Vodafone tipped to take 66.7% stake in GT

27 Jun 2008

Unconfirmed press reports suggest that UK-based mobile group Vodafone could be unveiled as the new 66.7% stakeholder of Ghana Telecom (GT) as early as 2 July. A source at the Ministry of Finance and Economic Planning is quoted as saying the UK firm was the sole company negotiating with the Inter-Ministerial Committee on a USD960 million deal, the content of which has been accepted by the state. Details are sketchy, but the winning bidder is thought to have to agree to triple the company’s current mobile subscriber base within three years and also to increase fixed line capacity. Yesterday, CommsUpdate reported that the Minister for Communication, Benjamin Aggrey Ntim, confirmed that the government has not yet taken any investment decision concerning the full or partial privatisation of its national fixed line operator. Ghana has received several bids for the telco in the last year or so, all of which have been rejected, but says it is still in the hunt for a suitable strategic investor.

Ghana, Vodafone Ghana, Vodafone Group