BMA understands that in Ghana, Telecel Group has been given the go-ahead to buy Vodafone Group Plc’s operations in the West African country.
In a statement, the National Communications Authority stated that it approved the transfer of Vodafone’s 70 per cent stake in Ghana Telecommunications Co.
BMA understands that Telecel is using the stake as part of an expansion drive into West Africa and could provide much-needed investment in the country.
If you recall, Ghana, which lost access to the international capital markets due to its increasing debt and loan-service costs, suspended interest payments on its external debt last month. The nation is trying to restructure its obligations to finalize a US$3 billion bailout from the International Monetary Fund.
In 2008, Vodafone entered Ghana, paying the government US$900 million for the 70 per cent stake in the business. Since then, the state has held a third of the company.
Recently, the Ghanaian government issued a US$773 million back-tax bill to the country’s largest telecommunications operator, MTN Ghana, which the operator “strongly disputes.”