Ghana’s Gov’t not selling 30% shares in Vodafone

The Ghanaian government has denied claims of selling its 30% stake in Vodafone Ghana, formerly Ghana Telecommunications Company Limited.

This follows recent allegations by Member of Parliament for Tamale South, Haruna Iddrisu, that the government had sold the shares for less than $100 million, despite the company’s estimated value of $1 billion.

Clarifying the situation, Minister for Communications and Digitalisation Ursula Owusu-Ekuful confirmed that while Vodafone Ghana transferred its 70% stake to Telecel Group in February 2023, the government has no plans to sell its remaining 30% shareholding.

Owusu-Ekuful further emphasized that the government’s consent is not required for Vodafone Ghana to sell its shares, as stipulated in the shareholders’ agreement.

“Mr Speaker, the government of Ghana has no plans of selling its 30% shareholding in Ghana Telecommunications Company Limited. Vodafone Ghana, which holds 70% has transferred its stake to the Telecel Group in February 2023.”

“Under the shareholders’ agreement, the consent of the minority shareholder is not required for Vodafone Ghana to transfer or to sell its shareholding in Ghana Telecommunications Company Limited.”

Source: citinewsroom

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