GHANA TO SECURE TULLOW TAX REVENUES WHILE PROTECTING JUBILEE, TEN INVESTMENTS – ATO FORSON

Finance Minister Dr Cassiel Ato Forson has assured that the government will take steps to secure tax revenues owed to Ghana by Tullow Ghana Limited while protecting the company’s continued operations and investments in the country’s petroleum sector.

The assurance follows Ghana’s victory in an international tax arbitration case involving Tullow. An arbitral tribunal constituted under the International Chamber of Commerce (ICC) Rules of Arbitration dismissed all claims filed by Tullow concerning the taxation of business interruption insurance proceeds. The tribunal subsequently upheld the Ghana Revenue Authority’s assessment of US$393,091,993.70.

Dr Forson acknowledged Tullow’s significant contribution to Ghana’s oil and gas industry, describing the company as “a vital partner to Ghana” and the country’s largest petroleum producer.

According to him, Tullow’s operations in the Jubilee and TEN fields remain important to Ghana’s energy security, domestic gas supply and the livelihoods of thousands of Ghanaians.

“The Government will therefore work closely with Tullow to give effect to the award in accordance with Ghanaian law,” he said.

He added that, in implementing the tribunal’s decision, government would consider the need to ensure continuity of operations in the Jubilee and TEN fields while also protecting Tullow’s capacity to sustain the investments required in those fields.

The Finance Minister further revealed that government had been in discussions with Tullow even before the tribunal delivered its decision, as part of efforts to resolve outstanding tax matters amicably. He said those engagements would continue, covering both the matter determined by the tribunal and separate proceedings relating to the disallowance of loan interest.

Dr Forson stressed that government’s objective is to ensure the arbitration award is implemented in a manner that protects the financial interests of the Ghanaian people without undermining Tullow’s ability to remain operational and continue investing in the country.

“The Government intends to ensure that the award is implemented in a way that secures the revenues due to the Ghanaian people while preserving Tullow’s ability to continue operating and investing in Ghana as a GOING CONCERN,” he added.

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