News

Vodafone bought a 70% stake in Ghana Telecom for USD900 million in 2008, but through a series of financial transactions, Vodafone actually paid only USD267 million.



The report says that GT was undervalued and that the Ghanian parliament acted unconstitutionally by ratifying the deal. Furthermore, other bidders, like Telkom South Africa, offered more money for a lower stake, so the report argues that the Ghanian government did not get value for money.



There are allegations of bribery and corruption, but the committee who investigated and wrote the report did not have the resources or the power to investigate them.



The Ghanian government is seeking to distance itself from the report in order to reassure foreign investors and the Communications Minister says that the committee over-reached their terms of reference.