Minister refutes rumours of GT sale suspension

21 Feb 2008

Ghana’s Ministry of Communications Dr. Benjami Aggrey Ntim has refuted press reports that the government has put on hold its plan to sell a majority 66% stake in Ghana Telecom (GT) due to low bids. GT’s head of Corporate Communication and Customer Care, Major Albert B. Don-Chebe, told the Ghanaian Chronicle that the sale had been suspended due to the lack of interest and low bids by potential suitors, but the minister now says the government has done no such thing. He did confirm, however, that three bids had been rejected, but said the privatisation process was still ongoing. Dr. Aggrey Ntim went on to say that a number of companies had tendered new bids for the stake on offer and that the government would make a decision soon on which firm was successful. In an interview with local press, the minister said: ‘The bidding process is still ongoing and when we are okay with the companies’ business plan proposals regarding investments in both landline and mobile services, we will offload the strategic stake.’ Although France Telecom is rumoured to have offered USD520 million for the GT shares, the government is thought to be hoping for up to USD750 million for the stake.

Ghana, Vodafone Ghana