Ghana announces victory in Tullow Oil tax arbitration

According to the statement, the tribunal ruled in favour of Ghana yesterday September 29 and dismissed all claims brought by Tullow and upheld in full the Ghana Revenue Authority’s tax assessment of over $393 million.

In a statement issued Wednesday September 30, 2026, and signed by the Minister of Finance, Dr Cassiel Ato Forson says an arbitral tribunal constituted under the Rules of Arbitration of the International Chamber of Commerce delivered its award in proceedings brought against Ghana by Tullow over the taxation of business interruption insurance proceeds.

It indicated that the Tribunal found that the tax assessment did not breach the Petroleum Agreements, adding that the penalty was properly applied, the assessment was not time-barred, and the Ghana Revenue Authority’s enforcement action was lawful.