The application by Vodafone Group to transfer 70% of the shares in Vodafone Ghana to Telecel Group has been declined by the National Communications Authority (NCA) of Ghana.
In a press release issued on Tuesday, the regulator said that the application, received in January 2022, did not meet the regulatory threshold for the approval to be granted.
The NCA said the statement was in response to media reports ‘purporting a block of the sale of Vodafone Ghana to the Telecel Group by the Ministry of Communications and Digitalisation (MoCD)’.
“In January 2022, the NCA received an application for the transfer of 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) from Vodafone International Holdings B.V. to the Telecel Group,” the release said.
“In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone and Telecel Group. After a critical regulatory review and evaluation, the NCA concluded that the request did not meet the regulatory threshold for approval to be granted.”
Last week, it was reported that Vodafone Group had agreed the sale of its operations in Ghana to Africa-focused Telecel Group as part of its strategy to refocus on key markets.