As Vodafone Ghana transfers its shares to the new owners, Telecel Group, the Asantehene Otumfuo Osei Tutu II has urged the company’s leadership to safeguard employment opportunities.
Following the sale of 70% of Vodafone’s shares to Telecel Group, there are concerns that some of the company’s employees may lose their jobs.
When Patricia Obo-Nai, CEO of Vodafone Ghana, led executive members of the company to call on Otumfuo Osei Tutu II at the Manhyia Palace on Friday (17 February), Otumfuo Osei Tutu II made the appeal.
The CEO of Vodafone Ghana informed the Asantehene of the progress being made on the transfer of the 70% shares. The deal, according to the CEO of Vodafone Ghana, will be concluded by the end of February 2023.
“We informed you about the future sale of the company during our last visit.” She stated, “It is progressing quite well and will conclude, God willing, in February.”
Preba Greenstreet, director of legal and external affairs, Samuel Sarpong, general manager, Agyekum Sampong, executive head (Ashanti Region), and Ophelia Adofo, business manager at the CEO’s Office, were all members of the delegation.
An official statement stated that the National Communications Authority (NCA) granted approval for the transfer of the 70% majority shares of Vodafone to Telecel Group last month.
Vodafone Ghana applied to NCA in January of this year to have the seller’s majority shares transferred to the buyer.
Telecel’s revised proposal has now passed the regulatory threshold, according to a statement released by NCA on Monday (16 January).
“Based on the aforementioned, the NCA confirms that the revised Buyer proposal now meets the regulatory threshold and has granted a conditional approval for the transfer of shares to the Buyer, including the submission of employee retention strategies.”
According to a statement released by the NCA, “The NCA would like to assure the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Buyer to complete all outstanding regulatory requirements to ensure a smooth transition, continuity of service delivery, improved choice for consumers, and competition within the industry.”
The full statement is as follows:
The National Communications Authority (NCA) is pleased to announce that it has approved the transfer of the 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. (the Seller) to Telecel Group (the Buyer), subject to concessions made by the Seller and representations made by the Buyer to the NCA. This approval follows the evaluation of the revised proposal from the Telecel Group.
It should be recalled that Vodafone Ghana applied to the NCA in January 2022 to have 70% of its majority shares held by the Seller transferred to the Buyer.
The Authority engaged both Vodafone Ghana and the Buyer after evaluating the application in accordance with proper procedure. The NCA came to the conclusion that the request did not meet the regulatory requirements for approval.
The Buyer resubmitted a revised financial and technical proposal in December 2022, following the NCA’s decision, demonstrating the required capital investment for expanding 4G deployment and launching innovative Fintech solutions.
The revised proposal, according to the NCA, provided greater clarity and certainty regarding the financing needed for the acquisition and the commitments made by the Seller and Buyer.
In addition, the Buyer has made firm commitments to complying with the NCA’s regulatory requirements and strengthened the governance and management team as a whole.
The NCA has granted a conditional approval for the transfer of shares to the Buyer in exchange for the submission of strategies for employee retention on the basis that the revised proposal from the Buyer now meets the regulatory threshold.
The NCA wishes to reassure the general public and all stakeholders that it will continue to collaborate with Vodafone Ghana and the Buyer to finish all pending regulatory requirements in order to guarantee a smooth transition, continuity of service delivery, improved choice for customers, and industry competition.
