Telecom giant, Vodafone, has handed over 18 of its key assets to the Ghanaian government.
Among the prime properties transferred to state included the Ghana Telecom University, sited in Accra.
In a statement to announce the transaction, Vodafone said “Notwithstanding the fact that these are assets legally acquired and paid for under the Ghana Telecommunications Company Limited (GTCL) Sales and Purchase Agreement (SPA) between Vodafone Group and the Government of Ghana, Vodafone Ghana considers them non–core and surplus to its operations, hence, the decision to hand them over.
Below are details of the statement by Vodafone
Vodafone Ghana has voluntarily decided to hand over close to 18 of its prime assets to the Government and people of Ghana. Steps are currently underway to formally transfer the assets, among which is the Ghana Telecom University, to the government.
Notwithstanding the fact that these are assets legally acquired and paid for under the Ghana Telecommunications Company Limited (GTCL) Sales and Purchase Agreement (SPA) between Vodafone Group and the Government of Ghana, Vodafone Ghana considers them non–core and surplus to its operations, hence, the decision to hand them over.
This is a decision that will be appreciated by most Ghanaians and viewed as a show of commitment by Vodafone to Ghana. It is a generous offer on the part of the Telecommunications Company to the Ghana government, which is a 30% shareholder in Vodafone Ghana.
Vodafone acquired a 70% stake in Ghana Telecom in 2008 for an amount of US$900million. In the process of the acquisition, the company also inherited some properties and assets from government including pieces of land across prime areas of the country and some landed properties including the Ghana Telecom University, located at Tesano in Accra.
Having reviewed its assets situation, the Board and Management of the telecom company came to a conclusion to hand over assets which are not core to its operations back to government for the general benefit of the country’s developmental agenda.Although it was an independent decision taken by the telecom company, it has agreed to engage Government in a process of ensuring a smooth transition.
Vodafone’s entry into the Ghana market has witnessed a significant transformation of the sector, having overseen key innovative and creative initiatives such as the award-winning Vodafone “X” and “RED” products as well as a host of value-added services to its customers.
The company is currently the second largest in terms of Market share in Ghana and the leader in the enterprise business.