Vodafone Ghana refuses calls to list on stock exchange

Vodafone Ghana, the country’s second largest mobile network operator (MNO) by subscribers, has stated that it will not list on the Ghana Stock Exchange (GSE), as per the terms of its newly-acquired 4G licence, writes IT News Africa.

As part of the requirement for deploying LTE technology in Ghana, the National Communications Authority (NCA) put a clause in the bidding document that requires the winning company to list 25% of its shares on the GSE.

However, Vodafone Ghana CEO Yolanda Cuba said that as the government already owned a 30% stake in the company, Vodafone already meets this requirement.

Cuba explained: ‘We are not listing on the Ghana Stock Exchange. As it stands now, Ghanaians own 30% of the company through the government of Ghana; this far exceeds the percentage required for listing, so we have already satisfied that criteria.’

As previously reported by CommsUpdate, Vodafone Ghana paid USD30 million for a 4G licence earlier this month and is expected to begin the rollout of LTE mobile services soon.