- The Guardian, Saturday June 28 2008
Vodafone is understood to be close to buying a majority stake in Ghana's leading telecoms company for just under $1bn (£480m) as the world's largest mobile phone company continues to hunt for growth in emerging markets.
Vodafone has been in talks with the Ghanaian government about the privatisation of Ghana Telecom for several months and it was recently reported that the company is the only outside investor left in the process. An announcement that it is buying a 66.7% stake for $960m is expected by the middle of next week. Vodafone last night refused to comment.
Last week communications minister Benjamin Aggrey Ntim told the Ghanaian parliament that the government's stake will be floated on the local stockmarket.
Last year France Télécom was rumoured to have secured a 51% stake in Ghana Telecom. The government, however, pulled out of that deal at the last minute because it believed the price being offered - rumoured to have been about $500m - was too low.
