Vodafone Group Plc finalized the sale of its 70% majority stake in Vodafone Ghana (Ghana Telecommunications Company Limited - GTCL) to the Telecel Group after securing all essential regulatory clearances, including the Government of Ghana's permission as a minority stakeholder.
According to a release, this is the most significant development for the Ghanaian telecoms business since 2008, when Vodafone Group acquired a majority stake in GTCL and founded Vodafone Ghana.
Telecel is an Africa-focused telecommunications firm created in 1986 that predominantly operates in Africa and combines telecommunications with finance, e-commerce, and technology startups.
"The conclusion of the transaction by Telecel Group to buy Vodafone Ghana provides an opportunity for greater innovation and the continuous delivery of outstanding services to Ghanaians," the firm said in a statement.
Telecel in the statement added that "operations of Vodafone Ghana and its three subsidiaries; National Communication Backbone Company Limited (Vodafone Wholesale), Vodafone Ghana Mobile Financial Services Limited (Vodafone Cash), and the Vodafone Ghana Foundation, will continue operations uninterrupted while embracing exciting new possibilities".
"This purchase is a tribute to our passion and good vision for the Ghanaian market, which we consider as a critical market with boundless potential for digitalization and innovation in Africa. Telecel Group is keen to create and provide innovative products to our customers, businesses, and communities in Ghana. "We look forward to Vodafone Ghana's transformation path with the contribution and growth of its human resources," said Malek Atrissi, COO of Telecel Group.
Vodafone Ghana reminded its customers and stakeholders of its steadfast commitment to service and product continuity.
'We are entirely dedicated to delivering excellence across all areas of the company and offering our consumers with new goods and services,' said Vodafone Ghana CEO Patricia Obo-Nai. We see this move as a chance to expand into new and fascinating areas."
Meanwhile, the National Communications Authority in a separate statement said, although it has given approval for Telecel's takeover of Vodafone Ghana, "The Authority will continue to guide the takeover process in accordance with the existing license conditions of Vodafone Ghana, while ensuring that the interests of consumers are held paramount. The NCA further guarantees the public that due procedure would be followed in the interest of all parties".