According to the National Communications Authority (NCA), the transfer of the 70% majority of Vodafone Ghana's shares to Telecel group has been approved.
It clarified in a news statement on Monday that this is dependent on the NCA's consideration of the concessions made by the Telecel company.
The Authority claims that this is by the assessment of the updated proposal from the Telecel Group.
Vodafone International Holdings B.V. is the owner of the Vodafone Ghana shares.
The NCA received a request from Vodafone Ghana in January of last year for the transfer of 70% of its parent company's majority-owned shares to Telecel.
"In line with due procedure, the Authority reviewed the application based on several factors and consulted with the Telecel group and Vodafone Ghana. The NCA came to the conclusion that the request did not satisfy the legal requirements for permission to be given.
In December 2022, Vodafone International Holdings B.V. resubmitted a new financial and technical plan that, according to the NCA, "demonstrated the necessary capital expenditure to increase the rollout of 4G and develop innovative Fintech products."
The amended plan, according to the NCA, "gave more clarity and confidence in terms of the cash necessary for the acquisition and the pledges from both International Holdings B.V. and Telecel group," it was discovered.
The Telecel group has also improved its entire governance and management team and made steadfast promises to comply with the NCA's regulatory standards.
The Authority stated that based on the information above, it was certain "that the revised proposal from Vodafone International Holdings B.V now meets the regulatory threshold and has therefore granted conditional approval for the transfer of shares to the Telecel group including the submission of strategies for employee retention."
The NCA gave the public and all stakeholders the reassurance that it would continue to work with Vodafone Ghana and the Telecel group to finish up any unfinished regulatory requirements to ensure a smooth transition, continuity of service delivery, improved consumer choice, and industry competition.
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