The transfer of the 70% majority of the shares of Vodafone International Holdings B.V. and Vodafone Ghana to Telecel Group has received conditional clearance from the National Communication Authority (NCA).
According to a statement from NCA, Telecel’s amended financial and technical plan, which was resubmitted in December 2022, showed the required capital investment to expand the deployment of 4G and introduce cutting-edge Fintech technologies.
The NCA received a request from Vodafone Ghana in January 2022 for the transfer of 70% of its majority shares to Telecel Group; however, the regulator rejected the request after a review since it did not satisfy the regulatory threshold for approval to be given.
The amended proposal, according to the NCA, offered more confidence and clarity regarding the financing needed for the acquisition as well as the promises from both Vodafone and Telecel.
According to NCA, Telecel reinforced the entire governance and management team and made steadfast promises to comply with NCA regulations.
It continued, “Based on the above, the NCA affirms that the revised proposal from the Buyer now meets the regulatory threshold and has, therefore, granted conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention.“
In order to ensure a smooth transition, continuity of service delivery, and better options for customers, the NCA reassured the general public and all stakeholders that it would continue to work with Vodafone Ghana and Telecel to complete all outstanding regulatory requirements for the industry’s internal rivalry.
When its parent firm paid the government $900 million for 70% of the previous Ghana Telecom Company Limited, Vodafone Ghana officially started operations in 2008.