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Finance Minister presents GH₵68.1bn mini-budget to Parliament

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The Finance Minister, Dr Mohammed Amin Adam, has finally presented the first-quarter 2025 budget following weeks of delay, resulting in a government shutdown at the start of the New Year.

The mini-budget faced delays due to disagreements between the minority NDC and majority NPP in Parliament over unresolved government business, including requests for tax waivers.

Scavenging mothers carelessly expose children to Kantamanto fire toxic smoke

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Scavenging mothers who defied the choking smoke that emanated from the Kantamanto devastating fire outbreak in the early hours of Thursday, January 2, appeared to care very little about the toxic smoke their children inhaled, as they braced the extreme health risks themselves, in the name of survival.

The immediate aftermath of Kantamanto’s worst fire disaster saw many people ignore the offensive toxic smoke to pick metal scraps to sell to nearby scrap dealers.

Some of the children coughed continually while others, strapped to the backs of their busy mothers, rubbed their agitated eyes in protest.

That attitude was condemned by some onlookers who argued that the mothers should have left the children, including babies, in safer environments.

Experts point to the fact that wildfire smoke is comprised of a mixture of gaseous pollutants (e.g., carbon monoxide), hazardous air pollutants (HAPs) (e.g., polycyclic aromatic hydrocarbons [PAHs]), water vapour, and particle pollution. Particle pollution represents a main component of wildfire smoke and the principal public health threat.

“Particle pollution” (also referred to as particles, particulate matter, or PM) is a general term for a mixture of solid and liquid droplets suspended in the air.

There are many sources of particle pollution; the most common is combustion-related activities, such as wildfires.

Particles can be made up of different components, including acids (e.g., sulfuric acid), inorganic compounds (e.g., ammonium sulfate, ammonium nitrate, and sodium chloride), organic chemicals, soot, metals, soil or dust particles, and biological materials (e.g., pollen and mold spores).

During a wildfire or other combustion-related activities, concentrations of particles can substantially increase in the air to the point that particle pollution is visible to the naked eye.

Smoke can irritate the eyes and airways, causing coughing, a scratchy throat, irritated sinuses, headaches, stinging eyes or a runny nose. If you have heart or lung disease, smoke might make your symptoms worse.

The fire which started around 1 a.m., destroyed stalls and goods worth millions of cedis. Devastated traders recounted their losses, with many calling on the government for urgent support.

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Ghana loses $320 million arbitration dispute over tax assessment with Tullow Oil

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In a significant development, the International Chamber of Commerce (ICC) has ruled in favour of Tullow Oil regarding a $320 million tax dispute with the Ghana Revenue Authority (GRA) according to a release by the West Africa-focused company.

The ICC determined that the Branch Profit Remittance Tax (BPRT) does not apply to Tullow’s operations in Ghana’s Deepwater Tano and West Cape Three Points fields.

Consequently, Tullow is exempt from the $320 million BPRT assessment and will not face future BPRT liabilities related to these operations.

The arbitration ruling on the BPRT is a setback for Ghana and the GRA, as the decision effectively denies the country $320 million in expected revenue. It also raises broader questions about the fiscal frameworks governing Ghana’s oil and gas sector, particularly as the government seeks to attract investment while ensuring fair tax compliance.

ICC is the world’s largest business organisation, representing 45 million companies. (Pictured: ICC HQ in Paris, France)
ICC is the world’s largest business organisation, representing 45 million companies. (Pictured: ICC HQ in Paris, France)

Tullow Oil’s response to the ruling

In the press statement on the ruling, Tullow Oil expressed relief at the outcome, which it believes upholds its position on the tax assessments.

Tullow is pleased that the ICC tribunal has confirmed our position that the $320 million BPRT assessment issued by the GRA in Ghana was not applicable to our operations,” the company stated. “This ruling brings clarity on the applicability of BPRT to our operations under the relevant Petroleum Agreements and double tax treaties.

The company emphasized its continued commitment to working with the Government of Ghana to resolve outstanding disputes amicably.

Background of the dispute between Tullow Oil and BPRT

Tullow Oil is a key player in Ghana’s oil and gas sector, with significant investments in the Jubilee and TEN fields. The BPRT is a tax on profits that foreign businesses earn within a country and transfer to their parent companies abroad.

Tullow contested the GRA’s application of this tax, arguing it was inconsistent with the terms of their Petroleum Agreements and existing tax treaties.

While the ICC ruling is a victory for Tullow, the company is still engaged in arbitration over two additional tax disputes with the GRA. These include the disallowance of loan interest deductions for the fiscal years 2010–2020 and proceeds received under Tullow’s Business Interruption Insurance policy for 2016–2019. The combined disputed amount exceeds $387 million, plus penalties.

Tullow has stated its intention to resolve these matters through constructive dialogue, with arbitration proceedings ongoing.