Ghana Telecom appoints Mr David Venn as the company’s new Chief Executive Officer (CEO). According to the press release by Major Albert Don-Chebe, Head of Corporate Communications and Customer Care, Mr David Venn took over from Mr Dickson Oduro-Nyaning who worked with the company for over 35 years.
Mr Venn in his career has spent 25 years in the telecommunications industry and has also worked in a number of telecommunications enterprises in the USA, UK and other parts of Europe rising to the high position of Managing Director.
He has also spent the last five years in Zambia, gaining good knowledge and special insights into the African telecommunications market.
According to the release Mr Venn was seen as an innovative and respected business leader with proven experience in driving growth and implementing business strategy.
Wireless Federation » archive for 'Ghana Telecom'
Ghana Telecom appoints new CEO (Ghana)
- October 30th, 2008
- 6:08 am
Ghanian government plans bond to clear GT’s debt of USD228 million (Ghana)
- September 15th, 2008
- 1:13 pm
The Ghanian gvovernment plans a USD300 million bond issue, part of the proceedings used to clear the debt of USD228 million from Ghana Telecom.
The Ghanina government agrees to take on the debt as a part of the agreement, back in July, for sale of GT’s 70% stake to Vodafone for USD900 million on a debt-free basis. The remaining USD72 million will be used for ‘other costs’.
Vodafone’s bid for stake in Ghana Telecom gets parliament’s thumbs up (Ghana)
- August 18th, 2008
- 7:29 am
Vodafone’s USD 900 million bid for a majority stake in Ghana Telecom, recieved a green signal from the Ghanian parliament.
The 230-seat National Assembly, reportedly, approved the deal with 124 votes in favour versus 74 against.
This was in regard with the news reported earlier on 5th July, 21st July and 30th July 2008 - “Vodafone in $900m Ghana Telecom buy”, “Vodafone’s take over of Ghana Telecom blocked” and “GT-Vodafone deal in snag” respectively.
http://wirelessfederation.com/news/vodafone-in-900m-ghana-telecom-buy-ghana/
http://wirelessfederation.com/news/vodafones-take-over-of-ghana-telecom-blocked-ghana/
http://wirelessfederation.com/news/gt-vodafone-deal-in-snag-ghana/
Protestors on streets to oppose the 70% sale of Ghana Telecom to Vodafone UK (Ghana)
- August 13th, 2008
- 6:22 am
There has been a mass protest outside Ghana parliament on Tuesday against the 70% stake sale of Ghana telecom to Vodafone UK.
This million dollar deal is expected to ratify, as the demonstration took place during the emergency session of parliament.
According to the protestors the deal is not in nation’s interest.
Vodafone, for the stake, has offered to pay $900 million in the money-losing Ghana Telecom, but the opposition condemns that the shares are grossly undervalued.
The workers of Ghana Telecom, in a seperate march, support the deal, as Vodafone’s coming on board will revitalise the Ghanian telco.
Mobile Market expands remarkably in Ghana (Ghana)
- August 4th, 2008
- 6:33 am
The telecom sector of Ghana is expanding drastically with four mobile operators and many more planing to enter Ghana mobile market. With two national operators and four mobile networks, the annual growth has been remarkable in Ghana’s telecoms market, especially in the mobile sector where the subscription ratio between the mobile and fixed line sector is 20:1. There’s a possibility of two more mobile networks to enter the market in 2008/2009.
Vodafone has planned to enter the Ghana’s mobile market by buying a controlling stake in Ghana Telecom for £452m ($900m). Vodafone has 1.4 million customers and is the third largests mobile provider in Ghana. There are currently 2.7 million mobile subscribers in Ghana, although overall mobile penetration per head of the population in the west African country remains low at 35%. According to Vodafone statement demographic factors pointed to be the huge scope for both personal and commercial growth, with more than half of the population aged under 25.It has set itself a target of increasing Ghana Telecom’s share of mobile users from 17% currently to 25% and is committed to investing $500m to expand network coverage. As the continent continues to liberalize and the cost of mobile handsets continues to decline interest of African telecommunications operators have increased in the market.
- Exposure to the attractive and growing Ghanaian telecommunications market
- total population of 24 million with more than 50% under the age of 25
-low mobile penetration at c.35%, with 2.7 million subscribers added in 2007
Refuse to “C u around” in Africa (Ghana)
- July 22nd, 2008
- 7:50 am
Vodafone’s $900.66m purchase of a controlling stake in the state-owned Ghana Telecom has been blocked by the Ghanian Government. At the start of the month Vodafone, the world’s largest operator in terms of revenue, announced that it had effectively gazumped France Telecom by agreeing to acquire 70 per cent of the Ghanaian carrier with the government set to retain the remaining 30 per cent.
However,the controversial deal had been criticised by members of Ghana’s main opposition party, the National Democratic Congress. Who believed Vodafone was getting its hands on the nation’s incumbent telecoms operator on the cheap.
The block might signal an opportunity for France Telecom to once again enter the fray potentially pushing up the sale price. “Other bidders are likely to offer higher bids than Vodafone and address the socio-economic needs of the country,” according to NDC.
Vodafone’s take over of Ghana Telecom blocked (Ghana)
- July 21st, 2008
- 2:30 pm
Opposition lawmakers in Ghana’s parliament have blocked approval of the sale of a majority stake in state - owned Ghana Telecom to Britain’s Vodafone.
Vodafone and Ghanian government will have to wait till October, when the chamber deputies return after a summer recess. For leaders, this break gives them time to rethink and revaluate the deal.
The government’s announcement that a 70-percent stake in Ghana Telecom was to be sold to the British firm has provoked stern opposition from some politicians who think that the proposed deal, which values Ghana Telecom at 1.3 billion dollars (over 800 million euros), is not in the national interest.
Vodafone has agreed to pay 900 million dollars for the 70-percent stake, but the opposition party says the shares are worth more than that.
The government’s announcement that a 70-percent stake in Ghana Telecom was to be sold to the British firm has provoked stern opposition from some politicians who think that the proposed deal, which values Ghana Telecom at 1.3 billion dollars (over 800 million euros), is not in the national interest.
Vodafone has agreed to pay 900 million dollars for the 70-percent stake, but the opposition party says the shares are worth more than that.
Opposition to Ghana Telecom-Vodafone deal grows (Ghana)
- July 5th, 2008
- 1:22 pm
Ghana’s minority parties hit out at government over privatisation; claim other bidders were excluded from sale.
Ghana’s parliamentary minority parties have questioned the deal that saw Vodafone buy a 70% stake in Ghana Telecom from the government, the Ghanaian Chronicle reported on Thursday.
Vodafone announced yesterday that it will pay $900 million for the controlling stake in Ghana Telecom, with the government keeping the other 30%. The deal values Ghana Telecom’s in the region of $1.3 billion, but the country’s minority group says it expected a deal closer to $1.5 billion.
According to the report the minority, which is made up of the minority parties in Ghanaian parliament, is concerned about “the supposed confidentiality, lack of openness and transparency with which government is conducting negotiations regarding the privatisation and sale of majority shares in Ghana Telecom”.
Speaking at a press conference in Accra, Haruna Iddrisu, the Minority Ranking Member of Communications in Ghana, demanded answers from government on why it decided to up the stake it sold to 70% from the 66.7% it had originally planned to divest.
The member said he also wants to know why the government went into exclusive negotiations with Vodafone “without considerations to other bidders, who were likely to offer higher bids,” the paper reported.
“The question that needs to be answered is why the privatisation process of GT could not be subjected to a competitive public tender process for all interested bidders, as required by the Public Procurement Act of Ghana,” the Ghanaian Chronicle quoted Iddrisu as saying.
Vodafone in $900m Ghana Telecom buy (Ghana)
- July 5th, 2008
- 1:16 pm
Mobile operator takes 70% stake in Ghanaian incumbent; commits to boosting mobile market share, fixed network investment.
Vodafone has announced the acquisition of a 70% stake in Ghana Telecommunications Company at a cost of US$900 million (£452 million), a deal that values the telco at $1.3 billion.
Ghana’s government, which sold the majority stake to Vodafone, will retain the remaining 30% stake in the national telecoms incumbent.
The deal gives Vodafone control of Ghana’s dominant fixed-line and broadband provider, and its third-largest mobile player, which operates GSM services under the Onetouch brand.
“Ghana is one of the most attractive markets in Africa with mobile subscribers growing at more than 55% p.a. and mobile penetration around 35%,” outgoing Vodafone CEO Arun Sarin said in a statement.
“I expect that our investment will generate substantial benefits for Vodafone and for the Ghanaian economy and we are delighted that we will be working in partnership with the Government of Ghana,” he added.
According to Vodafone, Onetouch had 1.4 million customers, a market share of 17%, as of the end of March. Meanwhile, Ghana Telecom claims a 90% share of the country’s retail ADSL market and controls 99% of access lines. That is, 379,000 fixed lines and 15,000 broadband connections as of the end of Q1.
Vodafone said Thursday it aims to raise the telco’s mobile market share “over time” to 25%.
The mobile giant said it will use its experience of rapid network deployment gained in India and other emerging markets, as well as its brand and certain customer propositions – such as its low-cost handsets and M-PESA money transfer service - to gain traction in Ghana.
Vodafone also said it expects Ghana Telecom to invest $500 million-plus in its operation and network over the next five years, as it seeks to extend network reach and complete its fibre backbone.
Under the terms of the acquisition, the Ghanaian government will transfer its existing fibre network assets to Ghana Telecom.
The acquisition is in line with Vodafone’s recent M&A strategy.
At the company’s full-year results presentation in May, EMAPA business group head Paul Donovan highlighted that Vodafone is “interested in large markets in Africa and Asia”, suggesting that the Ghana deal is unlikely to be the last.
The Arun Sarin era was epitomised by the purchase and sale of assets, with emerging market deals making up the bulk of the former. Indeed, the acquisition of emerging-market players – particularly its Indian and Turkish operations – played a large part in Vodafone’s subscriber growth under Sarin: as of the end of March the operator had a global proportionate customer base of 260 million, up from 120 million when the CEO took up his post five years ago.
Ghana represents an attractive opportunity for Vodafone. Low mobile penetration leaves room for growth, and the country has a strong youth market; more than 50% of its 24 million inhabitants are under the age of 25.
Vodafone expects the deal to close in Q3.
Vodafone wants controlling stake in Ghana Telecom (Ghana)
- July 4th, 2008
- 2:06 pm
Vodafone Group paid €573 million (US$900 million) for a 70% stake in Ghana Telecom, the African country’s third largest mobile phone operator, a Reuters report said.
The deal, signed in the Ghanaian capital of Accra, still requires approval of the country’s parliament, the report added.
Vodafone spokesman Simon Gordon was also quoted saying it was expected to be given by the end of the third quarter of 2008.
Vodafone, the world’s largest mobile phone group by revenue, said the government of Ghana would retain a 30% stake in Ghana Telecom, which has an enterprise value of around €637 million (US$1.3 billion).
“Ghana is one of the most attractive markets in Africa with mobile subscribers growing at more than 55% (per annum) and mobile penetration around 35%,” Vodafone CEO Arun Sarin said in a statement.
A government official said the deal would benefit consumers.
Vodafone said mobile penetration was low at 35 % in Ghana, which has a population of 24 million with more than 50% under the age of 25. About 2.7 million subscribers were added in 2007.
The deal gives Vodafone majority control of the company, which has a 17% share of the market and had around 1.4 million customers at the end of March. It is also Ghana’s leading fixed-line operator.
