Ghana government completes acquisition of AirtelTigo

Bharti Airtel has confirmed that full ownership of its Ghana joint venture with Millicom, AirtelTigo had been transferred to Ghana government, ending a process started in October 2020 when the two groups revealed plans to leave Ghana.

In a brief statement filed with the National Stock Exchange of India on November 3, Airtel confirmed the deal had concluded as planned, with 100 per cent of AirtelTigo shares now with the Ghanaian Government.

Earlier this year, Ghana’s Ministry of Communications and Digitalisation released a statement confirming it had negotiated the transfer of AirtelTigo’s customer base, assets and “agreed liabilities”, which included some US$100 million debt to Standard Chartered.

At the time it noted the operator would be run by the state in the “best interest of the nation, the company, telecommunications industry, and ensure the protection of the interests of all employees, customers, contractors, suppliers, stakeholders and sustain the digital transformation of Ghana”.

Although financial details of the deal were not formally announced by either operator, in April, Ghana’s sector minister, Ursula Owusu-Ekuful announced government paid only US$1 for all of AirtelTigo shares.

Meanwhile, both Bharti Airtel and Millicom had each reported to their respective shareholders that they each made US$25 million from the sale.

Comments

MTN Ghana & MTN MoMo CEOs win laurels at Ghana CEO Awards

The Chief Executive Officer of MTN Ghana, Selorm Adadevoh , has been adjudged CEO of the Year – Telecom at the 2 nd edition of the Ghana CEO Vision and Awards held in Accra. At the same event, the CEO of Mobile Money Limited (MTN MoMo), Shaibu Haruna was also adjudged CEO of the Year – FinTech Service Provider. Selorm Adadevoh’s award is in recognition of his achievements in the areas of sustainability, leadership excellence, innovation and others in the telecoms space which has contributed to job creation to support the growth of Ghana’s economy. Patrick Afari (r), General Manager, Supply Chain Management and General Services receiving CEO of the Year – Telecom Award on behalf of Selorm Adadevoh Receiving the award on behalf of Selorm, Patrick Afari, General Manager, Supply Chain Management and General Services , expressed appreciation to the organizers for the award. He noted that th e award will go a long way to inspire MTN to do more for Ghanaian

EB-ACCION DISBURSES US$15 MILLION

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp

Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit

Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review. The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537. Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614. Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change. The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of

Kofi Ahovi

Search This Blog