Mr. Yoofi Grant, CEO for the Ghana Investment Promotion Centre (GIPC). |
Ghana Investment Promotion Centre (GIPC) C.E.O,
Mr. Yoofi Grant says the sale of 70% of Vodafone stake in Ghana will
have no impact on Ghana's economic prospects.
Vodafone's decision, according to Yoofi Grant,
isn't a problem since it's the only telecommunications provider making the
choice.
He told journalists in an interview after the GIPC
signed a Memorandum of Understanding (MoU) with the Ghana Stock Exchange (GSE)
in Accra; 'If you were to tell me all the foreign companies were exiting, that
will be a difficult story. But if one, for a strategic reason decides that this
is not the market that, they want to be in, it doesn't create a disincentive.
He added "Like I did say, these are two
different opportunities. Foreign Direct Investment is directly investing in
business opportunities in the country. Foreign portfolio investors then come
and list their companies to invest in and create opportunities for other
investors for any exiting companies."
Yoofi Grant went on to say that firms come in and
out of Ghana all the time, so it wouldn't be surprising if one of them decided
to leave the country at some point and that single conduct does not reflect a
negative image of the nation.
"So, they are not the same thing. Vodafone
was never listed on the Ghana Stock Exchange. And for, MTN it is. Companies come and
go all the time. If you are to say that one signal sums up the whole market.”
Despite the government's initial objection of
Telecel's acquisition of a 70% ownership in Vodafone Ghana, the company has
declared that it is willing to re-engage with the government.
To obtain a 70% ownership in Vodafone Ghana,
Telecel Group has signed a Sale and Purchase Agreement (SPA), which is
presently awaiting regulatory clearance.
In a statement by the telecom company, it said, “Telecel
Group and Vodafone have been in touch with Ghana's Ministry for Communications and the National Communications Authority to finalize all the
regulatory requirements related to this transaction."
"We have received their responses which have
not granted the approvals yet and Telecel is willing to re-engage soon after
putting together the necessary clarifications," it further stated.
Telecel Group and its partners are providing all
of the financing for the transaction. However, Telecel has clarified that the
purchase money does not include the sale of Vodafone Ghana Towers.
"Telecel hopes to successfully conclude this
transaction and looks forward to engaging with staff and customers, who are
important to the business."
Ghana's economic environment, according to the
corporation, is ideal for its business models and was a significant enabler in
reaching an agreement with Vodafone.
It further disclosed that "Telecel Group has
already made investments in Ghana as part of the Africa Startup Initiative
Program `ASIP.', and it intends to spend around 500 million USD in the first
three years to expand and refinance Vodafone's network across the country.”
Source: ghananews.hrforum.uk
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