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Vodafone Ghana Sells 70% Stake To Telecel Group

Vodafone Ghana has been trying to sell its controlling shares to Telecel Group but the deal had been pending since 2022. Ghana’s telecoms regulator, the National Communications Authority (NCA), had been looking it over and even turned down an initial proposal.

 

On Monday, Reuters reported that the regulator has finally given the go ahead after receiving a new bid in December. Telecel Group now owns 70% of Vodafone Ghana.

 

Need to know: Telcel has four divisions – Tecel Mobile, a service operator providing 2G/3G/4G and WIMAX services in South Africa, Telecel Global, an international voice, data and SMS service provider, Telecel Play, an app providing streaming services like RCS, VOD and E/M, and Africa Startup Initiative Program, a startup accelerator CSR Program.

 

Following the sale, there were sources saying that Vodafone will be laying off hundreds of its employees in what could be the biggest layoffs at the tech company in nearly half a decade.

 

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It employs about 104,000 people around the world and is headquartered in the UK where 9,400 of its staff work from.

 

The layoffs and sales, could be a sign that the company too is facing financial troubles. Outlook India claims that investors have been pressuring it to do something to improve its performance and prepare for the gloomy market outlook.

 

According to a Techpoint Africa daily digest, we found that Vodafone had also sold 35% of its stake in Kenya’s Safaricom through its subsidiary, Vodacom. EE Times also mentioned that it was selling its Hungarian business to 4iG for $1.84 billion.

 

Vodafone to Sell Hungarian Unit for €1.7B

 

In all, the technology communications company hopes to cut down about $1 billion in expenses. It is reviewing its operating model and refocusing its resources.

 

Vodafone will announce its third quarter results on February 1 and has told public that they would hear more about the changes it will be making.

 

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.