Telecel Group concludes acquisition of 70% stake in Vodafone Ghana

Nazir Hamzah February 21, 2023

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Telecom giant, Vodafone Group Plc has completed the transfer of its 70% majority shares in Vodafone Ghana (Ghana Telecommunications Company Limited – GTCL), to the Telecel Group after successfully obtaining all the necessary regulatory approvals, including the agreement of the Government of Ghana, as a minority shareholder.

A statement disclosed that this is the most recent major change for the Ghanaian telecommunications company since 2008 when Vodafone Group purchased a controlling interest in GTCL and established Vodafone Ghana.

Telecel is an Africa-focused telecommunication company founded in 1986, operating primarily in Africa and converging telecommunication with fintech, e-commerce, and tech startups.

“The completion of the agreement to acquire Vodafone Ghana by Telecel Group presents an opportunity for further innovation and continued delivery of unparalleled services to Ghanaians,” the company noted in the statement.

Telecel in the statement added that “operations of Vodafone Ghana and its three subsidiaries; National Communication Backbone Company Limited (Vodafone Wholesale), Vodafone Ghana Mobile Financial Services Limited (Vodafone Cash), and the Vodafone Ghana Foundation, will continue operations uninterrupted while embracing exciting new possibilities”.

“This acquisition is a testament to our enthusiasm and positive outlook for the Ghanaian market, which
we view as a vital market with unlimited potential for digitalization and innovation in Africa. Telecel Group is eager to develop and bring forward-thinking offerings to our subscribers, enterprises, and communities in Ghana. We look forward to a transformation journey of Vodafone Ghana with the contribution and growth of its human capital,” stated Malek Atrissi, Telecel Group’s COO.

Vodafone Ghana assured its customers and stakeholders of their unwavering commitment to continuity across all services and products.

Vodafone Ghana’s CEO, Patricia Obo-Nai said: ‘We are fully committed to delivering excellence across all facets of the business and providing our customers with innovative products and services. We embrace this change as an opportunity for us to explore new and exciting areas of growth.”

Meanwhile, the National Communications Authority in a separate statement said, although it has given approval for Telecel’s takeover of Vodafone Ghana, “The Authority will continue to guide the takeover process in accordance with the existing license conditions of Vodafone Ghana, while ensuring that the interests of consumers are held paramount. The NCA further assures the public that due process will be followed in the interest of all parties”.