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UpGhana Forum / Business / Telecel Group was not suitable for Vodafone Ghana takeover – Ursula Owusu (1 Post | 507 Views)
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Telecel Group was not suitable for Vodafone Ghana takeover – Ursula Owusu by saintbillion(m) : 10:16 am |
Communications and Digitalisation, Ursula Owusu-Ekuful, has confirmed that the group seeking to purchase majority shares in Vodafone Ghana were denied regulatory approval.
This comes after a report by Bloomberg said the parent company, Vodafone PLC, had agreed to sell its operations in Ghana to Telecel Group, a British telecommunications giant. Providing an update on the takeover, the Communications Minister speaking on Accra-based Asaase Radio revealed, “They were denied regulatory approval earlier this year. I am surprised at the news going around.” “Vodafone notified the President, I think sometime last year of their intention to exit the Ghana market, since they were majority shareholders of the company (70 percent). They have been through the process of seeking new investor for their 70 percent shares and identified Telecel as that investor,” she disclosed. When probed about the financial and technical capacity of Telecel Group, the Communications Minister said the company did not have the requisite muscle to takeover Vodafone's share in Ghana. “Telecel is an Internet Service Provider, which is working on the African continent,…so we were surprised that those were the partners they were bringing forward to us, they brought them claiming that they [Telecel] were the ones that have won the process to acquire their shares. “But the law requires that they get regulatory approval from the National Communications Authority (NCA), and we’ve had a series of discussions with them. We were concerned that they were very small operator and didn’t have the technical and financial muscle to be able to take on the challenging environment that we have in the telecom sector here in Ghana,” Ursula Owusu-Ekuful explained. The Communications Minister further confirmed that the Finance Minister [Ken Ofori-Atta] had earlier met with officials from the Telecel Group over the takeover. “They met the finance minister as well and he was also concerned about their financial and technical capacity to run Vodafone, so they went and applied for regulatory approval and the NCA did their assessment and came to the conclusion that they were not suitable,” she said.
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