By Ashiadey Dotse
Finance Minister Dr Cassiel Ato Forson has announced that Ghana has won an international arbitration case brought by Tullow Ghana Limited over the taxation of business interruption insurance proceeds.
An arbitral tribunal constituted under the Rules of Arbitration of the International Chamber of Commerce (ICC) delivered its decision on Tuesday, September 29, 2026, ruling in favour of Ghana.
The tribunal dismissed all claims brought by Tullow and upheld in full the Ghana Revenue Authority’s (GRA) tax assessment of US$393,091,993.70.
It also found that the assessment did not breach the Petroleum Agreements, the penalty imposed was properly applied, and the assessment was not time-barred.
The tribunal further ruled that the enforcement action taken by the GRA was lawful.
In a statement issued on Wednesday, September 30, 2026, Dr Ato Forson commended the Office of the Attorney-General, the GRA and Ghana’s external legal counsel, Foley Hoag LLP, for defending Ghana’s interests.
He said the decision supports Ghana’s position that companies operating in the country, regardless of their size, must comply with Ghanaian laws.
Dr Ato Forson said the ruling comes at a critical time as Ghana and its Jubilee partners work to maximise the potential of the Jubilee and TEN oil fields.
He disclosed that the government had already been engaging Tullow to find an amicable solution to outstanding tax matters before the tribunal delivered its decision.
Those discussions, he said, would continue and would cover both the matter decided by the tribunal and a separate proceeding concerning the disallowance of loan interest.
The Finance Minister described Tullow as a vital partner to Ghana and the country’s largest petroleum producer.
He said the company’s operations in the Jubilee and TEN fields contribute to Ghana’s energy security, domestic gas supply and the livelihoods of thousands of Ghanaians.
Dr Ato Forson said the government would work closely with Tullow to implement the tribunal’s decision in accordance with Ghanaian law.
He added that the government would also consider the need to maintain operations in the Jubilee and TEN fields, as well as Tullow’s capacity to continue investing in the fields.
The government’s objective, he said, was to secure the revenues due to Ghanaians while ensuring that Tullow remains a going concern and continues its operations and investments in the country.
