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Vodafone (Gh) to Hand Over Ghana Telecom University and Other Assets to Government

Vodafone Ghana has voluntarily decided to hand over close to 18 of its prime assets to Government.

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Vodafone (Gh) to Hand Over Ghana Telecom University and Other Assets to Government
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Vodafone Ghana has voluntarily decided to hand over close to 18 of its prime assets to Government. Steps are currently underway to formerly transfer the assets, among which is the Ghana Telecom University, to government. 

Notwithstanding the fact that these are assets legally acquired and paid for under the Ghana Telecommunications Company Limited (GTCL) Sales and Purchase Agreement (SPA) between Vodafone Group and the Government of Ghana, Vodafone Ghana considers them non –core and surplus to its operations, hence, the decision to hand them over. 

Industry players believe the telecom operator’s move is a good one and a show of commitment. 

Vodafone acquired a 70% stake in Ghana Telecom in 2008 for an amount of US$900million. 

Government is a 30% shareholder in Vodafone Ghana. In the process of the acquisition, the company also inherited some properties and assets from government including pieces of land across prime areas of the country and some landed properties including the Ghana Telecom University, located at Tesano in Accra. 

Having reviewed its assets situation, it is believed that the Board and Management of the telecom company came to a conclusion to hand over assets which are not core to its operations back to government for the general benefit of the country’s developmental agenda. 

Although it was an independent decision taken by the telecom company, it has agreed to engage Government in a process of ensuring a smooth transition. 

Vodafone’s entry into the Ghana market has witnessed a significant transformation of the sector, having overseen key innovative and creative initiatives such as the award winning Vodafone “X” and “RED” products as well as a host of value-added services to its customers. 

The company is currently the second largest in terms of Market share in Ghana and the leader in the enterprise business.

 

Source: Citibusiness

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