Ghana: Telecel Group Acquires 70% of Shareholding in Vodafone Ghana

The Telecel Group has completed the purchase of a 70% shareholding in Vodafone Ghana.

The government of Ghana approved and agreed on regulations for the transactions which will retain its 30% for the minority’s stake.

In a press release announcing the takeover, the telco regulator National Communications Authority (NCA) said “The final approval follows the satisfaction of conditions outlined in the conditional approval of the transfer of the shares, including agreement of the Government of Ghana, which remains the 30%, minority shareholder,”.

The major change for the Ghanaian telecommunications company was ushered in in 2008 when Vodafone Group Plc purchased a controlling interest in the then Ghana Telecommunications Company Limited (GTCL) and established Vodafone Ghana.

It will be recalled that the NCA earlier this year granted ‘conditional approval’ for the transfer of the company’s majority shares to Telecel Group subject to concessions made by the Vodafone Group Plc (seller) and representations made by the Telecel Group to the Authority.

This was after Telecel Group resubmitted a revised financial and technical proposal in December 2022, demonstrating the need for capital investment to extend the deployment of 4G and launch innovative fintech solutions; as well as more clarity and certainty in terms of the funding required for the acquisition and commitments from both the seller and buyer.

The telecom group has strengthened its overall governance and management team by committing to meet the regulatory requirements of the NCA leading to conditional approval being granted for the transfer of shares to the buyer, including the submission of strategies for employee retention.

Chief Executive of Vodafone plc, Margherita Della Valle said, “The sale of Vodafone Ghana to Telecel Group is a further step in simplifying Vodafone’s African portfolio. Since entering the market in 2008, Vodafone has helped to develop Ghana’s critical network infrastructure supporting customers, businesses, and communities”.

Group Chief Operating Officer for Telecel, Malek Attrisi believes the acquisition is a recognition of the group’s enthusiasm and positive outlook for the Ghanaian market, which they view as a vital market with unlimited potential for digitalization and innovation in Africa.

“Telecel Group is eager to develop and bring forward-thinking offerings to our subscribers, enterprises, and communities in Ghana. We look forward to a transformation journey of Vodafone Ghana with the contribution and growth of its human capital,” he said.

Chief Executive Officer for Vodafone Ghana, Patricia Obo Nai is certain that the company will continue to deliver excellence across all facets of business in providing customers with innovative products and services.

“We embrace this change as an opportunity for us to explore new and exciting areas of growth,” she said.

Telecel Group is an Africa-focused telecommunication firm with a diverse approach in the telecom space driven by digitalization and innovation.