See also:
» 18.02.2010 - Ghana to host second IMF’s West African Centre
» 22.01.2010 - Ghana hosts Africa Investment Forum
» 13.01.2010 - Ghana gets €130 million from Germany
» 15.12.2009 - Invest in agriculture - Professor Offei
» 01.12.2009 - World Food buys gold mines in Ghana
» 24.11.2009 - $6 million to boost rural agricultural finance in Ghana
» 20.11.2009 - Ghana-EU sign first voluntary agreement on legal timber exports
» 21.10.2009 - Ghana and Burkina Faso urged to develop strategies on use of Volta River

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Economy - Development

Vodafone seals 70 percent stake in Ghana Telecom

afrol News, 18 August - Vodafone has completed purchase of 70 percent stake of former state-owned company Ghana Telecommunications for US$900 million, Vodafone announced.

The purchase follows approval of Ghanaian Parliament by majority of 124 votes over 74 for a private equity takeover.

"Further to the approval from the Ghanaian Parliament, Vodafone announces today that it has completed the acquisition of a 70 percent stake in Ghana Telecom," a statement said.

The purchase sees government of Ghana retain a 30-percent holding of nation’s number 3 mobile operator and leading fixed line and broadband operator.

Ghana Telecommunications which has 1.4 million customers and employs 4,000 staff, is however said to be unprofitable and running debts of around US$400m.

The coming in of Vodafone is said to have in pipeline plans to boost Ghana Telecom's share of mobile market to 25 per cent from its current 17 percent and invest $500m to expand network coverage.

Minority side further said were against the entire process because it was not transparent, while majority members argued it was best for the country and could lift the country's mobile technology to higher levels.

Some members of parliament are said to have left chamber before voting took place, protesting the deal as corrupt and unprocedural.

In recent years, Vodafone has sought an expansion into emerging markets in Asia and Africa, as it looks to combat weakening sales and fierce competition in Western markets.

Vodafone already owns half of Vodacom, leading mobile business in South Africa, Tanzania, Lesotho and Democratic Republic of Congo.

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