Asantehene To Vodafone Ghana: Ensure No Job Cuts In Transfer Of Shares To Telecel

The Asantehene Otumfuo Osei Tutu II has called on the leadership of Vodafone Ghana to protect jobs as it transfers its shares to the new owners, Telecel Group.

There are fears some workers of the company may lose their jobs following the transfer of 70% of Vodafone shares to Telecel Group.

Otumfuo Osei Tutu II made the appeal when the CEO of Vodafone Ghana Patricia Obo-Nai led executive members of the company to call on him at the Manhyia Palace on Friday (17 February).
Deal

Updating the King on the transfer of the 70% stake, the CEO of Vodafone Ghana said the process was advancing quite well. The Vodafone Ghana CEO said the deal will be sealed by the end of February 2023.

“During our last visit, we informed you about the future [the sale] of the company. It is progressing quite well and will come to an end God willing this February,” she said.

The delegation included the legal and external affairs director, Preba Greenstreet, the General Manager, Samuel Sarpong, executive head (Ashanti Region), Agyekum Sampong and business manager at the CEO’s Office, Ophelia Adofo.

NCA approves 70% sale of Vodafone Ghana to Telecel

The National Communications Authority (NCA) last month granted approval for the transfer of the 70% majority shares of Vodafone to Telecel Group, an official statement has said.

NCA in January last year received an application from Vodafone Ghana for the transfer of the majority shares held by the seller to the buyer.

A statement issued by NCA on Monday (16 January) said Telecel’s revised proposal has now met the regulatory threshold.

“Based on the above, the NCA confirms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention.”

“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 as well as continuity of service delivery and improved choice for consumers and competition within the industry,” the NCA statement said.

Below is the full statement:

The National Communications Authority (NCA) is pleased to announce that pursuant to the evaluation of the revised proposal from the Telecel Group, it has granted approval for 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.

It would be recalled that in January 2022, the NCA received an application from Vodafone Ghana for the transfer of 70% of its majority shares held by the Seller to the Buyer. In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone Ghana and the Buyer. The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.

Following the NCA’s decision, the Buyer resubmitted a revised financial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions. The NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and Buyer. In addition, the Buyer has strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.

Based on the above, the NCA confirms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention.

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 as well as continuity of service delivery and improved choice for consumers and competition within the industry.