Telecel Group announced it has opened dialogue with the Ghanaian government to acquire Vodafone’s unit in the country after the country’s regulator revealed it has not approved the deal.
In a statement, Telecel detailed that it had indeed signed a sale and purchase agreement with Vodafone to acquire a 70% stake in its unit.
Telecel said it has contacted the Ministry for Communications, the Bank of Ghana and the National Communications Authority (NCA) to get the deal over the line by fulfilling regulatory requirements.
All three have yet to give the deal the green light, prompting the Africa-focused telecoms group to reconnect.
The acquisition will be fully financed by the Telecel Group and its partners. The potential sale of Vodafone Ghana Towers will not go towards funding the acquisition, said Telecel.
Vodafone confirmed a few days ago intentions to sell off its Ghana unit as it looks to refocus on core European markets and reduce debt.
Media speculation followed claiming the NCA had blocked the deal, which the regulatory body denied but did outline it had not approved the deal either.