GHANA TELECOM TO BE RE-PRIVATISED
If you don't succeed first time, try, try again. The Ghanaian Cabinet has given the approval for the re-privatisation of Ghana Telecom. A transaction adviser is to be appointed to set the process in motion. Communications Minister Professor Mike Oquaye disclosed this to journalists during a working and familiarisation visit to the Ghana Telecom headquarters in Accra.
He explained that as part of the process, shares of GT will be floated on the stock exchange to raise capital to expand its operations.
The government owns 100 per cent shares in Ghanacent shares from the Telecom Malaysian in 2005. However, it is managed by Telenor under a three years contract which ends this year.
At the 'meet the press' series last January, the then sector minister, Albert Kan-Dapaah, said with the settlement of shares owned by the Malaysians, government would offer 51 per cent of its shares to a strategic investor. Professor Oquaye said that the government is also looking forward to the injection of capital into GT by both foreign and local investors.
'As soon as a transactional advisor is appointed, the terms, evaluation of capital needed and investment information will be made known for interested people to take advantage of it,' he said.
Last month, the government signed a 30 million dollar agreement with the Chinese government for the establishment of a Ghana backbone to broaden the capacity of infrastructure to provide high speed information technology services, he said.
The World Bank has also provided 40 million dollars towards a government e-governance programme. Parliament approved the two loan agreements from the Chinese government and the World Bank before going on recess, he added. The Times