Vodafone Group has completed the transfer of its 70% stake in Vodafone Ghana to Telecel Group for an undisclosed sum, after obtaining all the necessary regulatory approvals including the agreement of the Ghanaian government, which remains the 30% minority shareholder.
The operations of Vodafone Ghana and its three subsidiaries – National Communications Backbone Company (Vodafone Wholesale), Vodafone Mobile Financial Services (Vodafone Cash), and the Vodafone Ghana Foundation – will “continue operations interrupted while embracing exciting new possibilities,” the operator said in a press release.
The deal received conditional approval from the National Communications Authority (NCA) in January.
Confirming the sale, Vodafone Group CEO 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.”
Malek Atrissi, Telecel Group COO, commented that “This acquisition is a testament to our enthusiasm and positive outlook for the Ghanaian market, which we view as a vital market with unlimited potential for digitalisation 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.”
Vodafone entered Ghana in 2008 when it paid the government USD900 million for 70% of national PTO Ghana Telecommunications. Since then, the company has struggled to compete with dominant market leader MTN, claiming 18.3% of the country’s mobile subscriptions on 30 September 2022, compared with its rival’s 65.4%.