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Vodafone quitting Ghana market

Source The Ghana Report.com

Vodafone Plc is reported to have agreed to a sale of its operations in Ghana to Telecel Group, as the British telecommunications giant looks to refocus on key markets.

The London-listed company will sell its majority stake in Vodafone Ghana to Africa-focused Telecel, subject to certain conditions, a spokesperson for Vodafone said in an emailed statement, according to a report carried by Bloomberg today July 29, 2022.

Earlier report by Bloomberg stated that Vodafone considered selling Ghana stake to South Africa’s Vodacom as Vodafone focusing on reorganizing group and paying down debt.

The company was said to have attempted to sell its majority stake in the unit to Johannesburg-listed Vodacom Group Ltd., in which Vodafone is the biggest shareholder, said the people, who asked to remain anonymous as the plans are still private.

However, the government will have to approve of any deal, they said.

In 2008, Vodafone assumed 70% ownership of the business from the Government of Ghana, becoming the majority shareholder.

According to a report by Bloomberg, Telecel group plans to offload the Ghana business mobile tower to help fund the acquisition.

Nick Read, Vodafone’s chief executive officer, has been focusing the group on Europe and Africa as he streamlines a sprawling operation that once extended from its Newbury, England headquarters all the way to New Zealand.

 

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