Vodafone Group has completed the sale of its 70% stake in Vodafone Ghana to Telecel Group in order to streamline its African portfolio. The sale was just approved by Ghana’s National Communications Authority, and the government would keep a 30% minority ownership in the company. The precise financial terms of the transaction remain unknown.
Vodafone entered the Ghanaian market in 2008, when it played a key part in improving the country’s network infrastructure and provided decent competition in Ghana’s telecom space alongside market leader MTN and other companies such as Airtel and Glo.
Vodafone is now the second largest mobile operator in Ghana, with over 7.5 million subscribers and an 18.3% market share. While the telecom giant claims to be reducing its African business after selling Mpesa in 2020, it has had a difficult year.
The Financial Times reported in January 2023 that the corporation intends to lay off hundreds of employees. While the corporation has not confirmed this, given the current state of the tech industry, such news may not be shocking.