New Developments Ensue in Telecel’s Acquisition of Vodafone Ghana
In the past month, the Ghanaian people saw the big news of the NCA’s transfer of the 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. to Telecel Group. This move was received positively by the public and has been seen as a widespread public interest.
There have been now two new developments in Telecel’s acquisition of Vodafone Ghana. First, In a recent interview with an international Media company, the CEO of the Telecel Group, Moh Damush disclosed that the acquisition is all a part of their plan to grow their business and eventually this should lead to them going public in the coming years.
The Ghana deal is important because it’s shifting the group from one size to another.The European and London stock exchanges are more familiar with African ecosystems, so that is more attractive for us at the moment.
We are looking for opportunities in that region, we have the management capacity to take on additional assets, and our financial capacity is growing.
Moh Damush, CEO, Telecel Group
The second development which has been seen in this acquisition is related to Sam George who is a minority spokesperson on the Ghanaian Parliament Communications Committee. Sam George has been reported to demand that the proposed acquisition should be submitted by the government to the parliament for scrutiny and deliberation.
Sam George went onto the Ghanaian live TV forum to speak about the issue, stating that according to Ghana’s laws, international agreements must be discussed and approved by the parliament first.
Parliament needs to approve any international transaction based on the Constitution. The NCA has given a conditional approval for the conversations to start. The deal has not been consummated yet.
Sam George, Minority Spokesperson, Ghanaian Parliament Communications Committee
What remains to be seen now is how the acquisition unfolds from here on. While Telecel has reported this move to be in the vested interest for their future, the Ghananian spokesperson speaks about following the due diligence of parliamentary procedures.
