CEO: Vodafone Ghana Sale Will Be Sealed In Few Days
The Chief Executive Officer (CEO) of Vodafone Ghana, Mrs Patricia Obo-Nai, has disclosed that the transfer of the company’s stake will soon be completed.
She said this when she led some Executive members of the Company to call on Asantehene, Otumfuo Osei Tutu II at the Manhyia Palace on February 17, 2023.
The delegation included the Legal and External Affairs Director, Preba Greenstreet, the General Manager, Samuel Sarpong, Executive Head(Ashanti Region), Agyekum Sampong and Business Manager at the CEO’s Office, Ophelia Adofo.
Sale Of Vodafone
In mid-January, the National Communication Authority (NCA) gave the green light for the transfer of the 70% stake owned by Vodafone to the Telecel Group- an Africa-focused telecommunication service provider.
This was after the NCA had blocked the transaction in 2022 citing irregularities in their proposal.
“In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel group. After the criteria regulatory review and evaluation, the NCA concluded that the request did not meet the regulatory threshold for approval to be granted”, the Authority explained last year in a statement.
In a press statement dated January 16, 2023, the Authority said it had given Vodafone the nod to proceed with the transaction with Telecel.
“The National Communications Authority (NCA) is pleased to announce that pursuant to the evaluation of the revised proposal from the Telecel Group, it has granted approval for the transfer of the 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. (the Seller) to Telecel Group (the Buyer) subject to concessions made by the Seller and representations made by the Buyer to the NCA.
It explained, “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 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.”
Sale Conclusion
Updating the King on the transfer of the 70% stake, the CEO of the company said the process was advancing quite well.
She said the deal will be sealed by the end of February 2023.
“During our last visit, we informed you about the future {the sale} of the company. It is progressing quite well and will come to an end God willing this February.”
The King charged the Executives to safeguard the jobs of Ghanaians in the lead-up to the takeover.
He was also critical of policies that will enhance the growth of the Company and put it ahead of other telecommunication companies in the country after the takeover.
Source: opemsuo.com/Hajara Fuseini
