Vodafone Group set to sell its Ghanaian business as it plans to pay down debt

Vodafone extends zero charge on mobile money transfers

GHANA – Vodafone Group, multinational telecommunications company, is considering options to sell its majority stake in its Ghana business to Johannesburg-listed Vodacom Group, in which Vodafone is the biggest shareholder, as it focuses on reorganising the group and paying down debt, reports Bloomberg.

According to people familiar with the matter, the West African country’s government will have to approve of any deal, they said.

Vodafone holds a 70% stake in the Ghana business, with the balance held by the West African country’s government. The state has taken a proactive interest in the telecoms sector, clashing with market leader MTN Group over its dominance even after successfully pushing for a local listing of the business in 2018.

Under CEO Nick Read, Vodafone has been focusing more on Europe and Africa to generate more income from core assets. The company recently sold units in New Zealand and Malta, and is targeting an initial public offering of its mobile mast business in early 2021.

Vodafone has been steadily consolidating its Africa interests under Vodacom, in which it holds a 65% stake, selling a minority shareholding in Kenyan market leader Safaricom to the South African company in 2017.

Vodafone also told management of the Ghana business to report to Vodacom CEO Shameel Joosub in April last year, another step toward bringing the company’s operations on the continent under one roof.

Meanwhile, Vodafone Ghana has been certified as the a Top Employer in Africa by the Top Employers Institute for the third consecutive year according to annual research.

The certification was based on a Human Resource (HR) Best Practices Survey that covered six HR domains consisting of 20 topics such as People Strategy, Work Environment, Talent Acquisition, Learning, Well-being and Diversity & Inclusion and more.

This remarkable achievement affirms Vodafone’s position as leader in exceptional HR policies and outstanding working conditions even during this time of extreme distress due to the pandemic. Receiving certification as a Top Employer also highlights the organisation’s dedication to a better world of work that is exhibited through excellent people practices.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Other Recent Posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.