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Vodafone last week denied claims of corruption in relation to its purchase of a 70% stake in Ghana Telecom.



A review of the deal was ordered by the new Ghanian government who took office in January 2009.



The report, leaked to the BBC last week, alleges that Vodafone underpaid for the purchase. The government received less than a third of the agreed sale price and there is said to be a clause in the contract which forbids the government from bringing corruption proceedings against Ghana Telecom or Vodafone.



Vodafone says that it will fight any allegations of corruption or irregularity. The company's former CEO described the Ghanian market as 'one of the most attractive markets in Africa with mobile subscribers growing at more than 55% per annum', however the company has de-valued its investment in Ghana in recent months since the economic climate has worsened.