The Ghana Revenue Authority (GRA) has indicated it will pursue settlement of a $393 million tax liability owed by Tullow Oil Ghana while taking care not to interrupt the company's petroleum operations. Commissioner-General Anthony Kwasi Sarpong gave the assurance during an interview with Joy Business, following an international tribunal ruling that upheld the authority's tax assessment.
The $393 million figure covers the underlying tax obligation as well as penalties and accumulated interest. The dispute centres on a corporate income tax assessment covering Tullow's Ghana operations from 2016 to 2019.
Sarpong described Tullow as a significant partner in Ghana's petroleum sector. He said the GRA would engage the company and other relevant parties to agree on a way forward, with the aim of recovering the outstanding liability in a manner that is not disruptive to Tullow's business. He welcomed the tribunal's decision as evidence of the consistent application of Ghana's tax laws to both international and local businesses, adding that the authority follows established procedures when disputes arise.
The ruling by the International Chamber of Commerce in London awarded $196.5 million in corporate tax assessment relating to proceeds Tullow received under its corporate Business Interruption Insurance Policy. The tribunal found that the GRA's assessment did not breach Ghana's Petroleum Agreements, while the 100% penalties imposed fell outside the scope of the contractual protections in those agreements.
Key dates in the dispute include:
- The GRA issued the assessment in December 2022. - Tullow Ghana challenged the assessment through international arbitration in February 2023. - The tribunal ruled that the assessment did not breach the petroleum agreements but that the 100% penalties were outside their contractual protections.
Tullow described the decision as disappointing and said it would consider next steps after further engagement with the Government of Ghana. The company added that it would update the market on its next line of action in due course.
Nairametrics reported on September 30, 2026 that Tullow's shares fell by about 50% after the tribunal upheld Ghana's $196.5 million assessment. The GRA's latest comments shift attention from the ruling to the resolution stage, with Tullow expected to continue its petroleum operations in Ghana while both sides work through the outstanding liability.
