Vodafone: Government Grants Conditional Approval For Sale Of Ghana Telecommunications To Telecel Group

• The government has granted conditional approval for the sale of Vodafone Ghana to Telecel Group
• The National Communications Authority (NCA) in a statement said the approval was for the transfer of the 70% majority shares in Vodafone Ghana
• Telecel Group earlier made a bid for Vodafone Ghana which was earlier rejected by the government of Ghana

The government’s 70 per cent shares in the Ghana Telecommunications Company Limited which was held by Vodafone Ghana have been sold to Telecel Group.

This follows a conditional approval granted to the deal by the National Communications Authority (NCA).

NCA Says Takeover Of Vodafone By Telecel Is Subject To Concessions By Group

The contract is subject to concessions by Telecel group and representations it made to the NCA, according to a press release from the NCA on January 16, 2022.

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The development comes after the government had earlier received and later rejected an application by Vodafone Ghana to transfer its majority share.

NCA Explains Why It Turned Down First Takeover Request Of Vodafone

The statement also mentioned that the first request was turned down by the NCA because it didn't match the requirements for approval.

“Following the NCA’s decision, the Buyer resubmitted a revised financial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions,” the statement explained.

Telecel is an international telecommunication company, operating primarily in Africa, founded in 1986 by the late Congolese businessman Miko Rwayitare.

We Bought AirtelTigo Company For Just 1 Dollar - Ursula Owusu Reveals

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Earlier, YEN.com.gh reported that the Minister for Communications and Digitisation, Ursula Owusu-Ekuful, had revealed that the government acquired the telecommunications network, AirtelTigo, for just one dollar ($1).

She believes that the assertion that the government paid $20 million for it is false and that the public should disregard it. She stated in a news item on Accra-based StarrNews that the government will organize and pay out the company's debts incurred by AirtelTigo totalling $100 million payable to Standard Bank.

According to Ursula, the bank has forgiven 50% of the $100 million loan, and Ghana's government would pay the remaining 50%.

Source: YEN.com.gh