The National Communications Authority (NCA) has revealed that the sale of Vodafone Ghana to Telecel Group does not meet the regulatory threshold for approval.
The NCA, however, dismissed media reports that it was deliberately blocking the sale of Vodafone to Telecel describing the reports as false.
In a statement, the NCA stated that “in January 2022, the NCA received an application for the transfer of 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) from Vodafone International Holdings B.V. to the Telecel Group.
“In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone and Telecel Group. After a critical regulatory review and evaluation, the NCA concluded that the request did not meet the regulatory threshold for approval to be granted.”
The NCA added that the decision was only endeavoured to ensure compliance with the regulatory framework and international best practices.
Vodafone entered Ghana in 2008 when it paid the west African county’s government $900 million for 70% of Ghana Telecommunications Company. The government retains a 30% holding in the business
Telecel plans to help fund the acquisition by later offloading the Ghana business’s mobile towers, according to people familiar with the matter, who asked not to be identified discussing confidential information.