Ghana Renews Search For Ghana Telecom Stake Buyer

Mergers, Acquisitions and Financial Results

A Ghanaian government official said Thursday that the process of finding a buyer for a majority stake in Ghana Telecom has been renewed after bids from European telecom operators were rejected. Ghana's deputy minister for information and national orientation, Frank Agyekum, told Dow Jones Newswires that "the (sale) process is still on."

His comments follow a statement Tuesday by minister of information and national orientation, Oboshe Sai-Cofie, who said the privatization of Ghana Telecom remained "on course" because "offers received so far have not met the expectation of the government."

France Telecom SA (FTE) and Portugal Telecom SGPS SA (PT) were among several companies that had offered to purchase the majority stake in Ghana Telecom. However, all bids have so far been rejected by the Ghanaian government.

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