Diasporan Investors Team Up to Buy Ghana Telecom

Mergers, Acquisitions and Financial Results

A Ghanaian Diaspora professional group, called the Ghana Leadership Union (GLU) has announced plans to pool resources to buy a controlling stake in one of the country's biggest assets, Ghana Telecom.

GLU, a non-partisan NGO with membership based in the U.S.A, U.K., the E.U., Australia and Asia, says Ghanaian professionals based aboard have been shut out of the process of participating in the investment and management of divested State Owned Enterprises for too long; hence the decision to join the race for GT.

In furtherance of that, GLU has created a novel investment framework to attract financial and human capital to formally express interest in the acquisition of a controlling stake in Ghana Telecom Ltd.

In a statement copied to Public Agenda, the President of GLU, Dr. Kwaku A. Danso, stated, "the founders of our nation Ghana did not use taxpayers' funds to set up State-owned enterprises (SOEs) only to be sold to foreigners, or to insiders of the government who use proxies to buy these SoE's and leave the real stakeholders with the debts. This practice must be stopped, by any means necessary".

The statement said the GLU members are seasoned professionals with more than 20 years of telecommunications and information systems management and will bring investment capital in excess of US$500M to this venture.

This unprecedented investment approach facilitated by the GLU will also enable the participation of accredited investors within Ghana and abroad with as little as $1,000 per unit.

Asked about the investment strategy, the initiative's lead promoter in the UK, lawyer George Asomaning responded, "It is our intention to ensure that as much of the actual investment received gets channeled into the infrastructural development of Ghana Telecom, so as to position the company to deliver on its promise and to return a sizeable profit for the shareholders, the citizens of Ghana".

Nifa Bankroh, the organizer of the "Lets buy Ghana Telecom" initiative stated, "If Ghanaians do not get involved in the acquisition, ownership and management of significant state owned enterprises that are being divested, the likelihood of Ghanaian nationals being able to control the factors that affect their economic future will be marginal at best, and probably negligible.

Commenting on the sale of state-owned enterprises and the ongoing telecoms divestiture process, Michel Bowman-Amuah, an ICT entrepreneur resident in the United States,Stated that; "there are certain strategic national assets that must be safeguarded and placed above the drive for investment capital and chief among those is our national information and communications infrastructure. There has to be more regulatory oversight into corporate takeovers, mergers or acquisitions of these strategic national assets, if we are to maintain our sovereignty and protect our security interests".

(Source: Public Agenda)