The National Communications Authority (NCA) says it has granted approval for the transfer of the 70% majority shares in Vodafone Ghana to Telecel group.

It explained in a press release on Monday that this is subject to concessions made by Telecel group and representations it made to the NCA.

According to the Authority, this is pursuant to the evaluation of the revised proposal from the Telecel Group. The Vodafone Ghana shares are held by Vodafone International Holdings B.V.

In January last year, the NCA received an application from Vodafone Ghana for the transfer of 70% of its majority shares held by its mother company to Telecel.“In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel group. The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.

“Following the decision, Vodafone International Holdings B.V 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 said.

The NCA said it “found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both International Holdings B.V and Telecel group.

“In addition, the Telecel group has strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.”

According to the Authority, based on the above, it confirmed, “that the revised proposal from Vodafone International Holdings B.V now meets the regulatory threshold and hence has granted conditional approval for the transfer of shares to the Telecel group including the submission of strategies for employee retention.”

The NCA assured the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Telecel group 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.

Source: MyJoyOnline