GHANA · OIL AND TAX
President John Dramani Mahama says the government and the oil producer have agreed how to carry out an arbitration award, but the terms are not public.
Ghana and Tullow Ghana Limited, the local arm of oil producer Tullow Oil, have agreed a roadmap to settle a US$393.09 million tax liability confirmed in international arbitration, President John Dramani Mahama said on Tuesday 10 November 2026. He spoke in the coastal city of Takoradi at the 2026 Local Content Conference and Exhibition.
Tullow Oil, a producer listed on the London and Ghanaian stock exchanges, is Ghana’s largest petroleum producer, according to the finance minister. Mahama said both sides had agreed how to implement the award, without naming the amounts or the schedule.
Key Facts
- Who Ghana’s government and Tullow Ghana Limited, the local arm of London-listed Tullow Oil.
- The bill US$393.09 million: US$196.5 million of tax plus a 100% penalty.
- When Mahama announced the roadmap on Tuesday 10 November 2026 in Takoradi.
- The fields The finance minister wants continuity at the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) offshore oil fields.
- Not public Payment amounts and the schedule have not been disclosed.
How the Dispute Began
The Ghana Revenue Authority, the national tax agency, assessed US$196.5 million of corporate income tax on business-interruption insurance payouts (money paid to cover lost income) that Tullow received between 2016 and 2019. A 100% penalty doubled the bill to US$393.09 million.
Tullow challenged the assessment as a breach of its petroleum agreements, which govern its oil fields in Ghana. A tribunal of the International Chamber of Commerce (ICC), a global arbitration body, announced on 30 September 2026 that the assessment did not breach those agreements.
What Each Side Said
Tullow said in its own announcement that it was disappointed and would consider next steps after further talks with the Government of Ghana. Finance Minister Cassiel Ato Forson said on 30 September that the tribunal had dismissed all of Tullow’s claims on the matter.
Forson said the government would work with Tullow to give effect to the award under Ghanaian law, with due regard to the continuity of operations at the Jubilee and TEN fields. He called Tullow a vital partner and the country’s largest petroleum producer.
What the Roadmap Covers
Mahama said on 10 November that the two sides had agreed how to implement the award. No amounts, instalments or dates were disclosed.
Forson had said on 30 September that talks would also cover a separate dispute over the tax agency’s disallowance of loan-interest deductions. That case is a separate set of proceedings.
What It Means for Investors and Ghana
For Tullow shareholders, Forson said the government would have regard to Tullow’s capacity to sustain the investments the fields require. Our earlier report on Tullow’s first-half cash position sets out where the group stood before the ruling.
Ghana’s government has described Tullow as a vital partner, so the terms matter for both sides. More Ghana news and our report on the new gas and condensate find in the Tano Basin are on our site.
What Is Not Known
The size and timing of any payments are not known, nor whether Tullow accepts the roadmap in full. As of the morning of 11 November 2026, Tullow’s announcements page carried no statement on it.
It is also not known how the separate loan-interest dispute will be resolved. No payment route has been disclosed.
Frequently Asked Questions
How much does Tullow owe Ghana?
The tribunal-confirmed liability is US$393.09 million, made up of US$196.5 million of tax and a 100% penalty. The payment terms of the roadmap have not been disclosed.
What did Mahama announce?
On 10 November 2026 he said Ghana and Tullow had agreed how to implement the award. He spoke at a local content conference in Takoradi.
Will Ghana’s oil output stop?
The finance minister said the government would give due regard to the continuity of operations at the Jubilee and TEN fields. No production halt has been announced.
Is there another tax dispute?
Yes, a separate case concerns the disallowance of loan-interest deductions. The finance minister said talks would cover it too.
Sources: Tullow Oil plc, Ghana tax arbitration update, September 2026; Ministry of Finance of Ghana, statement by Finance Minister Cassiel Ato Forson, 30 September 2026; President John Dramani Mahama, remarks at the 2026 Local Content Conference and Exhibition, Takoradi, 10 November 2026.
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