Vodafone Group has reportedly agreed to sell off a majority stake in its Ghana unit to rival Telecel Group, a move to refocus on key markets, Bloomberg reported.
A Vodafone spokesperson said: “Vodafone Group has entered into an agreement with Telecel, subject to certain conditions, for the sale of its majority shareholding in Vodafone Ghana. Customers, employees, suppliers and other stakeholders of Vodafone Ghana should be assured that we are continuing with business as usual. We have nothing further to add at this time.”
The British telecoms group entered Ghana in 2008 when it paid the government US$900 million for 70% of Ghana Telecommunications, with the state holding the rest of the shares.
According to sources speaking to Bloomberg, Telecel will fund the buyout by selling towers in its portfolio.
It was reported in January 2021 that Vodafone was mulling the sale of its Ghana unit, with African subsidiary Vodacom in the frame to take up operator, as the company focused on cutting down debt and key markets. Vodafone recently sold off its Egyptian unit to Vodacom.