Minister says Ghana Telecom privatisation on course, France Telecom interested

Mergers, Acquisitions and Financial Results

The Ghanaian Government says it is on course to privatize Ghana Telecom by the end of the year. Minister of Communication, Dr. Benjamin Aggrey Ntim says the transaction advisers have been working assiduously to ensure that final bidders are chosen on time. The Ghanaian Government last May selected Ecobank Development Corporation (EDC) and Societe Generale (S-G) as transaction advisors for the valuation of the company.

Though France Telecom has expressed interest in buying a stake in Ghana Telecom when the privatization process is complete, it is not known whether it will succeed. But clearly its name has been leaked to excite interest in a somewhat lacklustre company.

About 51 per cent of GT’s shares are expected to be off-loaded to a strategic investor, while the remainder will be listed on the Ghana Stock Exchange (GSE). The Government is expected to retain about 20 percent stake in Ghana Telecom.

(Source: Daily Guide)