Vodafone Ghana says it has grown by 60% in subscriber terms since acquisition
It is exactly a year today since Vodafone took over operations of Ghana Telecom after it acquired a 70% stake from the Government of Ghana. The total consideration of the deal was US$900 million on a debt-free, cash-free basis, which implied a total enterprise value for Ghana Telecom of approximately US$1.3 billion. The Government of Ghana then retained a 30% stake in the company.
A year on, the company has made significant strides on the Ghanaian market, making it the fastest growing telecommunication Service Provider, moving from a subscriber base of 1.5 million to some nearly 3 million over the 12 month.
The above figure constitutes a growth rate of 60% over the period, while the entire telecoms industry in the country grew by 29% over that same period. Currently, the company ranks number one in the provision of broadband services as its consumer broadband grew from 15,000 in 2009 to 25,000, constituting 66% growth over the period.
The company claims it currently ranks first in Enterprise services provision and number one in the provision of a total telecom solution "which means that when you come into our retail shop, you would have access and solution to all your telecom needs, Gideon Asare Sakitey, Media relations consultant at Vodafone explained.
The company currently leads the market as the fixed network and broadband provider.
The company's financial year runs from from March to April. The company's total capital investment made in telecommunications for the period January 1st 2009 to December 31st 2009, amounted to GH¢ 302,118,000.00. The company also Increased its sites from 368 to 512, and increased capacity of core elements in line with business needs during this period.