Ghana Revenue Authority to resolve Tullow’s $393 million tax liability without disrupting operations

The Ghana Revenue Authority (GRA) has assured that it will work with Tullow Oil Ghana to settle its $393 million tax liability without disrupting the company’s petroleum operations.

According to a MyJoyOnline report, the assurance was given by GRA Commissioner-General Anthony Kwasi Sarpong during an interview with Joy Business following an international tribunal’s ruling upholding the authority’s tax assessment.

Sarpong said the GRA considers Tullow a significant partner in Ghana’s petroleum sector and will engage the company and other relevant parties to resolve the liability amicably. The $393 million includes tax obligations, penalties and accrued interest.

GRA Plans Tullow Tax Settlement

Sarpong said the GRA intends to recover the outstanding liability while ensuring that the process does not disrupt Tullow’s operations in Ghana.

• “The GRA considers Tullow a significant business partner in our petroleum sector and emphasizes that they will work with them to ensure that the tax obligation is settled in a manner that is not disruptive to Tullow’s business,” he said.
• He said the authority would engage Tullow and other relevant parties to agree on a way forward, adding that the company’s role in Ghana’s petroleum sector makes it important to resolve the matter without compromising government revenue or its business activities.
• Sarpong also welcomed the tribunal’s decision, saying it demonstrated the GRA’s consistent application of Ghana’s tax laws to both international and local businesses.
• He added that the authority follows established procedures when disputes arise.

The comments come after the tribunal upheld the GRA’s tax assessment against Tullow following the company’s challenge under Ghana’s petroleum revenue framework.

The GRA’s position is that the outstanding liability should be recovered while the process is managed in a way that does not interfere with Tullow’s petroleum operations in the country.

Tullow Challenges Ghana Tax Assessment

Tullow Oil described the decision by the International Chamber of Commerce in London over its corporate income tax assessment covering its operations in Ghana from 2016 to 2019 as disappointing.

• “Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana.”
• Tullow said it would, in due course, update the market on its next line of action.
• According to the firm, the International Chamber of Commerce ruling awarded $196.5 million in Corporate Tax Assessment relating to proceeds received by Tullow Oil under its corporate Business Interruption Insurance Policy.
• The Tribunal ruled that the GRA’s tax assessment on Tullow’s operations did not breach Ghana’s Petroleum Agreements, while the assessment of 100% penalties fell outside the scope of the contractual protections in the agreements.

The ruling followed Tullow’s challenge to the tax assessment, with the company now considering its next steps after further engagement with the Ghanaian government.

Tullow Shares Fall After Tax Ruling

Nairametrics reported on September 30, 2026, that Tullow Oil’s shares fell by about 50% after an International Chamber of Commerce tribunal upheld Ghana’s $196.5 million corporate income tax assessment against the company.

• The dispute concerned insurance proceeds Tullow received between 2016 and 2019 under its Business Interruption Insurance policy.
• The GRA issued the assessment in December 2022, after which Tullow Ghana challenged it through international arbitration in February 2023.
• The tribunal found that the assessment did not breach Tullow’s petroleum agreements with Ghana but ruled that the 100% penalties imposed on the underlying amount fell outside the contractual protections in those agreements.
• The resulting obligation, including penalties and accumulated interest, brings the total amount at stake to about $393 million.

Tullow said it was disappointed with the decision and would consider its next steps after further engagement with the Ghanaian government.

The latest GRA comments therefore move the story from the tribunal ruling to the next stage of resolving the outstanding liability while Tullow continues its petroleum operations in Ghana.