The National Communications Authority (NCA) says it has granted conditional approval for the transfer of 70 percent of government’s shares in Ghana Telecommunications Company Limited held by Vodafone Ghana to Telecel Group.
The development comes after government had earlier received and later rejected an application by Vodafone Ghana to transfer its majority share of 70 percent from the seller [Vodafone International Holdings B.V] to the Buyer [Telecel].
A statement issued by the NCA explained that in accordance with due process, the Authority had evaluated the application on various criteria and engaged with Vodafone Ghana and Buyer.
It noted the NCA, however, concluded that the earlier request did not meet the regulatory threshold 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.
“The NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and Buyer. In addition, the Buyer has strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA,” it added.
Read full statement below:
