03 February 2023
Vodafone is disposing of its interests in Ghana to African operator, Telecel, with the country’s regulatory authority having given the nod for the transaction.
Vodafone Ghana lodged an application with the National Communications Authority (NCA) of Ghana to transfer a 70% stake in the mobile operator to Telecel in January 2022. However, the regulator did not grant the go ahead as the transaction did not meet the regulatory threshold for approval.
Now, after a revised offer, the deal has been approved. The revised proposal demonstrated “the needed capital investment to extend the deployment of 4G and launch innovative fintech” solutions.
“The NCA confirms that the revised proposal from Telecel now meets the regulatory threshold and hence has granted conditional approval for the transfer of shares including the submission of strategies for employee retention,” said the NCA in a statement.
Vodafone forayed into Ghana in 2018 when it snapped up a 70% stake in the then Ghana Telecommunications Company at a value of US$900 million. The Ghanaian government has retained a minority stake in the operator.