'Ghana risks losing more if Tullow deal is renewed' - Professor Oquaye

A former Speaker of Parliament, Professor Aaron Mike Oquaye, has questioned the government’s decision to renew the operating licenses of Tullow Oil Ghana, warning that the move could expose the country to further financial losses within the petroleum sector.

In January 2025, Tullow Oil won a legal battle against the Ghana Revenue Authority (GRA) at the International Chamber of Commerce (ICC) Tribunal in a tax dispute.

The ruling exempted the company from paying a $320 million back tax assessment issued by the GRA, reigniting debate over the robustness of Ghana’s petroleum agreements and fiscal oversight mechanisms.

IMF is a 'no-go' area, utilise natural resources - Prof Oquaye tells government

Speaking at an IEA Policy Dialogue in Accra on October 21, 2025, Professor Oquaye stressed that Tullow’s arbitration victory should serve as a wake-up call for Ghana to strengthen its management of natural resources and prevent future financial setbacks.

“The recent arbitration award by the International Chamber of Commerce in the case of the Republic of Ghana in London should teach us a lot. The IRS of Ghana made a calculation of how much money Tullow owed in taxes. Our agreements with them allow such outcomes. Having won their case, we are now to pay Tullow’s costs,” he said.

He also questioned the timing of Tullow’s push for a contract renewal, cautioning that Ghana should not rush into new agreements without first addressing the loopholes in existing ones.

“They have suddenly asked the government to renew their contracts, each of which expires in a few years. I would urge the government not to proceed any further,” he added.



SP/MA

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