According to reports making rounds, Vodafone Ghana has been sold to Telecel Group on the approval of the NCA.
Ghana Telecom was sold to Vodafone Ghana under the John Agyekum Kuffour administration. The sale of the telecommunication network generated an uproar among the citizens.
According to the NCA, it granted conditional approval after examining a revised agreement presented by the parties. This would be the second time the network is being sold.
Read Also: Ghana Revenue Authority Replies MTN Over $773m Tax Bill
The NCA is pleased to announce that according to the evaluation of the revised proposal from the Telecel Group, it has approved the transfer of the 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. to Telecel Group subject to concessions made by the Seller and representations made by the Buyer to the NCA” a statement from the NCA said.
In January 2022, the NCA received an application from Vodafone Ghana to transfer 70% of its majority shares held by Vodafone to Telecel. The NCA disapproved the first transfer.
Following the NCA’s decision, Telecel resubmitted a revised financial and technical proposal in December 2022. The new offer provided the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions.
Read Also: A Judge Demanded Sex From Me To Free My Husband
The NCA has evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel. According to the regulatory body, it has approved the transfer.
The NCA said the revised proposal provided more clarity and certainty. Before the takeover, the NCA needed to evaluate the financial capabilities of Telecel Group.
In addition, the Buyer has strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.
Based on the above, the NCA confirmed that the revised proposal from Telecel now meets the regulatory threshold, hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention.
The NCA would like to assure the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Buyer to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry. The statement.
Before you go, kindly Follow Us for more exclusive news updates. We are also on all social media platforms. Also, join our growing online family
