Ghana and Tullow Ghana Limited have agreed a roadmap to settle a US$393.09 million tax liability upheld by international arbitration, President John Dramani Mahama said on Tuesday 10 November at the 2026 Local Content Conference and Exhibition in Takoradi, 3News reported.
He said both sides had agreed how to implement the award while keeping offshore operations running. No terms, instalments or dates were given.
US$196.5 million tax, doubled by penalty
The dispute concerns a US$196.5 million corporate income tax assessment on payouts Tullow received under its business interruption insurance in the 2016 to 2019 financial years, according to Tullow's own market update. An International Chamber of Commerce (ICC) tribunal ruled that the assessment did not breach Tullow's petroleum agreements, and that the 100% penalties fell outside the agreements' contractual protections.
With the penalty, the total comes to US$393.09 million (US$393,091,993.70, 3News reported), double the underlying tax.
Tullow said at the time that it was "disappointed" and would "consider next steps after further engagement with the Government of Ghana". By Tuesday evening it had not published a statement on the roadmap Mr Mahama described.
Finance Minister Cassiel Ato Forson said in a 30 September statement that the tribunal had also found the assessment was not time-barred and the GRA's enforcement lawful, and that the state would enforce the award while protecting operations at the Jubilee and TEN fields, 3News reported. Talks were also to cover a separate dispute over disallowed loan-interest deductions; no figure for that was given.
Same forum as new discovery and US$2 billion pledge
Mr Mahama made the announcement at the same Takoradi event where he disclosed the Nya Gyidie-1X gas and condensate discovery and cited US$2 billion in new investment commitments from the Jubilee and TEN partners after their licences were extended to 2040.
The settlement terms are as described by the President and reported by 3News; StatsGH will update this article when Tullow, the GRA or the Ministry of Finance publishes details.
Sources: President John Dramani Mahama, 2026 Local Content Conference and Exhibition, Takoradi, 10 November 2026, as reported by 3News; Tullow Oil plc, "Ghana tax arbitration update".