Vodafone Group is considering options for its Ghanaian business as it focuses on reorganising the group and paying down debt, Bloomberg reported, citing people familiar with the matter. It could sell its majority stake in the unit to Vodacom Group, in which Vodafone is the biggest shareholder, said the sources, who asked to remain anonymous. Spokespeople for Vodafone and Vodacom declined to comment, as did Minister of Communications Ursula Owusu-Ekuful.
The Ghanaian government will have to approve of any deal, the sources told Bloomberg. They added that a deal with Vodacom is just one of several options and no decision has been taken. Vodafone holds a 70 percent stake in the Ghanaian business, with the balance held by the country’s government.
Under CEO Nick Read, Vodafone has been focusing more on Europe and Africa to generate more income from core assets. It recently sold units in New Zealand and Malta and is targeting an IPO of its mobile mast business in early 2021. Vodafone has been steadily consolidating its Africa interests under Vodacom, in which it holds a 65 percent stake, selling a minority holding in Kenyan market leader Safaricom to Vodacom in 2017. Vodafone also told management of the Ghana business to report to Vodacom CEO Shameel Joosub in April 2020.
