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Vodafone announced this week a raft of cost cutting measures following a year of poor performance in the stock market.



The shares are underperforming due to the company's falling revenue in many markets in Europe, especially the UK, Spain and Turkey. Vodafone's financial results are also expected to reveal low returns on businesses in emerging markets such as India and South Africa.



In India, Vodafone's Essar is facing a price war, a USD2bn tax bill and may be forced to buy back shares from another investor.



Vodafone is number three in the enormous and rapidly growing Indian telecom market. Increasing competition has meant aggressive price cuts by Vodafone's competitors which is lowering the value of the its investment and Vodafone's profit figures are already low compared to others.



At the same time, the government of Ghana says it will renegotiate Vodafone’s USD900m (GBP550m) purchase of its primary telecom provider Ghana Telecom.



The announcement followed a government review of the deal in which the government only received a fraction (less than USD300m) of the purchase price, due to a series of complicated financial transactions.



The dispute, in which the UK’s Serious Fraud Office showed an interest on Tuesday, is posing quite a problem one of the world’s biggest mobile providers. Vodafone has been expanding in emerging markets, especially in Africa , and sees Ghana as a key part of this strategy and one of the most attractive markets on the continent.



Vodafone has declined to comment on the government's announcement and, in relation to the deal, denies any wrongdoing.