejects oil giant’s claims, upholds GRA assessment in full
By Prince Ahenkorah
An International Chamber of Commerce arbitration tribunal has dismissed every claim Tullow Ghana Limited filed against the West African nation and upheld a US$393,091,993.70 tax assessment by the Ghana Revenue Authority.
The award came Tuesday, Sept. 29, 2026, in a fight over taxes on business interruption insurance proceeds. The Finance Ministry announced the clean sweep Wednesday, Sept. 30.
The tribunal ruled “entirely in favour of the Republic of Ghana,” the ministry said.
It found Ghana’s tax assessment did not breach the applicable Petroleum Agreements. It also ruled the penalty was properly applied, the assessment was not time-barred and the GRA’s enforcement action was lawful.
“The Tribunal ruled in favour of Ghana,” Finance Minister Dr. Cassiel Ato Forson said.
Forson said the win “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.”
Ghana isn’t done talking with Tullow, though.
The government said it had been negotiating with the oil company before the award and will keep at it. Those talks will cover the arbitration matter and separate proceedings over the disallowance of loan interest.
“The discussions are ongoing and would be resolved in the mutual interest of both parties,” Forson said.
Tullow is Ghana’s largest petroleum producer and a major player in the Jubilee and TEN fields. Its operations help fuel Ghana’s energy security, domestic gas supply and thousands of jobs, officials said.
Forson said Ghana will work with Tullow to enforce the award under Ghanaian law. But the government also wants to keep Tullow alive as a going concern.
Ghanaian law lets the GRA determine when and how assessed liabilities are paid, he said. The goal is to collect what Ghana is owed while preserving Tullow’s ability to keep operating and investing.
Forson praised the Office of the Attorney-General, the GRA and Ghana’s external legal counsel, Foley Hoag LLP, for defending the country.
For Ghana’s tax collectors, it’s a $393 million win. For Tullow, it’s a legal drubbing.
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