AG Gives Green Light For Vodafone Sale


The Attorney General (AG) has given clearance for the transfer of 70 per cent majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) shares to Telecel.

The AG gave the go ahead after scrutinising documents relating to the transaction.

The Finance Ministry wrote to the AG requesting a review of all relevant transaction documents on the transfer of shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. to Telecel Group with a view to carrying out due diligence for the transaction and providing legal advice.

Commenting on the details of the transactions after the review the Attorney General, Godfred Dame, indicated that the documents provided met all the conditions per Section 98 of the Companies Act, 2019 (Act 992), Regulations 34 of the Regulations and Articles 14 & 15 of the Shareholders’ Agreement.

A letter from the office of the Attorney-General and Ministry of Justice to the Minister of Finance on the deal, the AG advised that “the transaction may proceed…”

This development was the final lap to complete the transfer of shares to be approved by the company’s board.

With this concluded, insiders at Vodafone Ghana say the board will likely meet next week to approve the transaction.

Last year, Vodafone Ghana applied to the NCA to transfer 70 percent of its majority shares to Telecel, but this did not pull through after it failed to meet regulatory requirements.

The Authority earlier this year gave clearance but added that it was conditional on both sides making concessions and was issued in response to the assessment of the Telecel Group’s revised proposal.


By Jamila Akweley Okertchiri